Building a community attracts loyal customers who make repeat business and boost revenue. Building the community is essential while you are associated with channel partners to sell your products. You should consider your potential channel partners as influencers of your products/services.
Growing your channel partner base may promote sales, but building a community leads to connecting with loyalty partners who actively promote your brand and generate more revenue.
Loyal and repeated channel partners interact with your brand;
- Refer your products/service via word-of-mouth advertising
- Promote products/services by linking out to your site
- Mentioning your brand on social media
When you build a community, you create connections and foster growth within a group of channel partners. Usually, the community shares common values and interests.
Businesses like manufacturing or service providers that require channel partners to reach end-users should build a community through a channel loyalty program. There are other means of building community such as WhatsApp group, social media; however, none will be as beneficial as a loyalty management platform.
This article uncovers the top ways to build a community that boosts revenue generation for your business.
#1. Communicate brand values
A community must be aligned with brand values. When you communicate brand values with the potential channel partners, they get an understanding of the brand and can convey the same to the end-users. The values establish a common bond between brands, channel partners, and end-users.
You can take advantage of the loyalty program solution to communicate brand values to the traders while building a community. For instance, if you appreciate your channel partner’s association with your business, let them know you care about them. You can use special memberships, discounts, points, or any other means to inform them how they are important to your business. But, be sure to take actions that represent your brand values.
#2. Foster the feeling of exclusivity
You need to associate with thousands of channel partners to promote your products/services. If you make the potential traders feel like they are getting something in return for their loyalty, they will definitely endorse your brand. While fostering community building, you should focus on giving them something exclusive back in exchange.
Exclusivity gives channel partners the feeling of status and strengthens; strengthens emotional connection. For instance, you can provide exclusive gift vouchers through a loyalty program for the partners who are continuously bringing more revenue to your business.
#3. Incentivize engagement
Creating a brand community will never happen by chance. It takes time and strategic actions. You need to invest capital, efforts, and resources in ending up with a successful brand community. Surely, you can incentivize engagement and promote channel partner participation, but how?
A loyalty program would be a great idea. You can incentivize their engagement along with the purchases. Plus, you can customize the reward scheme as per your business requirements. When you offer valued incentives to your channel partners, they willingly stay connected with your business. Eventually, they become brand advocates. So, make sure to incentivize their engagement through a loyalty program.
#4. Make referrals easy and compensated
When you reward your partners for bringing in referrals, they will get motivated to promote your brand to others (especially to the end-users). In fact, according to a study, word of mouth marketing results in 5x more sales than any other paid promotion.
So, no matter how long or effective the referral is associated with your brand, you should reward the partner who brings in the referral. Also, be sure to offer value-added rewards rather than mediocre ones.
Besides, you need to make the entire process of referring others a simple one. If the channel partners can easily refer others and earn rewards, then only they will actively bring in referral business.
In a nutshell, if you use a loyalty management platform, you can have a distinguished way to connect with your potential channel partners. The loyalty program app can work as a community where the traders can communicate and interact with your business. Simultaneously, you will have the opportunity to know more about them and deliver them personalized services.
If you choose a loyalty program to build and foster a community for your brand, you can quickly generate more revenue.
LoyaltyXpert is a renowned loyalty solution provider in India. We offer customized, compelling loyalty program solutions to sustain business growth. Whether you want to generate more sales or drive loyal channel partners, our solution can work. Connect with us to know more about how LoyaltyXpert’s loyalty solution helps in business growth. Ask for a demo now!