Episode 28 - Vaughn Mordecai on Sales Channel Ecosystems and PRM Software

Industrial Growth Institute

Episode 28 - Vaughn Mordecai on Building Powerful Indirect Sales Channel, Navigating Partner Ecosystems, and the Potential of PRM Software

Summary

In this episode, Ed Marsh and Vaughn Mordecai discuss the evolution of channel partnerships in the industrial space. They explore the concept of an ecosystem and how businesses are moving towards many-to-many relationships. They also touch on the differences between tech and industrial spaces, the challenges of channel conflict, and the importance of aligning the interests of vendors, channel partners, and customers.

They discuss:

• the potential for channel partners in the industrial space to foster an ecosystem and the role of marketplaces in streamlining the buying process
• the need for a strong business proposition
• the importance of identifying an ideal partner profile
• importance of identifying the characteristics of successful partners and using that information to create an ideal partner profile (IPP)

Mordecai explains how AI can be used to analyze partner data and uncover the core characteristics that lead to success. Vaughn also provides an overview of partner relationship management (PRM) software and its key modules, such as onboarding, training, content management, and partner marketing automation. He emphasizes the need for continuous engagement with partners and the role of AI in driving the future of partnerships.

Takeaways

• The concept of an ecosystem is emerging in the industrial space, with businesses moving towards many-to-many relationships.
• Channel conflict can arise within companies and between channel partners, but it can be managed through strategies like deal registration.
• In the industrial space, there is a need to align the interests of vendors, channel partners, and customers to create a successful channel partnership.
• Marketplaces can play a significant role in streamlining the buying process and enabling partners to offer best-in-class solutions.
• Having a strong business proposition and identifying an ideal partner profile are crucial for building successful channel partnerships. Identify the characteristics of successful partners to create an ideal partner profile (IPP)
• Use AI to analyze partner data and uncover the core characteristics that lead to success
• Partner relationship management (PRM) software includes modules for onboarding, training, content management, and partner marketing automation
• Continuous engagement with partners is crucial for success

Takeaway Quotes from Vaughn Mordecai

• "Businesses are moving towards many-to-many relationships that look like an actual ecosystem."
• "The consumer is in charge of what they're actually looking for. The partner becomes the one that has to deal with all of this stuff."
• "PRM software includes onboarding, training, content management, and partner marketing automation"

Check out Vaughn's website

LinkedIn: Vaughn Mordecai and Ed Marsh

Twitter: Vaughn Mordecai and Ed Marsh

Instagram: Vaughn Mordecai and Ed Marsh

YouTube: @Mindmatrixnet and @EdMarsh

Show Transcript

Chapters

00:00 Introduction and Overview
02:31 The Emergence of Ecosystems in the Industrial Space
04:38 The Shift in Power and the Role of Partners
19:41 The Importance of Supporting Partners and Services
25:46 The Role of Marketplaces in the Buying Process
30:56 Aligning Interests and Overcoming Channel Conflict
39:53 Creating Successful Channel Partnerships
42:32 The Role of AI in Partner Analysis
48:02 The Importance of Continuous Engagement with Partners
58:13 The Potential of Using a CDP for Partner and Customer Data
01:06:12 The Impact of AI on Partnerships Learn more about building an industrial sales and capital equipment channel ecosystem. #IndustrialSalesChannel #IndirectSalesChannel #PartnerEcosystem #PRM #ChannelSales #SalesChannel #PartnerRelationshipManagement #PRMSoftware #Mindmatrix #IPP #IdealPartner #IdealPartnerProfile #IndustrialSales #IndustrialSalesChannel