In a time where product information is easily accessible at any time, more and more companies are looking towards creating loyalty programs to reward their channel partners.
No matter your company size, profit, industry or stage in business model, all can benefit from a proper rewards program. Stop wondering when the best time to start a channel partner loyalty program is – the time is now!
Scenario 1: If Company Profits are Sinking
You’ve been in business for 15 years with an amazing product and a fantastic sales team, but for some reason you just can’t seem to move as much inventory as you had projected.
Education is key – make sure you are equipping your sales reps or dealers with all the information about your product. The more educated they are about what your company offers, the more likely they will be to recommend it to the people purchasing. With a Channel Partner Rewards Program, you’re only rewarding your dealers and reps when your product is being sold, meaning you’re not spending money until you are making money.
Scenario 2: Company Profits are Stagnant
You're humming along generating sales and mild profits are acceptable. But, your competition is hungry and trying to take market share aware from you. Re-engaging your channel partners to put your products at the forefront of their minds will boost sales, engagement, and continued loyalty. In today's business landscape, continual innovation and being a forerunner in your industry will take your stagnant profits and yield an upward trend - something everyone wants to see!
Scenario 3: Company Profits are Soaring
You’re a manufacturing company that’s been in business for over 30 years, respected in your industry and popular among your customers. Who needs a loyalty program, right? Actually – it’s the perfect time to start one! Acknowledge those that have helped your business grow to what it is today. By this point, they are definite brand ambassadors of your product (and you have the opportunity to uncover more of those ambassadors). These loyal dealers are also going to be training the next generation of dealers who will be selling to the next generation of customers. Look ahead to the future and make sure a loyalty program is part of that ongoing strategy.
Scenario 4: You're Entering a New Market
You've been heavily invested in the consumer market for your products and you're trying to expand your new product offerings into a B2B market. Those dealers and distributors may be familiar with your product offering, but you need to stand out form the competition. A Channel Partner Rewards Program will give your sales and marketing team several talking points when approaching potential customers. Not only will they be able to discuss the Features, Benefits, and Impact (FBI Model) of your product offering, but they will be able to tout your companies investment in their front line sales employees by offering rewards they actually want when they sell a new product.
Scenario 5: Your Company is Just Starting Out
You’re a startup company with a fantastic product and want to get the word out quickly. You’ve heard of loyalty programs and think, “I don’t think we can afford that quite yet, maybe when we get a little more established.”
Actually…it’s more affordable than you think when you utilize a pay-for-results model like E2 provides. (Ask us how that works).
The Time is Now!
A loyalty program is a great way to get word of mouth marketing, especially if you’re rewarding with great incentives. John at the XYZ Store might not tell his buddies about a poor fitting watch he got from a catalog program, but he’ll tell them all about the rewards he used to buy the exact piece of fishing gear he took on his recent fishing trip!
Channel partners can be an important part of your long term business plan if used strategically. Talk to us today about how to integrate channel partners into your operations!