Today’s modern world is ruled by modern technologies and trends. No business or industry at this time is keeping itself away from this digital transformation. Digital technology has made it very convenient for businesses to boost their sales, and launch marketing campaigns for their products.
Even the customers or channel partners are updated on the digital trends being followed in the industry. The availability of digital technology to each and every one has changed the dynamics of the marketing industry completely.
Not just the B2C, but the B2B industry is also following the digital transformation and has updated their channel loyalty solutions. Have a look at how involvement of digital technology has altered the channel loyalty solutions.
Channel Loyalty Solutions
In the B2B industry, products are made available to the customers via a complex string of various channel partners being involved. These channel partners play a crucial role in establishing the supply chain for the business. They are the direct link between the manufacturer and customer.
Just as businesses are rewarding and recognising the loyal customers, a similar trend is being followed with the channel partners. As these channel partners are the direct link for a customer for any business.
Here are some of the most common channel loyalty solutions being implemented over the time:
- Discount Coupons
Distributing discount coupons to the highest contributing retailer or channel partner is one of the most common practices being followed by companies. These discount coupons allow the channel partners to make purchases from either the same company or from a different one as a part of reward.
You can integrate My Choice of Gift from RewardPort and introduce online vouchers with a wide range of options to choose from and exciting deals.
- Free Gifts
Most common approach observed in the FMCG industry is distribution of free gifts to the loyal channel partners as a part of the channel loyalty solutions. These free gifts are usually merchandise from the company to further enhance their marketing and create brand awareness.
- Recognition Programs
Leveraging the digital channels, companies have started this trend to provide recognition on their digital platforms for the loyal channel partners and motivate them to give their best.
Offering incentives as a part of channel loyalty solutions is one of the traditional approaches that is being used even today.
Why use Channel Loyalty Solutions
One of the most common questions is why should a company invest in channel loyalty programs. The answer is quite simple here- to boost the sales and motivate the channel partners to make more sales.
Channel partners are one of the most important parts of the B2B businesses as they are the face of the company to their customers. They represent the companies, and can highly influence the buying habits of the customers by recommending them a different product.
Here are some of the most common benefits of using a channel loyalty solutions:
- Increased customer base
When a channel loyalty program is executed it provides an extra boost for the channel partners to increase their sales and hence they try to expand the customer base by recommending the specific brand to any new or old customer.
This indirect approach of increasing the customer base is quite effective as generally customers get influenced by these channel partners and tend to buy the products suggested by them.
- More product sale
To get the recognition or any other form of incentives from the company, channel partners try their best to make more and more sales by recommending the product to a large number of customers which increases the sale of the company and helps these channel partners to get their boost.
- Increased revenue
Expanded customer base leads to higher sales which results in increased revenue for the company. If the company is getting some amount of profit, the same is reflected for the channel partners.
Hence, having a strategic channel partner solution is crucial for the company.
- Brand awareness
When channel partners are motivated to make more sales and in return are getting some form of rewards or recognition it allows them to generate awareness about the brand and start putting some extra efforts to ensure higher sales.
- Motivation to channel partners
Channel loyalty solutions allow companies to provide channel partners an extra motivation to make more sales which is then reflected in the incentives or recognition that they are being offered.
- Better Marketing
Implementing a strategic channel loyalty solution allows the company to have an extra set of hands for marketing efforts. The efforts taken by the channel partners to market the brand and the product on a verbal level creates a bigger impact rather than the marketing campaigns run by the company.
Digital Transformation Changing Dynamics
As discussed above, digital transformation has changed the face of the industry and is still renovating the traditional practices in place. Adopting the digital transformation processes, businesses are making progress and embarking upon a new journey of exploring the market from a new perspective.
This has allowed businesses to run more marketing campaigns, on-board more channel partners, and offer better loyalty programs to channel partners and even to direct customers. A simple act of recognition or motivation goes a long way for the channel partners. If you want your business to have a strong customer base, maintaining a channel loyalty program is a must.
Below are listed few methods adopted by businesses for incorporating digital transformation in their channel loyalty programs.
- Reward Points
As an act of recognition, channel partners are awarded certain reward points that are credited to their digital profile. These points can be redeemed to buy from a selected catalogue and pick their own gifts.
This allows the channel partners to feel more valued and connected as now they can pick the items which they truly need, instead of getting some random items from the company which might not be useful for them.
- Financial Rewards
The world has made its transition to the digital world, and offering any financial rewards directly to the digital wallet of the channel partners is a much better and secure way of offering recognition.
- Premium Memberships
A lot of brands require you to be a premium member to avail their services, this can allow the channel partners to feel valued, and motivated. This enhances their working capacity, pushing them to work harder.
DigiFlix by RewardPort is one such program that allows you to offer your customers memberships of 50+ OTT platforms for their entertainment and make them feel valued.
RewardPort Channel Loyalty Solutions
With advanced technology traditional methods are also required to be updated as per the trends. This transition that this whole world is making from using the conventional approaches to now incorporating the digital portals and methods is changing the world.
This transition has not only made it simpler for brands to run their marketing campaigns but also allowed customers, and channel partners to have easy access to resources. To successfully complete this transformation, choosing the right partner for your business campaigns is necessary.
RewardPort is one of the leading loyalty programs solution providers to offer you channel or digital customer loyalty programs and increase the sales and revenue of your company. Get in touch with our experts today to integrate the best and customisable channel loyalty solutions in your business.