Brands can take their network engagements to the next level by delivering tech-driven rewards to channel partners.
Managing channel partners is crucial for the success of the business. Studies found channel partners can help brands build loyalty, boost profits, and foster a positive image among consumers. Brands recognise network importance and use several strategies to build a lasting bond with their channel partners. Smart incentives are one such strategy that is proving extremely effective in winning their loyalty. Powered by new-gen technology, these incentives are fully automated and capable of creating a win-win situation for the brands and channel partners. Here’s a complete lowdown on how smart incentives are proving a gamechanger:
a) Customised Approach: Customers differ in their needs, and so do the channels in their preferences for rewards. Smart incentives use a custom-based approach to offer them rewards aligned with their specific preferences. For example, Brands can use tech-based platforms to analyse historical data and then curate rewards to perform at their optimum levels. Smart algorithms can also analyse the behavioural patterns of channel partners and help brands customise incentives aimed to evoke desired responses.
b) Real-time Tracking: Digitizing schemes for channel partner incentivization enable brands to monitor partners’ progress on KPIs. The real-time gratification also allows partners to dynamically adjust their efforts to reach the desired levels of performance. Stronger Networks Using loyalty automation also bodes well for system transparency as progress can be shared with stakeholders across the business ecosystem.
c) Gamified Experience: Gamification can prove crucial to taking channel partners’ engagements to the next level. The use of leaderboards and badges can certainly amp up the excitement and help brands invoke strong loyalty among partners. Brands can link smart incentives to business challenges and sales levels, making their achievements rewarding as well as fun experiences to have. Fun element that gamification brings, an increasing number of brands are using this strategy to establish lasting bonds with channel partners.
d) 360-degree Engagement: Leading brands today leave no stone unturned to engage with their partners. From online to offline and mobile, the use of an omnichannel approach is becoming apparent by the day. Tech-based rewards allow Brands to incentivise their partners irrespective of the channel they connect with the brand. Stronger Networks From offline engagement to virtual connections, smart incentives ensure consistency and help in building strong relationships between brands and partners. Another benefit of using smart incentives is the high flexibility they offer to brands and partners. These rewards can be attuned to meet emerging preferences and also allow for a tiered structure for different performance levels.
e) Actionable Feedback: Smart incentives offer reliable and actionable feedback to both brands and channel partners. While these help brands formulate better rewards, partners get insights on gaps they need to plug in their performance. The smart algorithms can evaluate the feedback of partners on reward management and classify them from Very Good to Poor. Predictive models can also be used to tweak the smart incentives to make them more effective for business partners. These insights are very rewarding for stakeholders to improve skills so that desired levels of performance can be achieved.
f) Enabling Growth: Smart incentives can be used to ensure the all-round development of channel partners. Brands can also tie rewards with partners’ progress on specific tasks such as using CRM tools, handling inventory, or managing supply chains. Further, Brands can integrate smart incentives with SDGs to encourage their partners to work for the greater good of society. Stronger Networks this holistic view of growth creates a win-win situation and helps brands and channel partners stay afloat for longer periods.
With technology turning over a new leaf, smart incentives are set to reshape the way brands and channel partners engage with each other. The emergence of new-age technology is making personalized rewards a reality for partners. Technology also enables instant feedback and quick real-time changes for targeted delivery of smart incentives. Further, by connecting rewards with goals of holistic development, brands can take their relationship with partners to the next level.
Authored by: Ayush Jhawar, Founder & CEO, Genefied
