Channel partner engagement program is one of the best business strategies for cohesive growth, Strategic Relationship Management, increase in bottom line & expansion. It is necessary to have a solid foundation to establish your brand in the targeted market.To achieve this Channel Partners play a crucial role.
Who are channel partners and why should the company engage with them?
If you are a business which involves manufacturing and distribution of products, you will work with companies or associates who will buy your product, stock them and market them to the local business.
C&F Agents, Distributors, Dealers and Retailer all these different businesses are your channel partners who are part of your supply chain.
Having an aggressive approach only to push your products / services down the sales channels might be effective at some case, but it doesn’t guarantee long term sustainability and it won’t motivate any partner’s to go to the extra mile to make your offers (Products or Services) to reach its final consumer in this present fierce competitive market.
Managing your channel partner is not an easy task with traditional rewarding approaches such as cash credit or discount on bills.
To overcome this, companies do make a lot of effort to keep channel partners associated with their sales channels motivated and use B2B Loyalty Programs.
If you consider it in Pareto principle, roughly 80% of your results come from 20% of cause. That means if you lose any two channel partner you may lose eight loyal customers.
How to make channel partner to be engaged with your sales channel and become a part of your business for a long time?
Rewarding channel partner is easy, as you can always give discounts at some circumstances. But it never adds any emotional values which make them to feel like coming back to you in future, in that case your rewarding process should be a kind of memorable and it should make them feel like they are an important entity to you. Giving away some gifts or vouchers in a while isn’t enough. You need to set a sort of loyalty reward program where they can get motivated to promote your brand frequently and they should feel a kind of affinity or affection towards your brand.
Let’s review a case study on Channel Partner Loyalty Program to realise the full benefits of this initiative.
Our Client is one of the leading enterprise of optical and optoelectronic industry. They wanted to organise a league for their channel partner such as opticians striving excellence in their practice, where company can reward them based on their performance according to the target set under various segments.
The idea was to make opticians a part of their business as a valued partner and support them to succeed by connecting and rewarding the special group of opticians under one program.
Based on the above requirements of our client, we designed a comprehensive program which was implemented on our cloud with business connectors to the clients ERP System.
- One Loyalty Cloud System was setup with integration to the customers ERP System and access to the partners was provided using a white labelled micro website.
- Partner could login to the microsite using secure login and access all transactional and redemption related data on realtime from any location.
- We integrated online redemption catalogue with one of the leading e-retailer’s for easy and convenient method of redemption (Digital Redemption).
- Simplified targeted communication based on different tiers for highly effective communication with different segments of opticians such as Classic, Elite, Supreme and Royal club
- Points get credited in the respective optician’s ECP account at the end of every month.
- Reward catalog for customers, which made easy for customers to make a distinction of products mapped to the partner.
- Because of the league organized by our client, opticians started to promote the brand more than of the competitor, which resulted in sustained sales growth.
- The brand was promoted with exclusive focus on customers products. That made them to stand out among their competitors.
- One Loyalty now acts as a tool to grow business and customer base.
- They reduced the cost of marketing expenditures.
- One Loyalty program has improved product performance and customer morale throughout the year.
- They have improved targeted monitoring among various segments based on different tiers. Now channel partners can be frequently alerted as to where they stand in their respective targets.
- Now they can easily analyze and take the action based on market insights generated through our One Loyalty program.
If we analyse the progress after implementing channel partners engagement program it clearly shows that the approach towards loyalty awards has changed a lot in recent years.
We feel that the most effective approach to keep your channel partners engaged with your business is to organize a league under different segments and alert channel partners frequently on rewards points which are added to their Loyalty account.
Since you have a custom option to integrate products catalogue along with various eCommerce websites for loyalty point’s redemption, you no need to worry about vendors to buy additional products for rewarding loyalty points.
If you are thinking to boost your sales through channel engagement program same as our clients, mail us to firstname.lastname@example.org for a demo. We can assure you a custom channel engagement program that suits your business.