Loyalty programs are an innovative approach to reaching a large variety of customers and keeping existing customers. According to a survey, over 70% of those who participate in the loyalty program stated the need to join the program to keep them connected to the brand. If consumers receive some value from their purchase, they will want to remain loyal to your brands.
Channel loyalty solutions are created to help companies receive support from channel partners to increase their business. The channel partners usually assist in selling products and services to your company. Retailers, distributors, resellers, and even sales representatives can join this loyalty program.
The reason why channel loyalty solutions are crucial
Companies choose to implement the channel loyalty program to appeal to a variety of customers to increase their profits. In introducing a loyalty program, businesses can reap the benefits like -
- Increase market presence and increase marketing of your product
- Unparalleled service to all clients
- Answer customer questions promptly and quickly
- Make sure your audience is aware of the changes easily
- Enhance brand awareness by managing channel relationships
- Improve the communication with customers
Vital reasons mentioning the importance of channel loyalty programs
- Choose the channel partner that is qualified
If you choose to create a loyalty program in your company, you are taking the first step toward growing your company. However, it is crucial to choose the most qualified channel partners that will help you expand your product or services offered in the marketplace. PRMMS employee reward program is also an effective way to create employee loyalty.
Manufacturers, distributors, retailers, or sales agents are the ideal channel partner. Therefore, choose the certified partners who can help you achieve your goals effectively and speedily.
- Determine the training requirements
When creating a loyalty program, it is important to evaluate the need to provide training for your channel partners. Before you do that, consider the issues your partners must be educated on. Do you have products or services? Do you have strategies for communication? Do you have any other crucial issues? Once you have identified the areas that require training, it will be simpler for you to set the proper agendas to ensure that your loyalty program is an absolute success.
- Set goals and define responsibilities
If you are looking to create an effective program for channel loyalty, it is essential to be clear about the objectives you would like to reach. Determine your Key Performance Indicators (KPIs) that will inform the partners of their obligations and rewards. KPIs are the most effective way to gauge achieving the business objectives. So, be sure to explain the information regarding KPI clearly to your partners in the channel.
- Ensure to select the best platform
Based on the number of channel partners, you can choose the loyalty platform that best suits your needs. If you have just a handful of channel partners, workshops and face-to-face classes or meetings with friends could be a great option to promote friendship between partners. If you do have many channel partners, you need to find the appropriate platform that will allow you to reach your objectives. In addition, what do you do if those channel partners reside spread across the world?
The learning management system (LMS) can provide all the variety. LMSs help channel partners integrate your training materials and evaluate the training content according to their needs.
- Regular communication with partners
Communication is a crucial aspect of every company. When developing your channel loyalty program, it is vital to communicate with your partners regularly. Set up a schedule for communicating with your partners or arrange a regular meet-up to keep in touch with your channel partners. Additionally, you can send out regular emails or SMS messages to inform of important messages.
Read: Benefits of PRM to Business in Singapore