This article outlines everything from what is channel partner training to the four significant pitfalls of channel partner training that organizations must avoid. It also explains how the best LMS for partner training can help overcome potential difficulties by identifying the trouble spots and making your partner training program successful.
Without further ado, let’s get started.
What Is Channel Partner Training?
Your channel partners could be franchises, wholesalers, distributors, or resellers.
The term “channel partner training” refers to training companies and individuals involved in the resale of your product offerings. One must design partner skill-building initiatives to help partners close more sales by assisting them in introducing your products to customers in the best possible light.
It is essential to train your partner network to provide customers with the best service possible, which helps build brand loyalty.
Partner training includes everything from orientation and training partners to training programs. By instructing your channel partners, you give them the knowledge they need to work effectively across your existing system.
Every aspect of your business, from sales and market reach to growth potential, will benefit from training partners and increasing their knowledge about your products or services.
Benefits Of Channel Partner Training
Partner training offers various advantages for your company. Here are a few of those benefits.
- Creates and safeguards your company’s brand.
Various partners may imply multiple voices shaping the story about your product. Training your channel partners ensures that your brand remains constant with each of its narrators.
- Spend less on support.
You don’t have to constantly reskill a partner when things go wrong if you train them properly from the beginning of your interaction. They’ll know how to avoid issues and deal with them when they arise.
- Increase retention of customers.
Increased partner responsiveness to customer issues also results from improved partner performance—this responsiveness results in higher customer retention rates.
- Enhance performance.
Partners have access to the best messaging to spread awareness of your product and promote widespread adoption. Your products remain on top by regularly adding new training content.
- Manage expectations.
When you are not meeting expectations, there is less room for surprise, whereas when clearly stated, expectations must be met on both your and the partner’s end.
Channel partner training has undeniable advantages. But partner training has its difficulties when it’s poorly implemented. Below are some challenges organizations face with channel partner training.
Challenges Of Channel Partner Training
Obtaining Organizational Support On The Inside
Partner training can be difficult because most businesses find it challenging to accept it and fail to see its value. The importance of offering training programs to boost your partner channel’s efficiency is underappreciated and frequently forgotten.
Solution: To win their support, you’ll need to persuade your organization’s members and make them aware of the benefits training can have on your business and partner relations. Explain to them how educating your business partners about your goods and services will benefit them in maintaining brand consistency and loyalty.
If budget concerns you, you can promote delivering partner training using an LMS. With the help of the tool, partners can easily access training materials in their language, which helps improve the completion rates and, consequently, the ROI of your efforts. It makes using an LMS a cost-effective decision.
Channel Partner Engagement
Once you have convinced your stakeholders, then comes the main challenge – partner engagement. Keeping channel partners engaged with the courses is necessary to ensure the success of your training efforts.
Solution: The best way to deal with this is to bring the team members with the relevant experience on board. No one would know your channel partners more than your sales team, so it’s highly recommended you take their opinion and use their expertise when creating a training session.
In addition, you won’t know what will work unless you discuss your options with your partners. Thus you must consult with your partners about what information they would like, what kind of support they need, and how they would like to receive it from the beginning.
Moreover, it would be best if you also leveraged eLearning technologies.
A learning management system is an excellent tool to help keep your partners engaged. This tool often comes with features like gamification and certifications and has multi-lingual abilities, which may improve the engagement rate.
Finance And Funding
No matter the project, funding will always be a major obstacle for most organizations. HR departments are often responsible for budgeting across departments, and convincing them to allocate resources to train external partners is certainly challenging. After all, it is about more than just offering training to partners. It also involves creating the course, ensuring its relevance, finding the right medium to deliver it, and analyzing the results.
Solution: Using an LMS that easily integrates with authoring tools is all you need to convince your HRs or those who manage budgets in your organization. Using this integration and subject matter experts in your organization helps you create a relevant and engaging course.
As we discussed, engaging in training courses helps bring improved completion rates and ROI. Furthermore, the knowledge your partners will gain from the training sessions will ensure brand consistency and customer satisfaction.
All this combined makes investing in an LMS and in partner training a cost-effective decision.
One challenge that most organizations face is collecting partner training data. Today, data is extremely valuable. You can direct your training efforts toward success when you have the relevant insights and reports.
Organizations that still use traditional training methods are often faced with such challenges.
Solution: This is another challenge a learning management system can easily help tackle.
Most LMS offers reporting as a feature. You can use this feature to not only personalize your training course for each partner but also to identify completion rates, certifications, and relevance of your course. Most organizations use such data to rework their training program and make them more apt for their partners.
While highly beneficial for your organization and network, training your channel partners does present some difficulties. Businesses that are about to start preparing their channel partners—through formal eLearning or a blended learning approach—will run into problems that need immediate fixing. However, the best LMS will assist you in coordinating, planning, and implementing the training that equips your partners to perform excellent work and simplify the entire process.
Nike sues Lululemon for infringement of footwear patents – CBC.ca
Nike Inc. sued Lululemon Athletica Inc. on Monday, saying that at least four of the Canadian athletic apparel company’s footwear products infringe its patents.
