Loyal, longer-lasting channel relationships: every vendor wants them, but few ever step back to assess their partnerships' strengths and weaknesses. Using Power2Motivate's online platform, it's easy to reward your channel partners for the behaviour you want to see.
Loyalty and longer-lasting channel relationships - it's every vendors dream. The stability of working with the same high-quality sales channels and distribution teams that know your brand and product is highly valuable to a business. Securing loyalty is key to fostering these longer partnerships, which many vendors achieve through the help of a Rewards Program.
However, the work doesn't stop once you have a program in place. Although a Channel Partner Program will help reduce reseller flux, stepping back and actually analysing this loyalty gives you even more valuable data about the health of your sales channel.
The building blocks of channel devotion
International Customer Loyalty Company (ICLP) statistics indicate only 38 per cent of resellers felt their vendors were doing 'positively well' in encouraging channel loyalty. These discouraging figures suggest vendors need to step up to the plate and be more active in how they encourage loyalty from their channel partners.
A key way to do this is to invest in a Channel Partner Program. This can be used to attach tangible rewards to goals and forecasted sales figures, encouraging your sales partners to meet the targets you set and prioritise selling your products over your competitors. This - in theory - should incentive your resellers to stay in a working sales partnership for longer.
Only 38 per cent of resellers felt their vendors were doing well in encouraging on channel loyalty.
Checking on the nature of this loyalty
However, it's not as simple as just sitting back once you have implemented a Channel Partner and watching improved sales roll in. Once you have introduced the scheme, it is valuable to stay engaged with your program both for your sales partners and for yourself.
ICLP's report shows active involvement in a channel program was judged to be the second-most sought after trait of vendor behaviour. By engaging in your program, not only can you show resellers that you are actively interested in their success, it also means you can use engagement data and qualitative feedback to make your Channel Partner Program even more effective.
Power2Motivate Australia's Channel Partner Program
With our Reseller Rewards Program, you can meet both the above aims - giving your sales partners access to a range of rewards while allowing you to analyse the how effective your program is.
It's important to reward your sales representatives for closing deals and achieving your goals - but using a Channel Partner Program, you can make rewards about more than just the bottom line. Using our point-based digital platform, businesses can assign different values for non-quantifiable behaviors like:
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Attending seminars;
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Gaining certifications/training;
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Achieving notable customer service reviews.
When your channel partners achieve your indicators of loyalty, they will able to cash in their points for rewards from our massive Global Rewards Gallery. This gives access to thousands of items, from brand-name electronics to concert and festival tickets, meaning there is something for everyone.
Once your resellers are committed to succeeding in line with your program aims, you can use the Reporting feature to generate user engagement statistics within the online system. Using this data, you can make the improvements you need to drive further success. Resellers will also have the chance to give their feedback with the Survey tool.
Find out what loyalty means with Power2Motivate
A building that stands for centuries isn't just assembled and then left to fate - a lot of maintenance goes into ensuring it stays standing strong. A Channel Partner Program is exactly the same. Ensuring your resellers are adequately rewarded for their loyalty only works as well as the time and effort your invest in making sure the program works for them and offers the rewards they want to see.
For help with driving loyalty in your sales channels and managing a quality Reseller Rewards Program, contact Power2Motivate Australia today.