It doesn't come as a surprise that customer rewards programs can be extremely effective at gaining brand loyalty and repeat custom. But just as important should be channel partner rewards programs, which incentivise your channel partners to push your products ahead of your competitors.
Many of the biggest names in business have some form of customer incentive program. With 75 per cent of consumers saying loyalty programs are part of their relationship with brands, according to the latest Bond loyalty report, it's not hard to see why.
However, shouldn't brands be incentivising their channel partners just as much as their customers? After all, just like consumers, businesses want their channel partners to remain loyal, ensuring they promote their products above their competitors'. Why is it so important to treat channel partners as well as you do customers, and how can Channel Partner Incentives Programs help you do this?
They're one and the same: channel partners and customers
The benefits of having a strong relationship with your channel partners is clear. Research from Oracle indicates channel partners are extremely good at bringing in new markets. It's often expensive and time-consuming to go through the process of tapping into emerging customer groups by yourself, but if you collaborate with channel partners who already operate in the new target market, they can do most of the work for you.
This is because they already know the local area and have existing relationships with the customers you're trying to get on board.
Channel partners are able to push your products, taking your brand to consumers in a way you may not be able to. However, this depends on them taking the time to get to know your product and the brand, and then wanting to push it to consumers. They will only do this if they are convinced that you value them and that it's worth pursuing a deeper relationship.
This is the same feeling that you want to inspire in your customers, which is why it's so common to have a consumer rewards or incentives program. They show that you value your customers and want them to come back to your store.
So, why not have a channel partner rewards program that treats your channel partners just like a loyal customer?
The benefits of a channel partner incentives program
We've seen that channel partners are an invaluable tool in tapping new markets and bringing brands closer to customers, but this doesn't mean you have to go searching for a load of new channel partners. Instead, creating a rewards program for your current channel partners could be just the thing you need to boost sales and loyalty.
In fact, incentives can boost partner sales and profits by up to 40 per cent, according to Model N.
However, it's not enough just to implement a channel partner rewards program. You need to create one that works, and this means introducing flexibility. Power2Motivate's Channel Partner Rewards Programs operate on a cloud-based platform that is easily changed, meaning no matter whether you want to focus on boosting brand awareness or rewarding positive behaviour, there's something for you. Available in 17 different languages, your channel partners across the globe can log in from any web-enabled device.
And with real-time monitoring, you can keep track of every dollar you spend, as well as ROI and KPIs.
Today's business environment is increasingly complicated, and it's getting rarer and rarer for brands to go direct to customers. A channel partner incentives program is essential in creating loyalty and shifting your products.
For more information on how Power2Motivate can help you create a Channel Partner Incentives Program that works, contact the team today.