Last month, we published a four-part blog series on how companies can unleash the potential of their channel partners and take their sales numbers to new heights.
A lot has changed since then. Businesses around the world are dealing with the unprecedented situation of the Coronavirus outbreak. Countries are seeing a high degree of economic interventions from their government and businesses are rapidly adjusting to the changing environment.
The need of the hour now is to ensure business continuity in the “new normal” situation. As restrictions on social distancing increase, and home becomes the new epicenter of life and experience, businesses face the challenge of effectively reaching out to their customers, partners, clients and employees.
In this scenario, how you empower your channel partners will go a long way in establishing a long-lasting relationship.
What makes channel partners your best customers?
If you are a manufacturer then there are two ways you can sell your product. Either directly or by partnering with a company or vendor. So, when someone sells your product for you, they are called channel partners, such as retailers and distributors in the case of FMCG. Your channel partners are the contact point between your products and the end consumer. They have the power to influence how consumers feel about your brand.Ideally, the greater number of channel partners you have on board, the higher would be the sales. That is to say, simply increasing the numeric distribution (coverage) of your product would lead to some increase in sales. But is that enough? No.
Why should channel loyalty be your top priority right now?
“Gaining and maintaining the trust of your partners has become more important than ever. Companies must consider how they can reassure their partners during this uncertain time.”
It is common for manufacturing companies to find themselves in a situation where are they are continuously increasing the distribution of their products, that is, getting more channel partners on board, and still not achieving the desired sales growth. In this situation, it is important for companies to assess the performance of their current channel partners. Just think about how loyal your channel partners are to you. Do they swear by your products or do they easily get swayed by the margins offered by competitor companies?
Click here to know more about how a loyal retailer has the potential of becoming your brand advocate.
What is the foundation of channel partner loyalty?
Companies that rise to the challenges of the pandemic and enable their channel partners to adapt, engage and serve customers, will emerge as true winners.”
Channel partners rewards and loyalty programs are the key to fostering long-term partnership. The basic idea of these rewards programs is to keep the channel partners ‘engaged’ with your company.
Who would you call an engaged channel partner? The partners who actively participate in your channel partner programs. They continuously interact with the brand and have the motivation to sell your products as their own.
To earn your partner’s loyalty and keep them motivated to sell your products it is important to-
- Build a strong relationship with them
- Provide them with effective sales tools
- Reward them the right way
What determines the success of a rewards program?
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What do channel partners want from a rewards program?
The ‘right’ reward. There is an increasing need to motivate the channel partners by promising them a reward that they will truly value. By giving the right rewards, not only will you get the channel partners' attention and mind share, but it will go a long way in earning their loyalty.
Here’s why Gift cards are a better choice over traditional gifts when it comes to right rewarding.
- Higher value, higher engagement
- Easily customizable
- Guilt-free shopping
- Can be used by family members
- No logistical challenges
- Easy to manage and track
Can technology help in delivering a successful rewards program?
Companies can largely benefit by incorporating gift cards in the reward program, all thanks to new technology.
With the use of technology comes the ease of managing reward programs. A big issue that companies face is the lack of reliability on channel partner information as well as limited information on the secondary sales number. But with advanced technology, companies can get real time access to the performance of their partners and it helps in deciding which partners are to be rewarded. Technology can also be used for facilitating channel partners to enrol in the rewards program. It can be done in a user-friendly way such as through a web form or through a call-center.
Finally, the power of technology can be used not just for enrolment and enablement of channel partners on the company’s rewards program but also to keep them engaged with suitable rewarding options.
Find out more about technology and gift cards here
How can Qwikcilver help in creating the right impact with your rewards program?
As a global leader, powering every segment of the gift card industry, we are the world’s first and only end-to-end Gift card solution provider. We are the power behind some of the biggest retail brands, largest corporate reward programs and unique consumer gifting experiences. But what stands out the most is our future-ready technology. We work with the most secure and complete gift card Processing and Distribution solution offered on SaaS model.
We offer an array of corporate rewards solutions ranging from ‘Rewards Program Design’ to ‘Rewards Fulfilment.
So, if you are ready to unleash the full potential of your channel partners by putting the most effective rewards program in place, then get in touch with us now!