In a complaint filed in the U.S. federal court in Manhattan, New York, Nike said it has suffered economic harm and irreparable injury from Lululemon’s sale of its Blissfeel, Chargefeel Low, Chargefeel Mid and Strongfeel footwear.
Nike, based in Beaverton, Ore., said the three patents at issue concern textile and other elements, including one addressing how the footwear will perform when force is applied.
Nike is seeking unspecified damages.
Lululemon, based in Vancouver, did not immediately respond to requests for comment.
This wasn’t the first time Nike has sued Lululemon for patent infringement — on Jan. 5, 2022, it accused the athleisure brand of making and selling the Mirror Home Gym and related mobile apps without authorization.
Nike accused its smaller rival of infringing six patents, including technology that enables users to target specific levels of exertion, compete with other users and record their own performance.
Nike has sought triple damages for Lululemon’s alleged willful infringement and a variety of other remedies regarding the Mirror Home Gym and related mobile apps.
Stock market news live updates: Stocks sell off to start blockbuster week – Yahoo Canada Finance
U.S. stocks tumbled Monday as investors await a blockbuster week that includes the latest Fed meeting, a flurry of heavyweight earnings reports, and jobs data.
The yield on the benchmark 10-year U.S. Treasury note ticked up to 3.546% on Monday morning. The dollar index ticked up 0.32% to $102.26.
Stocks closed a winning week Friday following data that pointed to stronger-than-expected U.S. economic growth. All the major market averages finished higher for the week, with the S&P 500 gaining 2.5%, the Dow Jones Industrial average ending up 1.8% and the Nasdaq climbing north of 4%.
The Commerce Department said Friday the personal consumption expenditures price index, excluding energy and food, showed prices rose 4.4% from a year earlier. Friday’s report came in a day after the government reported a better-than-expected 2.9% gain in gross domestic product for the fourth quarter, boosting hopes that the Federal Reserve may head toward the elusive “soft landing” scenario.
Fed officials will be meeting in Washington, D.C., Tuesday and Wednesday. The meeting will wrap up with Fed Chair Jerome Powell holding a press conference Wednesday afternoon as he offers signs of the central bank’s path forward on rate hikes.
“The FOMC’s work is not yet done, even if the recent declines in inflation and wage growth give it more time to assess the effects of past policy actions. A key challenge for the FOMC will be to execute its transition to smaller rate hikes without furthering expectations that an end to its hiking cycle is imminent,” the team at Barclays wrote.
At the end of week, investors will get another clue of the Fed’s path as the government’s January jobs report is set to be released Friday morning. Economists surveyed by Bloomberg expect 185,000 jobs were added to the economy last month, a slowdown from the gain of 223,000 jobs in December.
Meanwhile, it’s the biggest week of the fourth-quarter earnings season, with Big Tech results taking the spotlight amid thousands of layoffs in the industry. Despite the already announced job cuts, the tech companies’ are in part to blame for the disaster, Yahoo Finance’s Dan Howley writes.
Elsewhere in markets, shares of Lucid (LCID) sank nearly 9%. On Friday, the electric-vehicle maker surged more than 88% following speculation that a Saudi Arabia Public Investment Fund (PIF) is considering buying its remaining stake in the company.
Alibaba (BABA) shares fell 6% Monday after reports that the Chinese e-commerce site is moving its headquarters out of the country, suggesting the new campus could be in Singapore, according to reports.
SoFi Technologies (SOFI) shares rose 12.5% Monday after the digital financial services company posted an upbeat earnings guidance for the year ahead.
In the cryptocurrency market, Bitcoin (BTC-USD) has fallen over 1% to $23,168 over the last 24 hours, according to CoinMarketCap. However, the largest token is on its way for its best January since 2013, per Bloomberg, on bets that monetary tightening and the sector’s crisis are both receding.
Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
J&J Can’t Use Bankruptcy to End Cancer Suits Over Baby Powder, Court Says – Yahoo Finance
(Bloomberg) — Johnson & Johnson can’t use bankruptcy to resolve more than 40,000 US cancer lawsuits over its now-withdrawn baby powder, a federal appeals court ruled.
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The three-judge panel in Philadelphia sided with cancer victims, who argued J&J wrongly put its specially created unit, LTL Management, under court protection to block juries around the country from hearing the lawsuits and handing out damage awards.
The ruling means J&J will most likely need to defend itself against claims that tainted talc in its baby powder causes cancer. The company has lost a number of such cases — including one that was appealed all the way to the US Supreme Court, before J&J was forced to pay more than $2 billion to one group of victims.
Shares of J&J dropped as much as 7.2% in New York on Monday before closing down 3.7%. J&J removed its iconic talc-based baby powder from the US market in 2020 and is slated to have it off markets across the globe by the end of this year.
The judges found only companies directly threatened with financial troubles can use bankruptcy. Since J&J itself never claimed to be in immediate danger, it can’t benefit from Chapter 11 of the bankruptcy code by putting a unit under court protection, the judges found.
