Channel Marketing Strategy: 4 Tips to Success
According to an IDG led study 90% of channel marketing leaders believe that a poor channel marketing strategy can damage a brand’s reputation. In that same study 76% of channel marketing leaders believed that the right channel marketing strategy is a strong competitive advantage.
Although having a channel marketing strategy remains essential, creating an effective one that drives results can be difficult. With numerous internal and external considerations such as budget, hazy or undefined program goals, dated metrics, and more, building a strategy can be a cumbersome process.
In order to ease the sigh, and build success with your channel marketing programs, we’ve developed 4 tips to crafting a successful channel marketing strategy:
1) Focus on company objectives
A lot of the time channel marketers will look at what the market is doing, what the current trends are, where others are investing their money, and so on. Too much time is then spent focusing on what the competition or market is doing and adopting their strategy, and less on enhancing the brand’s own programs.
The goals you create should be in line with your corporate strategy, aiming at enhancing your messaging and brand identity in the marketplace. Having definitive messaging that aligns with corporate strategy allows for a more calculated plan that targets your specific needs for greater revenue.
2) Prioritize the consumer
77% of channel marketing leaders agree that “providing a complete incentive customer experience helps generate positive brand awareness.”
In a consumer driven economy, your focus should be on the customers.
Plan a strategy that keeps them in mind: what would make their submission process easier, what would generate brand awareness, and most importantly what would make them prefer your brand over any other. Keeping the customer in mind not only helps you generate a larger revenue stream but also improve the functionality of your incentive program.
3) Determine a measurement of success
Before devising a channel marketing strategy it is important to figure out how your organization can measure success. Is it through increased revenue? Through decreased call centre interactions? Through number of new logos?
A marketing strategy should create predictiveness. Your company should be able to figure out how many clients you’ll gain and the revenue growth that’s expected. It should create a map for keeping certain goals and objectives aligned.
4) Utilize data
53% of channel marketing managers stated that they only have basic data analytics. That means they get some input but they don’t generate much insight. However, on that same note, 47% of channel marketing managers strongly agree that visibility gained from end-to-end, customer data analytics could save a lot of wasted channel marketing dollars.
Previous program data is critical for generating a strategy that drives results. A brand needs to understand how performance has been in the past to predict a better future. Data provides visibility into top seller, top SKU’s, demographics, etc. that allows the brand to adjust current and future programs accordingly.
Creating a channel marketing strategy that drives results can be difficult. In our latest report -The State of Channel Marketing – conducted by IDG, you can uncover the range of challenges faced by channel marketing leaders.
The State of Channel Marketing report gives you access into the top challenges, goals, and insights of channel marketing leaders, and how they plan to invest in the future. Exclusive data from the channel marketing world that you can’t obtain anywhere else.
For more details check out IDG’s latest report: The State of Channel Marketing