Article | August 5, 2022
Choosing your stack and the vendors who provide its components are two of the most crucial business choices you will make. Finding a reliable supplier at a reasonable price is crucial to the success of any business.
Every company has different hiring standards. Here are the criteria you can use to vet your vendors:
No vendor shares customer complaints. Inquire about the vendor’s performance. Find good and bad examples of interactions, then decide what bad means to you.
Can the vendor meet your account's needs? This varies by product and buying cycle. Check their supply chain and process control. This will show how reliable they are.
Long-term planning depends on a vendor's financial stability. What are their options if they run out of money? Will your vendor's layoffs affect service and needs? Could a cash-strapped vendor raise your costs? Determine your recourse if the vendor is acquired and if the risk is acceptable.
Relationships & Culture
The vendor's culture should match yours. If not, you'll have staffing, contract, and other vendor issues. No relationship is perfect, but find vendors who want you both to win.
Communication is key in any relationship, and a vendor's poor support can be maddening. Ensure departmental communication. Support management reveals much about communications. Some vendors prioritize closing the deal. Great vendors solve issues before closing tickets.
What's your company's contract tolerance? A confident vendor offers one-year or month-to-month contracts. Immature or aggressive vendors may seek long-term contracts. Make sure their method fits your company's culture.
These products and services cost money. How well you negotiate with vendors affects costs. Choose the best product and price, then negotiate.
Is the product constantly improved? If innovation stalls or quality drops, the vendor will be replaced quickly. Check their quality history.
Supply Chain Security
Most vendors have supply chains. Evaluate each supply chain part's service level, security, and compliance.
Final Thoughts: Choose Your Vendors Wisely
List vendors in your product stack or distribution chain. Add your own selection criteria. If you don't have a vendor due diligence and selection process, this will help.
Article | July 13, 2022
Investing in the right channel partners in a deeper, more personalized way through tailored, easy-to-use marketing development funds and incentives. Partner marketing programs can help your organization achieve key growth and your ROI objectives. You need to take risks, be creative and use the rapid digital transformation to identify your top channel and dealer partners.
Here are some ways to help you identify which channel partners you need to focus on and how to categorize your partners:
Creating a Robust Channel Strategy
Create a strong channel strategy based on the ideal channel partner profile. Find answers to questions like what your channel strategy aims to achieve, what drives the growth of your business, what separates you from your competitors and what is important for your partnership. Defining what you want from your channel strategy is the key to recruiting the right partners for your program.
Defining IPP (Ideal Partner Profile)
Your ideal partner should be capable, ready, willing, and able to sell your products. They should have the same mindset, a partnership mentality, make the most of the sales enablement resources you provide, and align with you in terms of business perspective. Stability in aspects like finance, human resources, market reputation, and performance is crucial.
Analyze Partners’ Performance
Rate your partners based on their capabilities, their ability to come up with competitive solutions, their willingness to communicate clearly and their ability to inculcate new ways to increase sales and revenue. If their performance is not up to the mark, be prepared to knock them off the list. Be selective when investing in a partner.
Be Ready to Support Large Channel Partners
You should have the mindset and resources to support large channel partners. Devote your funds to offering them training and relevant content, and give them the support they need to succeed. Employ a team who can manage such partners, regularly get an overview of their performance and issues they are having so they know you care.
Harness Technology to Manage Partnerships
Use sophisticated PRM tools to analyze how your partners are performing against defined KPIs and identify areas for improvement, and the type of training they are receiving and their incentive history.
Channel Partnerships Aid in Revenue Growth
Creating channel partnerships with the right companies can help you broaden your customer base, achieve your ROI objectives, and create lasting business relationships.
Article | July 12, 2022
Your business needs to see a big return on investment (ROI) from influencer marketing to be worth it. And the best way to do that is through affiliate marketing. In this article, you will find five solid reasons to blend your influencer and affiliate marketing campaigns.
Encourage Team Work
You can increase influencer-driven purchases by integrating creator efforts with partner marketing. Furthermore, you can optimize partner diversification, gain quantitative insights into individual performance, and combine sales metrics with valuable top- and middle-of-funnel data for a more comprehensive approach. Your teams can remove department silos and work towards the same goals.
Broaden Your Customer Base
Your secret weapon is nano and micro-influencers, with a smaller, highly engaged audience of up to 50,000 followers. These creators understand that affiliate partnerships with brands can increase their earnings by attracting more engaged audiences with a higher probability to transact.
Create Long-Term Relationships
Influencer marketing used to be all about short-term strategies. However, cultivating long-term relationships with performers yields better results. So, find the voices that understand your brand and invest in long-term relationships.
Form Smooth-Sailing Partnerships
Finding the right creators and maintaining close contact can make or break a project's success. Choose affiliate platforms that provide third-party influencer management solutions to reduce friction and allow creators to focus on engaging their audiences, making it easier for influencers to work with brands and track direct sales.
Align Your Objectives
You can accurately measure a creator's impact on sales and pay for tangible results by combining your affiliate and influencer marketing activities. And because affiliate marketing lets you track sales for each influencer, you can accurately determine the return on investment for each one and focus on the most productive ones.
1 Drive Revenue and Prove the Value of Investment
Affiliate partnerships are an example of a new way for brands and influencers to work together to benefit everyone.
Article | July 5, 2022
Marketers know it's rare to capture a customer's attention on the first brand encounter. Customer loyalty takes time, thought, and brand trust.
What if your marketing strategy included all these elements and more? Lifecycle marketing boosts customer engagement, revenue, and brand growth.
Lifecycle Marketing at a Glance
Lifecycle marketing is a set of strategies that a company uses to positively influence customers as they move from one point in the marketing cycle to the next.
Stages of Lifecycle Marketing
A brand’s lifecycle can be short, like Nespresso’s, or long, like Mercedes’. Both have the same goal: to win over a customer and keep them coming back.
Stages of a lifecycle marketing plan:
Prospects learn about your company. This is where you can catch their attention and reel them in to the next stage.
Prospects begin interacting with your brand. They want to learn about your offerings through different channels like email, websites, and social media.
Here you provide your prospects with information on your product or service so they can move towards making a purchase decision.
Your prospect buys your product or services and becomes a customer. Ensure that you make the purchase experience simple.
After-sales service is crucial for maintaining your brand’s reputation. At this stage, make sure your customers are satisfied with your product through excellent customer service.
Your customers become your brand ambassadors and promote your product to their contacts.
What Does Lifecycle Marketing Do for Your Business?
Helps grow your customer base through elevated customer experience
Improves sales by turning a one-time buyer into a returning customer
Turns customers into brand advocates who promote and vouch for your brand
Improves marketing ROI and lifetime customer value (LCV)