Channel partners are an important part of any digital business strategy, but also important is managing the data these channel partners offer. Here are three tips for better channel data management.
Get buy-in from stakeholders
"CDM doesn't work if internal and external stakeholders aren't on board or can't see the short and long term value. Brands need to ensure that all departments that view or touch channel data understand the value of adopting an intelligent CDM strategy and how they can leverage increased visibility into the channel to improve their performance. It is also essential to demonstrate to partners, such as distributors, resellers, and retailers, understand that they will benefit from a CDM solution by getting their incentives paid faster and with greater accuracy," said Steve LaPedis, VP of Marketing, Zyme.
Take a hard look at your data
"Once the CDM strategy is in place, brands should then look to identify which resellers or distributors are driving the most revenue and uncover areas of the market that have untapped revenue potential. With clean, timely and accurate data provided by CDM, brands can drill into the data and understand which resellers, retailers, e-tailers and other channel partners are driving business successes. In turn, brands can then better understand their market and partner segments and obtain a better view into who their end customers are," said LaPedis.
Put the data to use
"Channel data isn't useful if brands don't connect this information back to specific marketing campaigns and programs to better understand marketing ROI. According to Forrester research, companies waste an estimated $200 billion from erroneous or ineffective marketing and incentive payments. Brands can use accurate channel data to maximize profitability by expanding successful campaigns and programs and eliminating overpayments for partners that fail to meet established targets," said LaPedis. "By following the three tips described above, brands are empowered by CDM to track their efforts and ensure that each dollar flowing through the channel is delivering results."