B2B companies sell their manufactured products to businesses, called resellers that later sell these products to retailers. As a B2B owner, you may have an idea why it’s important to obtain reseller loyalty.
Most businesses focus on obtaining more customers and often forget the importance of retaining them for longer periods. As a result, they’re unable to meet their sales goals. If you want to make your business successful, you need to achieve the loyalty of your clients, or resellers in this case.
You should think of effective measures to build a network of resellers that focus on selling your products instead of going for your competitors. This way, you can increase the profit margins and expand your business more conveniently. Read more to know how you can build loyalty amongst your resellers.
Here are the basic steps to effectively build reseller loyalty:
Table of Contents
Evaluate The Strategy Of Competitors:
Learn the strengths and weaknesses of the offers of your competitors by carrying out a comprehensive audit. Make sure you focus on their product pricing, sales support, technical support, and delivery performance. Using this audit report, you can develop your strategy to attract and retain resellers for your products.
Know Your Resellers:
Build a database to store essential information about your resellers. Collect this information at the time of reseller registration. This way, you can remember them easily.
Introduce A Reseller Loyalty Program:
An effective way to retain your resellers for longer periods is to introduce a reseller loyalty program. Under this program, you can offer incentives to businesses that partner with you to sell your products. It’ll encourage them to sell more and more products and in return, they can claim the incentives they like. The better the performance of your channel reps, the more incentives they will receive.
Improve The Interface Of Channel Programs:
When channel reps register with a business, they get access to channel program portals. If you’ve maintained a simple program with an intuitive interface, they will find it easier to manage the channel.
On the other hand, if your portal is too complex to use, they may go through the programs of your competitors. If your competitors facilitate them with a clutter-free navigation, resellers are likely to prefer your competitors over your business.
Launch Support Programs:
Offer a quality support service to your resellers. When you launch any new product, make sure your support team is well-versed with its features and strengths. They should be able to communicate the benefits of these products and guide them in case of any issues. The better the reseller support service, the longer they will stay associated with your business.
Improve our support programs regularly. The support service officers should efficiently demonstrate how you intend to upgrade your offers down the road. This will ensure that the objectives of both parties are aligned.
To be precise, the success of your B2B business lies in retaining your resellers. With the help of the aforementioned tips, you can effectively build reseller loyalty.