The tyre industry in India is heavily driven by a strong distribution network dominated by channel partners. While the channel partner program is an important piece of large sales strategy for companies across industries, it becomes an essential source of revenue for tyre manufacturers.
A majority of sales occur through replacement cycles, which require deeper customer relationships and local market knowledge. It is impractical for manufacturers to do that given the expanse of their reach. Such an ecosystem makes it critical for companies to ensure they provide enhanced channel partner experience.
Diversification of reward options for channel partners
Traditionally, tyre manufacturers have a single reward program for its channel partners, which is based on volume. While this can be beneficial for some sales partners, not every channel partner will engage with it. No two channel partners will have the same motivations. Below are some of the reasons that make reward diversification a critical channel partner strategy.
Accommodate different channel partner needs
Channel partners work with different goals – some might prioritize higher margins, while others seek marketing support. Offering a wide range of benefits will ensure you cater to the needs and preferences of every channel partner, which will enable better engagement.
Using a channel partner platform like Zaggle Propel will enable you to offer a customizable rewards catalog with a variety of gifting options.
Establish different performance milestones
For new channel partners, you can create a path to high performance by offering milestone-based rewards. They can begin with smaller, more achievable rewards and go on improving their performance to win bigger incentives. With a tiered system of rewards, you can ensure that every channel partner is engaged.
Zaggle Propel empowers tyre manufacturers to customize their channel partner schemes based on the type of partnership. Additionally, it also accommodates the need of having a multi-tiered approval workflow for automated incentive disbursal.
Take relationship beyond transactions
Instead of focusing on just the sales number, recognize the overall contribution of your partners. You can create rewards programs just to motivate and keep the channel partners engaged. It could be co-branding campaigns, training sessions, or invitations to industry events.
Diversifying rewards with Zaggle Propel
For a network-dependent industry like tyre manufacturing, companies will have to rely on the market penetration that channel partners achieve. To sustain this reach along with the customer-base these sales associates build, manufacturers must keep the channel partner engaged. However, a major mistake that most companies make is creating a one-size-fits-all rewards program. In addition to new partners starting at a disadvantage, this approach will also hurt important partners with motivations different than those being rewarded. You can address this by using a robust channel partner incentive platform like Zaggle Propel.
Zaggle Propel is an all-in-one channel partner experience solution that automates implementation of your rewards program including claims management and incentive computation. Below we discussed the features that make Propel the most sought-after incentives platform.
- End-to-end automation capabilities: Right from onboarding to receiving incentives, Propel automates the entire lifecycle of channel partners. It allows you to create different registration processes for different partner types along with custom claims management forms.
- Instant disbursal of incentives: Propel relies on AI algorithms to process and disburse incentives on the same day as claims with automated approval workflows. Additionally, the channel partner platform comes with a metric-based claims computation mechanism to ensure partners are rewarded in accordance with their efforts.
- Customized rewards catalogue: To ensure channel partners’ morale is properly enhanced, Propel allows businesses to provide a broad rewards redemption catalogue featuring diverse gift options for every occasion.
- Real-time report generation and analytics: Companies can accurately and fairly assess the performance of its channel partners with Propel providing real-time visibility into partner performance. Companies are provided with a dashboard to evaluate reward utilization and other KPIs.
