For business growth, the change has to be initiated from the top. For example, if the manufacturers or wholesalers desire more productivity from their channel partner, then they need to find the best way to keep them motivated.
Design a channel partner program
Power2Motivate can help you in designing a rewarding channel partners program that suits your business. It is aimed to establish a loyalty culture and motivate channel partners by offering rewards and incentives. When the channel partners know how much they are appreciated, your company gains a reward like increased sales, high productivity, and customer [end-user] satisfaction. This will even take your business ahead of competitors.
Work with resellers or channel networks and set realistic sales targets that are interesting and challenging. Increasing sales is the business goal but even effort and time have their merits and need to be incentivized. Reward certain educational pursuits, which demonstrate the long-term commitment needed for development and growth.
Offer channel partners necessary support
The sales channel or resellers need daily support. It includes product samples, marketing materials, and sales data. It is essential for sales pitching in front of buyers. The commitment of your focus and time will ensure they deliver everything necessary for success.
Suppliers can consider promoting regular communication programs. Email updates are good, so craft messages of two types – one to the executives and the other to frontline sellers. You get buy-in at every level of your channel partner’s business. Transparency and communication help to drive participants’ awareness, enrollment, and interest. A consistent discussion with channel partners helps to encourage participant engagement and promotes product sales.
The channel partners need to be familiar with your product specifications and benefits. If they are not familiar then selling the product will be hard as they won’t feel inspired and motivated. Thorough training on how the brand works, what unique features it has, why use it, and what pain points it resolves is critical. The more empowered the channel partners will be the more confidently they can prepare their presentations before buyers.
Trust is the foundation of a relationship. Your channel partners will not feel motivated until they get to know you and your brand. Be honest and transparent. Make them feel as if they are also a part of your business decision-making process. Appreciate their competence frequently and over time allow them in discussions associated with making high-level decisions. Offering input will make them feel invested and valued.
Never forget to monitor and analyze
Data analysis is crucial to get an idea of program performance. It even helps to adjust and enhance the performance. Track channel partner’s behaviors and even take action instantly about competitive and market developments. ROI is a major monitoring metric to keep an eye on. It ensures that both sides – the supplier and the channel partners are managing their ends committedly.
A successful incentive program will include planning sales goals, announcing the goals & expectations, acquiring measurable results, and appropriately rewarding best efforts.