The pandemic had a severe impact on manufacturers, affecting every aspect of the supply chain, manufacturing, sales, and service. A recent study reveals that 57% of manufacturers believe the changes to their sales capabilities are permanent, even if many anticipate a gradual return to normality in some of these areas by the end of this year.
Channel partner connections are a key aspect of sales. Manufacturers drastically changed how they work with partners over the past year to maintain sales and market share in the face of upheaval.
The report’s findings have identified three priority areas that manufacturers may use to enhance their interactions with their channel partners and boost productivity.
Make doing business with you easy for your channel partners:
Manufacturers have historically made investments in product-centric upgrades, such as more effective product development, cheaper production costs, and improved supply networks. But in today’s marketplaces, distinctiveness comes from how well you treat your customers.
Future-ready firms understand the importance of the customer experience to differentiate themselves in the market. They are aware that great customer service builds from the manufacturer through the channel partner to the final consumer.
They are investing in the top software development services in Singapore that make it simpler for customers and channel partners to conduct business with them as they switch to a customer-centric strategy. A single source of truth for data throughout the customer’s lifetime was cited by 79% of firms as a crucial requirement.
By combining data from several historical systems onto a single platform, technologies like CRM solutions Singapore can aid in the dismantling of silos. Teams now have better insight into the entire relationship and can share information with their channel partners via CRM. In this way, partners are given immediate access to information including leads, order status, price, and quotation capabilities, as well as customer support issues. This makes it possible for them to offer greater customer service. Additionally, a CRM may provide more precise, team-based forecasting, which is important to 81% of firms.
These agreements help firms expand their customer base and gain operational efficiency. They also provide access to new markets. This enhances the relationship between the maker and the partner. Manufacturers can grant partners access to a community website where they can independently customize price quotes (CPQ), view the status of their orders, input and track the progress of service cases, and use fresh marketing templates and materials.
Encourage partners to promote participation and behaviors:
The finest partnerships are win-win situations. Manufacturers fulfill their promises to channel partners by delivering high-quality goods on schedule. For manufacturers, channel partners are the source of market share. Compared to only 49% of unprepared firms, 75% of future-ready businesses believe channel partners drive adequate market share.
Manufacturers can foster this cooperative connection by using incentive schemes to encourage partner conduct. These initiatives promote continued participation and product acceptance, which increase market and consumer mindshare.
You may utilize data to better understand your partners’ preferences and purchasing patterns by integrating your loyalty and rebate programs with a CRM platform. As a consequence, you may develop compelling programs that demonstrate your thorough understanding of your partner’s industry.
- Programs should be tailored to each partner, with incentives linked to tasks like training or onboarding
- Help partners comprehend how you may contribute to their value-creation by offering incentives like co-marketing funding
- Facilitate the understanding of thresholds and award redemption for your partners
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Enhance your income model using services:
Services are being sought after by manufacturers to develop new sources of income and boost consumer interaction throughout the product life cycle. Today, services are seen as a key or critical component of their value offered by over 89% of future-ready manufacturers.
The “servitization” business model, which combines software, product, support, and other services into a single revenue model, is one that future-ready firms have invested in. Nearly ten times as many manufacturers who are prepared for the future—86%—offer servitization alternatives and follow the “service-as-a-revenue-center” model.
This transition to goods and services not only results in increased income. The whole life cycle of the product considerably improves the direct interaction between the manufacturer and the client.
The Internet of Things (IoT), which enables services like diagnostics and predictive maintenance, gives manufacturers access to a stream of data on the condition and health of the items they sell.
They may provide such information to dealers so they can proactively arrange maintenance and repairs with customers. Manufacturers may use this as a chance to improve customer satisfaction and foster end-user and dealer brand loyalty.
Manufacturers must migrate service offerings to the cloud to establish this business successfully. This enables manufacturers to create a portfolio centered on services and satisfy changing and emerging client expectations. To enhance their products, manufacturers can also gather and evaluate client feedback.