Channel partner bonds across the Tasman are suffering - but Power2Motivate Australia has three rewarding ways to strengthen them.
New research suggests that channel partnerships between Australian and New Zealand businesses are going through a tumultuous time. Although the two countries operate with very similar social and business dynamics, it appears vendors and partners both sides of the Tasman are looking to make changes in the coming year. Edge Research reports that 43 per cent of channel partners are looking to make a change to fill gaps where current vendors have no solutions, while a further 30 per cent wanted to find direct alternatives to their existing relationships.
Investing more energy and communication into your trans-Tasman channel partner bond is an essential if you want to keep your channel partners happy and invested in positively representing your brand. Another factor that can help strengthen your trans-Tasman loyalty is to introduce a channel partner incentive program that really works.
- Invest them in your brand
Where a huge number of channel partner relationships fail is in miscommunication over what the vendor's precise brand intent is. Formalising your brand statement in an accessible brief is a good way of ensuring your channel partners are onboard. Better yet, meeting your channel partners face-to-face allows you to speak with those who represent your brand daily and increase their loyalty to your business.
Microsoft Inspire is the world's largest conference for eponymous partners, attracting 16,000 attendees from 130 countries according to industry news website Channel Life. Partners are able to meet and discuss their tactics for attracting new customers, and hear from Microsoft about their brand ethos. Clarifying this will help foster a clearer understanding of how you want your partner to represent you over the Tasman.
- Keep up the communication
Another area where channel partner bonds can fail is in simple communication. With many sales personnel representing numerous brands simultaneously, the onus is on the vendor to make contact about any issues that arise. Establishing clear lines of communication through easy-to-use partner portals should aid in maintaining ongoing engagement ongoing. Additionally, keeping your messages succinct and brand-focused will help your partners see that you care about how your business is run.
Edge Research asserts that partners are increasingly looking to vendors to create new markets, so that partners can then create added layers of value for customers. Clear communication about what each business' expectations are will greatly aid in preventing one or the other pulling the plug.
- Use rewards and recognition incentives that work
Fostering a good channel partner bond may ultimately fall to incentivizing your partners in the right way. Consider rewarding your partners like rewarding an in-house sales team - your partners are representing your business across the Tasman and opening up new markets, customer bases and sales opportunities for you. Recognizing their achievements with incentives that matter to them individually will not only recognise their hard work, but also shows a personal level of interest in their day-to-day business.
Edge Research reports that 43 per cent of channel partners are looking to replace their current vendors.
Power2Motivate Australia are industry leaders in providing channel partner incentive programs that are designed to celebrate your partners for their hard work with rewards that matter. We have a huge range in our Rewards Gallery designed to suit the desires of anyone - from paid travel, discounts of electronics and other luxury goods to exclusive tickets and entry passes to exciting events, Power2Motivate Australia has something for everyone. We are widely used by businesses in Australia and New Zealand, and pride ourselves on building bridges for businesses across the Tasman.
Using channel partner incentive programs is proven to work, with over $70 billion spent on channel incentives in 2016 according to Loyalty360. Employing the help of an industry leader like Power2Motivate Australia is a surefire way to strengthen your trans-Tasman channel partner bond and get the best out of them for your business. For more information, contact our customer service team today.