Communicating strategy and up-to-date product information is vital for a successful sales channel - so the same should go for delivering incentives. Keeping your resellers in the loop with the rewards they get and how they get them is the key to a comprehensive Channel Partner Program.
Tech manufacturing sales channels can be prone to constant change, thanks to the market's frantic pace of product upgrade. This flux breeds anonymity - sales partners may have little or no contact with their vendors over the course of the relationship, meaning they will be less loyal when a rival approaches with another deal.
To strengthen your reseller relationship, you need to build a foundation of loyalty by improving channel partner communication and delivering on a comprehensive incentive program.
So, why is communication so important in a channel partnership?
In order to get the best out of your sales channels, you need resellers to buy into your brand and sales strategy. You turn to channel partners to help increase revenue because:
You can take advantage of local-market knowledge to find new customers.
You get to spread your brand name over a wider area than possible by yourself.
You can more easily run separate campaigns for products through different channels.
All of these benefits come down to regular communication between yourself and your resellers. If you are too low-touch with your relationship, your channel partners could think:
You are no longer interested in using their expertise.
Your sale strategy is flawed and your brand isn't worth dealing with.
You don't value their hard work.
All of these factors can lead to resellers walking away when a better offer from your competitors comes along. To boost loyalty, you need to show them you value their expertise and hard work. And once you have strengthened your communication suitably, you need to ensure they know their efforts are valued through a comprehensive Channel Partner Program.
Almost 70 per cent of channel reps believe incentive opportunities should be based on individual performance - with individual rewards to match.
What is a 'comprehensive' reseller incentive program?
'Comprehensive' in this case means you take into account every aspect of your channel partners' performances, going beyond hard sales figures and delving into what makes an effective channel. It also means delivering a Channel Partner Program that focuses on what resellers want.
How does our platform make communication core to the channel incentive program?
Power2Motivate Australia has spent years developing a Channel Partner Program that puts communication at its heart. Developed as a points-based system, your channel partners are rewarded for surpassing pre-set goals with points. This can be attached to sales figures or milestones of loyalty such as a one year anniversary. The choice is yours on what you reward.
Your resellers then use our Global Rewards Gallery to redeem prizes against their accrued points. Compiling 'Wish Lists' of their chosen items, this feature keeps us informed about what your sales channel reps want to be rewarded with, meaning we can aim to develop a more personalised Channel Partner Program for your business over time.
Features like the Social tool or Surveying mean your channel partners can also offer direct feedback on the way your program is being run, giving them the chance to express their feelings on the improvements they would like to see most.
Foster greater channel partner communication, and build this into your incentive program to drive improved loyalty. Seem easy, right? For more expert information on the Channel Partner Incentive Programs we offer, contact the expert team at Power2Motivate Australia today. We can help you from start to finish in laying down your foundation for greater brand loyalty!