Manufacturing businesses and B2B marketers have always been devising ways to motivate their channel sales partners and build long standing relationships with them. Before the rapid technological changes, B2B brands used several conventional strategies to engage various channel sales partners and keep them loyal.
But the times have changed. With the latest digital breakthroughs, B2B brands need innovative and out-of-the-box strategies to optimize their existing loyalty programs. Are you considering optimizing your existing channel loyalty program?
At LoyaltyXpert, we have helped many types of manufacturers and B2B companies across industries optimize their channel loyalty, influencer loyalty, and brand loyalty programs. In this blog we discuss the current trends in channel loyalty marketing and how B2B businesses leverage those to optimize their channel loyalty programs.
Key trends in channel loyalty marketing for 2022
When it comes to optimizing channel loyalty programs, it is crucial to know the key trends that are shaping the channel loyalty landscape in 2022. Here are five key trends in present-day channel loyalty marketing.
1. Data-driven decisions
Data is extremely valuable to manufacturers and B2B marketers. It can help in understanding channel sales partners and other buyers in the value chain. Many leading B2B businesses are collecting, analyzing, and segregating relevant data on different channel partners to make informed decisions. By leveraging data and insights, B2B businesses can get positive results and monitor their key performance indicators as well as return on investments.
2. AI-powered platforms
Many successful manufacturing and B2B companies are leveraging artificial intelligence. By using sophisticated loyalty platforms, they are automating their channel loyalty programs. It is enhancing their efficiency and efficacy. By using AI, manufacturers and marketers can craft highly personalized and targeted rewards and marketing strategies for their channel sales partners.
3. Digital transformation
Digital transformation is a critical success factor for every business, especially for traditional manufacturers and B2B companies. Many astute entrepreneurs and marketers are transforming their loyalty marketing strategies to keep pace with the changing times. The best-performing businesses have started adopting innovative digital technologies to enhance the efficiency and value of their channel loyalty programs.
4. Mobile-specific strategies
Smartphones and tablets have taken a huge prominence in nearly everyone’s lives. So, how can loyalty programs remain excluded from that? With the majority of channel sales partners using smartphones and tablets to run their operations, it’s prudent for traditional manufacturers to make their channel loyalty programs mobile-friendly. Many successful and reputable manufacturers are making their channel loyalty programs mobile-friendly. Some of them are gamifying their channel loyalty programs and making them compatible with smartphones and tablets.
5. Multi-channel programs
In addition to focusing on mobile devices, many manufacturers and B2B marketers are using more than one channel to reach their channel sales partners. By leveraging multiple channels such as email, SMS, social media, and other communication tools, B2B companies are enabling their channel sales partners to avail attractive rewards and loyalty benefits from their most preferred options. Providing multi-channel experiences is proving to be crucial for the success of many channel loyalty programs.
Ways to optimize channel loyalty programs
At present, optimizing channel loyalty programs is extremely necessary for traditional manufacturers and almost all types of B2B companies who aim to succeed amid the rising competition. Here are five ways a business can optimize its channel loyalty programs.
1. Use a high-quality loyalty platform
Select a reputable and trustworthy loyalty service provider and get an advanced and high-quality loyalty platform from it. Make sure that the platform has sophisticated features that will enable you to run your channel loyalty program smoothly. Some of the best-in-class platforms are powered by AI. Check the analytics and reporting feature to measure and track the performance of your channel partners. Ensure that the platform can enable you to configure loyalty rewards, design tailored channel loyalty programs, and help you to remain flexible and responsive in the fast-changing times.
2. Personalize and customize rewards for various channel partners
After partnering with the right service provider and getting the most suitable loyalty platform for your business, create targeted and personalized programs for your different channel partners. Use a mix of cash and non-cash rewards and provide attractive rewards and incentives that will inspire your channel partners to enhance their performance. Provide incentives and rewards to channel sales partners for referrals. Also, make use of points-based rewards and membership programs to inspire your sales partners to raise the bar for themselves and others.
3. Leverage data and analytics to track performance and make informed decisions
Data is like gold dust for B2B manufacturers. It can help in finding out if the rewards and incentives are working or not. It will also provide key insights into the behavior and performance of individual channel sales partners and will help businesses take corrective actions. Use the analytics and reports to find all crucial key performance indicators associated with your channel loyalty programs.
4. Make your channel loyalty programs mobile-friendly
One research jointly conducted by Salesforce Marketing Cloud and LinkedIn revealed that 86 percent of B2B marketers using mobile-focused channel loyalty strategies found them to be extremely effective. Make your channel loyalty programs mobile-friendly as well as optimize them to be compatible with multiple channels.
5. Collaborate with the right channel sales partners and make your brand resonate with them
Apart from crafting and curating the most suitable rewards and incentives for channel partners, it is extremely important to choose the right distributors, stockists, and other resellers who can work closely with your brand. Also, make your brand’s value resonate with your channel sales partners so that you can keep them invested in your business for a long time.
On the whole,
Contemporary businesses should be ready to embrace changes and tweak operations. Optimizing channel loyalty programs can help manufacturers to stay relevant in the current time. If you are looking to optimize your channel loyalty programs, contact the team of LoyaltyXpert today.