Manufacturers should have compelling strategies to engage channel partners for sustaining competition and improving profitability.
Most of the time, manufacturers rely on channel partners like wholesalers, retailers, distributors, etc., to sell their products to the end-users. Hence, it is imperative to offer them an engaging yet satisfying experience to stay associated with your business.
Want to explore the ways to engage channel partners?
You have landed at the right spot. This article presents the top ways to strengthen your relationship with potential channel partners.
Tops ways to engage channel partner
- Know your channel partner
- Provide continuous education
- Introduce a channel loyalty program
- Get channel partners’ feedback
Let’s explore the details together!
#1. Know your channel partner
When you want to boost engagement with potential traders, understanding them is the first step you should take. You can segment your partners by what their primary function, such as distributing, retailing.
Besides, you need to understand how they are presenting your product to the end-users. As the channel partners play a crucial role in sales, make sure you know their buying and selling practices.
#2. Provide continuous education
Working with channel partners is like managing a group of outside sales teams. Each channel partner has its unique strengths, weaknesses, and characteristics. Whenever you want to improve engagement with them, continuous education about your product is essential.
You should find ways to educate and inform them about how your product is useful for the end-users. If you have modified the product lately, be sure to make them aware of the changes.
#3. Introduce a channel loyalty program
A loyalty program is an excellent way to engage channel partners with your brand. When the partners make a purchase with your business, they receive additional rewards. If you offer value-added rewards, your channel partners willingly make frequent purchases and recommend your products to the end-users.
Moreover, the data through a channel loyalty program solution can be helpful in many ways; understanding their buying patterns, analyzing the scope of profitability, offering the rewards that traders want, and so on.
If you strategically implement the channel loyalty program, you can surely boost engagement with potential channel partners.
#4. Get channel partners’ feedback
Think about channel partners as your customers. They are a lot like customers. When the traders have a poor experience associating with you, they can stop selling your products by choosing competitors.
You should identify whether the channel partners are facing any challenges in purchasing or selling your products. For instance, due to lack of supply, they might not be able to sell your products to the end-users.
Hence, you should collect their feedback after each purchase. This will give you insights into their satisfaction level with your business. But, make sure you design a quick and easy to understand survey for them. Also, you can reward them through the channel loyalty program by filling out the survey.
Undoubtedly, increasing channel partner engagement is crucial; however, you should implement the most compelling way to boost the engagement rate quickly and effectively. Among all, offering rewards through a channel loyalty program enables you to strengthen channel engagement among the potential channel partners.
LoyaltyXpert offers channel loyalty program solutions with the most useful features that improve engagement among potential traders. Connect with us to know more about how our loyalty solution can help you to efficiently stay connected with channel partners. Ask for a demo now!