We live in an age of disruption, and the way you structure your channel partnerships will change regularly. Here are the trends you need to know
A new financial year is coming, and it's a great opportunity not just to set new financial goals for your business, but also review strategies across the board. For vendors using resellers, it's an excellent time to find out what trends are going to impact channel partner selling, so they know their reseller program is as effective as possible.
So what are the top channel partnership trends vendors should watch?
1) Digital is an expectation, not a nice-to-have
Technology has permeated every element of our lives, both personal and professional. As such, we've now come to expect digital in all aspects of business operations, and this includes channel partner relationships. A portal should be online, easy to use, and accessible from anywhere. It should allow your channel partners to log sales and other KPIs directly, so that manual entry, particularly using paper, becomes a thing of the past.
Technology has permeated every element of our lives, both personal and professional.
Your resellers expect digital, and they aren't going to look favourably on a vendor that uses outdated methods that make their lives harder. We know this at Power2Motivate, which is why our fully-customisable rewards portal is online, and accessible from anywhere at any time.
2) Communication has gone beyond email
The way you communicate with your resellers is more important than ever. It's not enough just to send the occasional email. Instead, you need to create a comprehensive communications plan that covers everything your channel partners might need to know. Consider building a content hub into your channel partner portal so that information is readily available. This can include:
Updates on new products.
Information on new pricing or sales strategies.
Notifications about rewards progress.
Updates on KPIs and performance.
3) Add value as much as possible
Sales is more competitive than ever, and if a channel partner doesn't think they're getting a good deal from you, they'll happily go elsewhere. This means you need to find as many ways as possible of adding value for your resellers. Take the content hub we suggested above as an example. Including content such as information on potential marketing strategies is a great way to provide your resellers with value, because it's something that will help improve their business.
Likewise you have to make sure your rewards are appealing. Giving resellers something they don't really want is a surefire way of decreasing engagement. That's why Power2Motivate's global rewards gallery offers channel partners a choice of thousands of rewards.
Your channel partners know how important the customer is.
4) The customer is at the heart
All the change and disruption that's happening in business at the minute tends to focus on improving the customer experience. Look at Uber, for example. In the past, catching a taxi was a long process. You'd have to find the details of a taxi company, ring them up and then give them your location, before waiting however many minutes for them to arrive. Uber changed all that, offering a quick and seamless service that makes everything far easier for the customer.
Your channel partners know how important the customer is. That's why Channel Partner Incentive Programs have now started to focus on customer satisfaction in addition to sales and training. Offering points for positive client feedback or reviews should be a key part of your rewards structure.
Sales and Channel Partner Incentive Programs
Just as your channel partners can help ease the load of connecting your brand with new customers, Power2Motivate Australia works with your business to design and implement the most effective channel partner programs possible. Ready to give your channel partners the recognition they deserve? Talk to us about our channel partner programs today or request a demo.