Much of the value that Marketing Automation software is generating for companies comes from the confluence of different aspects of business. With Channel Management Software, that is also the case. ARMS, our premier Channel Management Solution, does this very elegantly. ARMS comes as a distribution with mix and match modules suited to the Business Requirements of clients.
Over the last 5 years or so, technology has changed this dynamic. Sales-force Automation(SFA) software has helped automate many repetitive workflows, which in turn has created room for the Sales Team to be used for more long-term endeavors. In this article, we discuss 3 ways in which this has happened to companies using ARMS, TRIAD Technologies’ Channel Management Software.
Gamification is a field in Behavioral Economics which focuses on the study of behaviors to external stimulus. In Sales, this abstract has been applied to motivate sales teams into performing higher than their standard levels, and maintaining higher engagement in work. No doubt organizations which use Gamification fare better in employee retention and performance than those which do not.
Any healthy Business can be defined as follows – you put in an investment and you generate value. While ‘value’ itself is a very abstract concept and we could dwell into how it can be measures, for now, let’s just stick to value in terms of Channel Marketing, and use that idea to understand what is a good Channel Strategy.
Ever since the cost of storage and processing has gone down around 2010, Technology has been in a frenzy, affecting all aspects of life as we know it. One would expect that because of the eCommerce boom, the Traditional Retail channel would suffer, but on the contrary,
If there's one industry that thoroughly understands the term 'Targets', it has to be the Sales Industry. For people outside the industry, Sales can seem like a monotonous job, where the only thing you have to do is complete targets. For people inside the industry, it's a little more than that.
Effective loyalty programs are the programs that are designed to create value for the channel partners on both transactional as well as emotional level. They provide personalized program training, communication strategies and by offering them motivating and meaningful rewards at each milestone to improve the performance of the channel partners consistently.
Manufacturers and brand owners spend a huge amount of money towards incentives to channel partners. They know that partners are crucial to their success and help their product reach the end customers faster. When rewarded appropriately, the channels are capable of bringing business through huge demand from customers. The more the manufacturer produces, the more revenues they can generate.
A product needs to be readily available in the market for sales to take off. Product placement is the first thing that needs to be done; other factors of marketing will only kick in after the product is available. Therefore, companies rely heavily on retailers and partners. In order to ensure the success of all the parties/partners involved, effective partner communication and engagement is pivotal. Moreover, some partners may have multiple principal companies for the same segment of the product.
Besides generating sales, well-planned channel incentive schemes improve customer service and brand loyalty. You need to design incentive schemes based on your objective, which invariably would be to sell more volume, channel partners’ potential, the association of a partner, product categories being sold, and different types of incentive schemes. You need to pick one which best serves the purpose and keep you as well as your partners happy. Typically, the principal company comes up with a slab-based incentive scheme.