Stop procrastinating on when is the best time is to launch a channel partner loyalty programme – Now is the time! A competent Channel loyalty programme may benefit any company, regardless of size, revenue, industry, or phase in the business model.
A channel partner is typically a third-party person or a company that sells or distributes products, services, or technologies on behalf of a manufacturer/service provider via a partnering agreement. This is normally accomplished through a co-branding partnership. It has proven to be one of the most effective strategies for a company’s growth. In a nutshell, channel partners can be that critical link in your indirect sales cycle that drives a major portion of your company’s revenue.
To guarantee that this part of sales runs smoothly, you must have all of your channel partners actively engaged. Creating a Channel Partner Program/Channel Loyalty Program is the way to go!However, executing this task is not always as simple as it appears. Just like any other business operation, this has its own set of obstacles to tackle.
Channel partners must be rewarded. If you’ve never considered doing so before, here are three basic reasons why you should think about it:
- The Goal of Co-Marketing:
As a company, you must acknowledge that you and your channel partner area team, trying to achieve the same thing. You lose customers and business when they do. In this case, a channel loyalty or reward program can be employed for mutual advantage. Consider joint marketing, in which both your channel partners’ and your company are promoted.
2. A Tiny bit/scintilla of Competition:
When you have several channel partners, fostering some competition among them can have great benefits in terms of indirect sales for you. An incentive in the form of a vacation for the channel partner(s) who bring in the most sales for you in a month can go a long way towards creating a competitive edge among the partners. In the attempt to win the award, they may each try to exceed the other. This “award” or “incentive” could be anything that motivates channel partners to go the additional mile for greater results.
3. The Aspect of Creativity:
Rewarding your channel partners can motivate them to be more creative in their efforts. It’s not simply about growing indirect sales of your product or service. The aim is to do this in the most efficient and profitable way possible. Here’s a solution! Zaggle Propel is a one-stop solution for all your channel partner incentives. Increase your channel partners’ engagement, resulting in faster business growth, with automated incentives and recognition platform.
Companies must understand that the relationship with their channel partners is one that must be nurtured on a regular basis. It is a mutually advantageous system, and any effort made to improve this relationship will only promote better channels for indirect sales. Through carefully worked and well-defined steps or managed workflows, Zaggle Propel can help you get the most out of your processes and partnerships.
Zaggle Propel is an all-in-one solution that lets you build a channel loyalty program that drives loyalty and increases profits. It features seamless onboarding, automated claims and schemes management, AI-driven reports and analytics, engagement tools such as surveys, pools, global rewards catalog, and more.
Contact us today to learn more about how we can assist you in your channel loyalty program!
