CP apprehension and optimism
In regard to new business enquires, around 70% of CPs saw the number decrease from normal levels. Current pipelines also took a hit with two thirds of opportunities being deferred. Furthermore, when asked about risk exposures, the three most common concerns were rebuilding pipeline, customers going under and running out of cash – a reflection of the uncertainty faced.
To mitigate the decrease in demand, 60% of CPs actively looked for new products and services to sell on to customers, and 77% considered sourcing completely new suppliers. This is linked to the belief that the channel is changing. Enhanced usage of cloud technology and remote working tools will be game changers for the industry, with end customers now on accelerated digital transformation journeys and in need of tools that enable greater agility and performance.
In a previous blog, we explored how Managed Services can help partners to identify and take advantage of new opportunities.
Positively, despite challenges existing, when asked about confidence of rebuilding pipelines, 78% of CPs were at least ‘somewhat confident’ that they can build a sales pipeline under the current conditions; a sign of the resilient mindset possessed within the channel.