Manufacturing companies – such as those in the building materials and technology industries – rely on resellers. In fact, the bulk of their revenue is driven by their indirect sales channels. This may be the case for your company and figuring out how to get these channel partners to actively engage might be keeping you up at night. Their lack of communication is understandable, after all they’ve got their hands full serving customers and working to maintain a competitive edge over their rival across town. This is where channel partner rewards, incentives and loyalty programs can help get their attention and make you their preferred supplier and the first brand they recommend to their buyers.
Now more than ever, the most important move you can make for your business — whose indirect sales channels are key to the success of your local marketing strategy — is to create co-op, channel partner rewards and incentive programs that are automated and easy to manage.
Top 3 Reasons Why You Should Prioritize Channel Program Management
1. You can gain a competitive edge. Implementing a rewards program gives your channel program a distinct competitive advantage. By offering direct and upfront access to brand funds, you eliminate hurdles that may be hindering your local marketing. When your partners don’t need to pay out of pocket for promotions or navigate through a cumbersome reimbursement process, you can expedite your go-to-market as partners will be more inclined to get onboard.
2. You can achieve quick adoption of new products or programs. Partner rewards programs facilitate a more seamless adoption of new products and solutions within your channel network. Providing channel partners with effortless access to co-op dollars and granting them immediate control over fund allocation stimulates their acceptance and engagement in brand-driven marketing initiatives.
3. You can expect channel revenue growth. By incentivizing your channel partners with co-op or MDF funds based on their sales performance, you encourage collaborative co-marketing activities. Making marketing funds easy to access, also makes it painless (and therefore more likely) for your partners to actively promote your brand — and your products and solutions — locally, thereby amplifying foot traffic and sales. It’s a win-win for everyone.
By taking and outside-in approach and creating a program that is focused on incentivizing the channel and enabling your partners to make more money, you will not only grow channel sales but also discover new opportunities and foster deeper relationships that will be beneficial for years to come.
IRIS Gearbox platform can take the administrative challenges out of managing your co-op or MDF program and make it simple for your channel partners to take advantage of the power of your brand.
Check out this Manufacturing case study or schedule a demo today to see firsthand how Gearbox can transform your channel strategy
