Implementing a tailored channel partner incentive programme is a great way to promote your brand, achieve growth and reach previously untapped markets.
When it comes to getting your products and brand in front of as many eyes as possible, sometimes it's necessary to work with other organisations for mutual benefit. Such is the beauty of a channel partner programme, one of the most effective strategies for reaching new markets and building customer loyalty in your brand.
With that said, improvements can always be made to your relationships. Keeping track of the performance of your channel partner incentives programme can not only see the areas where growth and loyalty is improving, but highlight any trouble spots and begin to consider where things might be improved.
The benefits of effective channel partners
According to cloud services provider Oracle, the number one reason to ensure your channel partnerships are as effective as can be lies in their ability to access new customers for your brand. Establishing and maintaining a presence in emerging markets can be an expensive endeavour for your organisation to shoulder on its own, so working with a channel partner can open up these new regions in a more affordable way.
Local partners in a particular region will also likely have a better understanding of the market where you are looking to gain a foothold, so your brand can benefit from local knowledge rather than needing to conduct a large amount of research on your own.
Maintaining a presence in emerging markets can be an expensive endeavour.
Keeping track of partner performance
One of your most immediate concerns when working with channel partners is ensuring compliance. KPMG believes that using analytics to keep track of how your partners are performing and identify potential problems with compliance is an effective technique, while promoting training for internal teams and partners can also iron out any issues before they are allowed to develop.
Meanwhile, having access to data from your channel partners has the potential to help you to identify what is and isn't working well in your incentive programme. Being able to make adjustments as they are required can increase motivation both in your partners and their customers, ultimately delivering a better product to everyone involved and increasing the impact of your brand.
Working well with channel partners can be a hugely effective strategy for achieving growth and expanding the reach of your brand. For more information about how a tailored channel partner programme can improve your business, reach out to Power2Motivate today.