What is a channel ecosystem?
A channel ecosystem refers to the network of interconnected business partners, including manufacturers, suppliers, distributors, and resellers, that collaborate to bring a product or service to market and reach customers effectively. At its core, a thriving channel ecosystem empowers your partners to sell and support your products or services more effectively.
Channel ecosystems are significantly driving business growth today, and will continue to do so. A McKinsey article forecasts that: “By 2030, ecosystems will play a major role in almost every aspect of global economy, driving around $80 trillion in annual revenue—a third of total global revenue.”
Effective channel ecosystem management often involves providing your partners with marketing resources, sales training, product education, and ongoing support. The ultimate goal is to create a mutually beneficial relationship where both you and your partners can grow faster, together.
As channel ecosystems get more complex, companies are investing in technologies, such as partner relationship management (PRM) and partner marketing automation (PMA), to make it easier to manage their channel ecosystems and maximize their growth.