To bridge the gap between the business organisation and their most valuable asset – the end customers, most companies rely on channel distributors, partners, and dealers.
Table of Content |
In the dynamic era of globalisation, establishing a solid relationship between channel distributors and partners and the business organisation is crucial. This collaboration opens up opportunities for the business to venture into new marketplaces and reach exponential heights. A competitive channel distributor and partner comes with its set of expertise which can optimise the current ways of working and operations of the company. Hence, building a strong relationship with channel distributors is always beneficial for any business. To boost channel sales, it becomes imperative for businesses to improve their channel partner engagement.
Hence, if run an organisation and considering ways to build stronger relationships with channel distributors, this article takes a look at some effective strategies which can help you in your pursuit.
Six tips for building strong relationships with channel partners
-
Train your channel partner about your business products and/or services
Just providing a brief about the business products or services will not be sufficient for the channel partner. Rather than endowing the responsibility on the channel distributors at the first go, make sure that you spend some time training them on the business’s products or services so that they understand what they are pitching. Draw confidence as to how this product/service will provide value addition to the consumer.
Channel partners have the network and the expertise to sell the product/service. With complete information, they can deliver the best pitch. Proper training saves their time, guarantees higher conversion rates and brings fruition to their efforts.
-
Induct them into your organisation and discuss the brand value of your company
To develop a strong relationship between the business organisation and channel distributors, the distributors must understand the organisation, its values, what it stands for, ethical practices, and so on. They must understand the company’s brand value as they would represent the same to potential clients and customers.
Rather than making simple functional pitches, the channel distributor will ensure that your brand identity is maintained while taking the business products/ services to the end customer.
-
Collaborate and co-create with your channel partners
One of the most effective ways of building a strong relationship with channel partners and distributors is by collaborating and co-creating with them on myriad aspects of marketing strategy. Involve and include them in product development, promotion, pricing and even distribution decisions. Leverage their networks, expertise and insights for better business.
Co-creating campaigns, marketing materials and even events with them might bring out surprising results and benefits. This collaboration not only helps to enhance the value of the business product/service but also creates trust and a sense of partnership along with reaching new customers and clients.
-
Communicate continuously with channel partners
Communication is a pivotal factor for the success of any relationship, including that of a business and channel distributor and partner. Businesses must communicate their goals and expectations to the channel partner along with extending their support and providing necessary feedback for better operation. Businesses must also be open to suggestions and recommendations from the partners and listen to their concerns and needs.
Regular communication helps in resolving issues, aligning the objectives and goals and identifying new scopes and opportunities. Businesses and channel partners use myriad communication modes like phones, teleconferencing, e-mails, chats, webinars and so on depending on availability and preferences.
-
Appreciate and respect the work done by channel distributors
Appreciation and mutual respect are key factors for relationships to become firm. Channel distributors and partners should be respected and appreciated as valuable assets for business success. Businesses must respect the professionalism, autonomy and diversity of the channel partners and avoid micromanaging them.
Along with appreciating and recognising their achievements, efforts and challenges, businesses must express their gratitude from time to time. This mutual respect, recognition and appreciation helps to develop goodwill, loyalty and rapport along with fostering a lasting relationship.
-
Monitor and measure the return on investment
Proper monitoring and tracking of performance and satisfaction is crucial for the success of any business. Businesses have to track and monitor the channel distributors’ or partners’ sales data, market trends and customer feedback for effectiveness and efficiency evaluation.
The feedback of the channel partners and distributors on the business products/services and the overall support help in improving the business processes and offerings. With proper measurements and monitoring, it becomes easy to identify the weak and strong areas of the intermediaries, ensure consistency and quality and adjust strategies.
With steep challenges in the constantly evolving business world, building a strong relationship with channel distributors is mandatory for any successful business. Try implementing the above-mentioned strategies and see the positive results in business operations and performance.
Read more: Channelling Excellence: Sree Metaliks’ Vision for Distributor Relationships
Sree Metaliks Limited – standing strong with its channel partners
Sree Metaliks Limited offers a variety of iron, iron ore, and stainless-steel products through its channel distributors. The company has made a name for itself in the mining industry in India. Visit the website to learn more about Sree Metaliks Limited, its mission, vision, and the range of products offered.