Channel loyalty programs are essential for businesses to accelerate sales and drive profitability from their sales partners. Having said that, companies must implement these loyalty programs without bias or confusion. Businesses must rely on performance metrics and revenue details before deciding on whether or not to reward a particular partner. Although most businesses sit on a wealth of data, they waste it away due to the lack of implementation of best practices. One such practice is using a channel partner incentives platform like Zaggle Propel, which offers companies a range of AI-driven capabilities including real-time reporting and insight generation.
Before companies invest in a channel loyalty program platform, they must understand the significance of basing their decisions on data-driven insights. In this blog post, we list various advantages that businesses have upon taking a data-centric approach.
Data-Driven Insights – Role in Improving Channel Loyalty Programs
Data analytics has been a game-changer for business across industries. It gives companies the ability to have a realistic picture of their operations and make accurate forecasts. It is critical because a majority 82% of B2B organizations stated that their current channel partner programs are “somewhat or not at all effective”, as per DemandGen report. For businesses managing multiple partners, it can be a great ally in assessing partner performance without complex calculations.
Personalized Rewards and Engagement:
With data analytics and insights, companies can deep dive into partner markets or product preferences, sales performance, customer engagement statistics, and other details. This data allows businesses to tailor evaluation methods. It helps companies avoid a single yardstick to measure every partner on. For example, a partner might make high-volume sales of smaller order value, while another might focus on bigger purchase orders with just a handful of clients. It would be unfair to measure either of them on a single metric either on sales number or sale value. Customizing performance measurement will not only help you improve your assessment process but also enhance your channel partner experience.
Implement Targeted Incentives
Not every channel partner is built the same, which means you can’t have the same channel loyalty program and incentives. To ensure your channel partners engage with your programs, you must first understand the motivation of each partner to outline a tiered program that covers all the partner types. Such an approach will help you inculcate a culture of healthy competition and motivate partners to reach the next level.
Reduce Channel Partner Churn Rate
More often than not, channel partners dissociate when they feel their efforts are not appreciated or when they don’t get enough support. This has been a major challenge for companies without comprehensive visibility into partner performance. With data-driven insights, you can identify channel partners who are excelling along with those who are struggling to meet their sales numbers. Accordingly, companies can plan their channel loyalty program to reward partners for their efforts, while extending support through training or resources for those lagging. Such a focused engagement with partners will reduce the churn rate.
Optimize ROI on Partners
With a consolidated view of your channel partners, you can track your program performance to measure the ROI of the channel loyalty program. With data analytics, you can also see which rewards are contributing to sales growth, along with the time it is taking for a loyalty program to give the desired outcome. With these insights, you can make necessary iterations and modifications to your channel partner rewards program for better results.
Maximize Data Insights with Zaggle Propel
Leveraging data analytics to maximize the value of your channel loyalty program is essential for business success. For this, you will need a robust automation solution like Zaggle Propel. It is an AI-driven channel partner incentives platform that gives you visibility into your channel loyalty program. You can identify top performers across regions, tiers, and verticals so that you can reward your partners as per their performance. Additionally, you can make data-driven decisions to recalibrate your channel partner programs for better outcome revenue. Its key functionalities include:
- Individual dashboards for participants to understand their performance
- Define custom rules and offer automated badges for milestone achievements
- Special rewards programs like tiered clubs gamify performance improvement
- Powerful leaderboards with filters for granular analysis of partners
- Build data culture with features across quick stats, interactive dashboards and downloadable reports.
Check out the features of Propel here.
