PE M&A Activity ↑12.4%│ Industrial EBITDA Multiples 7.2×│ B2B Buyer Trust Index ↓31%│ SEO Click-Through Rate ↓44%│ LMM Deal Volume ↑8.1%│ Sales Hire Failure Rate 67%│ Organic Growth Gap 2.3× plan│ PE Dry Powder $2.59T│ PRESS: Ed Marsh at PE Operating Partners Summit│ DEAL: Midwest controls automation acquired at 7.8×│ PE M&A Activity ↑12.4%│ Industrial EBITDA Multiples 7.2×│ B2B Buyer Trust Index ↓31%│ SEO Click-Through Rate ↓44%│ LMM Deal Volume ↑8.1%│ Sales Hire Failure Rate 67%│ Organic Growth Gap 2.3× plan│ PE Dry Powder $2.59T│ PRESS: Ed Marsh at PE Operating Partners Summit│ DEAL: Midwest controls automation acquired at 7.8×│

Vaughn Mordecai on Industrial Channel Sales, PRM & Partner Ecosystems

Industrial channel sales are an important organic growth lever for manufacturers but require a more sophisticated approach than simple distribution.

Ed Marsh
Ed Marsh
INDUSTRIAL REVENUE GROWTH
5 MIN READ
industrial sales channel is an important growth lever for manufacturers who think creatively about how to adapt to contemporary buying behaviors

Your LinkedIn Profile Affects the Way People Perceive Your Company - Executive Branding Matters!

industrial channel sales has changed and vaughn mordecai of mindmatrix prm has insights into partner ecosystem models

Vaughn Mordecai sells SaaS software (PRM - Partner Relationship Management) but he didn't stumble into that looking for a big equity score on an IPO.

Rather Vaughn built his career on market research, partnerships, alliances and marketing and sales strategy.

So Mindmatrix was a perfect fit when Vaughn stepped into a hall of mirrors - building partner programs, with partners, to sell partner program software - with outside perspective.

Today Vaughn is the CRO at MindMatrix. His perspective and insights drove an interesting conversation about indirect sales channel, distribution, and partner ecosystems comparing the tech and SaaS world with industrial sales.

Connect with Vaughn for deep expertise and insights on industrial channel sales, partner relationship management software (PRM) and the potential of partner ecosystems.

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Industrial Channel Sales May Be More Similar to Tech Than You Assume - Vaughn Mordecai on Industrial Growth Insitute Episode 28

 

Show Transcript

Episode Recap

Summary

building an ideal partner profile is critical to industrial channel sales success

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"

Outline

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

More Partnership Ecosystem and Industrial Sales Channel Resources

How to Build a Partnership Ecosystem to Drive Capital Equipment Sales

Partnership Programs and Ecosystems (podcast/video)
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KEY TAKEAWAYS
  • Most complex industrial purchases must clear five separate buying decisions.
  • Decisions 2 and 3 determine whether a purchase happens at all — and most reps don't know they exist.
  • Most big-ticket B2B industrial forecasts are fantasies because they ignore those decisions.
  • Buying teams typically include eight to twelve people.
  • Reps need business acumen — not just product knowledge — to engage decision-makers early.
Ed Marsh
Ed Marsh
Ed was going to be an architect because he loved the nexus of engineering and design. That was before was going to be an engineer; before he graduated from Johns Hopkins; before he was an Army Infantry Officer (Airborne Ranger); before he set B2B industrial sales records; before he was partners with a German capital equipment manufacturer; before he founded a distribution/rep company for industrial products in India; until he decided that managing a business and employees wasn’t what he enjoyed. Now that Ed’s got all of that out of his system he runs a consultancy that helps US manufacturing companies grow by applying process excellence to business development – completing the full circle back to an engineering & design combination. His practice is built on a unique methodology which combines powerful digital marketing methodologies (a HubSpot partner) with his extensive international biz dev experience.
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