Are you ready for the major Channel Trends of 2024? We asked 11 Channel Experts which trends they are preparing for in 2024. Our experts are the most innovative minds in our industry and spend their days immersed in the Channel, talking to partners and vendors, and helping channel businesses strategize for future success.
Channel Experts Contributors:
- Adam Zoldan, Director, Knight Corporate Finance
- Anurag Agrawal, Chief Global Analyst, Techaisle
- David Dungay, Editor in Chief, UC Today
- Finbarr Begley, Senior Analyst, Cavell Group
- Janet Schijns, CEO, JS Group
- Jasmina Muller, Founder, Partner Connexions
- Jay McBain, Chief Analyst – Channels, Partnerships & Ecosystems – Canalys
- Jessica Baker, Chief Program Officer, AchieveUnite
- Lucy Green, CEO, Larato
- Margaret Adam, Head of Product Marketing, Channel Mechanics
- Prachi Nema, Principal Analyst, Enterprise Communications at Omdia
So… What did they say?!
We were not short on predictions about Generative AI, but what will a ‘Generational shift in compute’, as Jay McBain put it, look like as a Channel Opportunity? The Generative AI market is already powering $15bn in services via the Channel and that number is likely to grow exponentially in the years to come. However, Generative AI is not a product, and the services opportunity is likely to be very different from the normal ‘value-add’.
Building on the AI theme, Finbarr Begley predicts that businesses are likely to come under more scrutiny next year as regulators sharpen their gaze on the market and push for greater evidence of how AI is being used within businesses, including the use of best practice documentation and robust policies for every stage of the supply chain.
Jasmina Muller predicts 2024 is going to be the year that vendors get serious about Co-Selling! It’s the new buzzword, but it is only just starting to resonate with the vendor community.
The convergence of UCaaS and CCaaS will come of age, according to Prachi Nema, who references her latest research at Omdia. Prachi reveals tech leaders now prefer to purchase these services together, and on the same platform rather than separately.
Several experts picked out the changing nature of channel programmes. Part of that will be a refocus from vendors when it comes to working with partners in their ideal target profile. According to one of our experts, having huge numbers of partners will no longer be a significant metric. Instead, it will be the success of the partnership itself which will be measured.
Margaret Adam highlighted the metrics that matter in 2024 will be net revenue retention rather than net new sales. This means license renewals, upsell and cross-sell numbers will also become more important. Vendors will be thinking about how they can drive this behaviour with the right incentives too.
Janet Schijns says MDF money will come under more scrutiny than ever in 2024. We may see some of those golf days and channel outings disappear as there is a real shift towards ROI on money spent coming from the vendor community. Janet explains vendors now want to know exactly what they are getting in return for their marketing spend and events that are hard to qualify return will be at risk.
M&A activity is likely to remain robust according to Adam Zoldan of Knight Corporate Finance. He is expecting a strong showing from the private equity space in 2024 and a surge in interest in UK companies, particularly from the US.
What does it all mean?
There is undoubtedly a huge amount of change to contend with in the Channel right now. Vendors are getting savvier about who they work with and why, and how they build the right programmes to support their partnership growth. 2024 will be another clear year of evolution, but as our expert Lucy Green stated, next year will be a time to evolve or move on if you don’t have the appetite to change.
Watch our predictions video to see what else our Channel Experts had to say about the trends that could impact your business in 2024!
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