“Good intentions — such as to protect the J&J brand or comprehensively resolve litigation — do not suffice alone,” to file for bankruptcy, Judge Thomas Ambro wrote. “What counts to access the Bankruptcy Code’s safe harbor is to meet its intended purposes. Only a putative debtor in financial distress can do so. LTL was not. Thus we dismiss its petition.”
The ruling may drive a settlement, according to Holly Froum, a litigation analyst for Bloomberg Intelligence. A settlement of the more-than 40,000 suits could total $5 billion, according to Froum, who in a note Monday pegged the chances of a deal at 70%.
J&J plans to challenge the ruling. The bankruptcy was filed in good faith to “equitably resolve” talc claims, it said in a statement. If the company’s appeals aren’t successful, plaintiffs’ lawyers predicted Monday J&J could face a wave of talc trials starting this summer.
J&J can now ask that all judges on the Philadelphia appeals court hear their appeal of the three-judge panel’s decision. If that’s denied, the company has the right to ask the US Supreme Court to hear its arguments that the Chapter 11 case should be allowed to proceed.
“The doors to the courthouse, which had been slammed shut by J&J’s cynical legal strategy, are once again open,” said Leigh O’Dell, a lawyer representing thousands of talc users whose claims have been consolidated in New Jersey for pre-trial information exchanges. Plaintiff lawyers will be scrambling to get talc suits back on trial dockets across the US in the wake of the appeals court’s ruling, O’Dell said.
A J&J lawyer Monday indicated the company was preparing for more talc litigation in a trial against consumer-products maker Colgate-Palmolive Co. Allison Brown, one of Colgate’s attorneys who has represented J&J in past talc cases, asked a California judge to put on hold Francis Coit’s case against multiple defendants over injuries allegedly tied to talc-based powders.
“Given plaintiff’s allegations in the complaint about Johnson’s Baby Powder, and that if they are permitted to do so, they will seek to bring J&J into the complaint, Colgate would request a continuance, Your Honor, to see what happens with the J&J bankruptcy and if J&J truly will need to come into this case to defend itself against the allegations” against its baby powder, Brown told Judge Richard Sebolt, according to a copy of a court transcript.
The bankruptcy case had put all talc litigation on hold while the appellate court decided whether the so-called Texas-Two Step technique J&J relied on for its talc bankruptcy was flawed.
After several talc litigation losses, J&J turned to the maneuver, which is designed to block the cases from trial and force claimants to negotiate in the Chapter 11 case of LTL.
In 2021, the health-care giant sought to funnel the suits into what it acknowledged was a “shell company” without any operations. That unit, LTL, immediately filed for bankruptcy to block the litigation while trying to negotiate settlements.
J&J has long argued that there is no good scientific evidence linking its baby powder to cancer. The company argued LTL’s case was the only way of managing talc litigation costs and ensuring victims get a fair payment.
US Bankruptcy Judge Michael Kaplan, who is based in Trenton, New Jersey — not far from J&J’s headquarters in New Brunswick — ruled last year that LTL’s bankruptcy was legitimate and a better solution than continuing to have juries weigh claims nationwide. Cancer claimants appealed Kaplan’s decision.
A handful of companies, including Koch Industries’ Georgia-Pacific unit, used the strategy before J&J. Those cases remain in bankruptcy court in North Carolina. The Philadelphia court’s decision will not have any direct impact on the North Carolina cases.
Last year, a bankruptcy judge in Indianapolis refused to halt about 230,000 lawsuits against 3M Co. even though its subsidiary, Aearo Technologies, had filed a legitimate Chapter 11 case. 3M has appealed that decision.
LTL’s bankruptcy was the first Texas Two-Step to reach an appeals court. After victim groups challenged Kaplan’s ruling, the appeals court in Philadelphia agreed to expedite the case.
J&J’s strategy has been condemned by some legal scholars and members of Congress because the company received a major benefit of Chapter 11 rules — a halt to lawsuits — without filing for bankruptcy, where it would be subject to court oversight of its spending and other practices.
The handful of the companies that have used the strategy since it emerged in 2017 have faced suits targeting their use of asbestos, a toxic industrial material. The cases take advantage of special rules set up by Congress for companies threatened with insolvency by such litigation.
There have been ongoing talks aimed at settling the talc cases filed in both state and federal courts. Prior to J&J putting its unit into bankruptcy in 2021, the company offered to resolve the suits as much as $5 billion, according to Monday’s decision.
In Chapter 11 filings, J&J’s lawyers acknowledged the LTL subsidiary had a value of more than $61 billion and those funds could be tapped to satisfy talc liabilities, if necessary. Analysts, however, aren’t predicting the company will pay out anything near that figure to settle the cases.
The J&J bankruptcy case is LTL Management LLC, 21-30589, U.S. Bankruptcy Court, District of New Jersey (Trenton).
(Updates with $5 billion settlement offer in 24th paragraph)
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