Are your Channel Partners contributing the way you wanted? A well-designed loyalty program helps, for sure! business Blog
Are Your Channel Partners Contributing The Way You Wanted? A Well-designed Loyalty Program Helps, For Sure! Blog
Are your Channel Partners contributing the way you wanted? A well-designed loyalty program helps, for sure!
When it comes to loyalty reward programs, companies around the planet are on a race to pull out the best one for their customers in the market. But Channel partners are on a different level. A customer can be tirelessly replaced by another, but the loss of a potential channel partner can reflect as a serious drop in the productivity curve. This voices the importance of retaining them, the most powerful propagators of your brand or business- the channel partners!
The ideal plus time-tested solution to retain smooth sales flow through your business channel can be realized by pitching a unique as well as extensively benefitting Channel Loyalty Program.
The first step is learning about your Channel partners- Are they happy for partnering with your brand?
If your pack of channel partners remains the same or grows in size, you are on the path of success and productivity. The profits they bring to your organization will increase per annum. But the upside down is just a foot away, your competitors might come up with something special, some partners divert way from you to them for the extras. Then your network of channel partners shrinks.
To avoid this deflection of channel partners, your brand needs to come up with an innovative reward program- an incentivized campaign through which channel partners remain engaged and appreciated for teaming up with your business.
Channel partners come in a variety of forms- it could be Distributors, Wholesalers, Dealers or Retailers.
Here are the top 4 reasons why every company should implement B2B Channel Loyalty Program:
It helps in measuring channel partners involvement- Channel partner loyalty programs provides a lot of data that includes all of the dealer transactions and this information can be taken from any location by the company’s sales team. This gives a clear picture of how much wholesalers are buying and how much they sell. Using this information, channel partners can be incentivized accordingly to boost their performance and engagement.
Monitoring and improving sales- From dashboards of loyalty programs, a clear cut report pertaining to ups and downs in productivity can be taken. This accounts in finding out the areas where sales went sluggish and helps in rewarding accordingly to strengthen sales in these weak zones.
Eliminating the brand’s biasing and bringing uniformity among channel partners- For a company or a brand with a long history of struggles, partners who had been with them since the beginning turns to be special. This special attention they receive might turn out be heartburn for the current or new partners. For uniformity, these kinds of biasing have to stay out from the realms of rewarding. Loyalty points should be distributed in a deserved manner. This can be achieved through automated channel loyalty programs that works totally on the latest AI-powered unbiased algorithms.
Building emotional connection and adhesion to the brand- The ultimate aim of channel partner loyalty programs is creating long-term commitment between a brand and its channel partners. The features inbuilt in such programs achieve this through a set of surprising and engaging strategies. Companies are going all ways to impress their channel partners. Some firms are even rewarding families of dealers with life insurance campaigns, vacation trips, luxurious villa stays and lot more to create the so-called emotional connection.
Brands are competing for envisaging and implementing such interesting rewarding schemes for their channel partners. And it's not a surprise because the idea of channel loyalty programs comes with multi-million possibilities.
When creativity and state-of-art technology comes under one roof, perfect loyalty programs are born. For the past 10 years and even now, One loyalty- a channel & Influencer loyalty programs company, remains at the top in planning, implementing and maintaining all kinds of loyalty programs.
To implement the best channel partner loyalty program for your business or brand drop a mail at [email protected]