Your Channel Partner is also your CONSUMER

While many companies would like to view their channel partners as stakeholders, it is important to realise that they are in fact consumers too. Channel partner relationships tend to go the transactional way and it is important to have a holistic approach, packaging the tangible and intangible for them to identify with the brand.

A Gallup study found that 21% companies with high engagement scores grew by 20%, whereas 60% companies with low engagement scores declined by 20% or more.

The engagement should be a catalyst to bolster the transactional relationship to drive business objectives. A balanced approach, marrying incentivised push with a pull strategy should be explored, such that it inspires loyalty.

Borrowing from the above, a measured approach balancing the tangible with the intangible should be initiated.

  • Innovative & Flexible Programs: ‘One size fits all’ strategy is passé. Innovation and freshness needs to be brought in –
    1. Sales Incentive Programs – Ensure targets are achievable and incentivised keeping in mind business goals of the partner.
    2. Loyalty Programs – Inculcate loyalty in partners through various loyalty programs
  • Learning Partner: Become the channel partner’s learning division and organise training sessions and keep them updated with upcoming trends, new technologies and changes in demand, so that they can align their strategies accordingly.

Transparent communication, mutual trust and support are qualitative aspects that cannot be measured but are key contributors that should be built on your highly professional, completely ethical and respectful attitude.

Extend a helping hand in your partner’s cost structure perhaps through more effective supply chain management, inventory control or process improvement plans.

This goes a long way in developing a mutually beneficial ecosystem.

Want to drive an engagement process that delivers business results?

Write to anuj.wadhwa@mci-group.com

Advertisements

Author: MCI India Live

MCI India is part of the MCI Group, the world’s leading provider of strategic engagement and activation solutions and a key driver of innovation in the international meetings, events, association and congress industries. With offices in Delhi, Mumbai, Hyderabad and Bengaluru, MCI India activates brands, enhances organizational performance, builds communities and drives business results through creative live experiences, digitization, content and communication services and strategic planning. Combining local knowledge with expertise from MCI’s 1,650 experts in 60 cities and 31 countries, MCI India helps local, regional and global companies and associations to unlock their potential and deliver real change. Find out more at www.mci-group.com.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s