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3 Key Areas in Channel Management that Need Data Collection
The shift from traditional industry into digital enterprise has coerced the world’s corporate landscape to endure significant change. At its worst, the Information Revolution has caused the livelihoods, particularly blue collar manufacturers, to be castrated from the workforce.
Although Generation X, or the baby boomer demographic, may be the more competent demographic in the field of face-to-face communication, millennials’ digital inherence has proven to be greater, more relevant strength in the eyes of most of today’s employers.
However, the birth of computer processing has revolutionized the business ecosystem for the better.
Creative minds in advertising have access to strategies that were once impossible. Entrepreneurs can harness technology to bring visual context into their investor’s mind. Manual working environments are safer. Single parents can work remotely from home. Ecommerce has quadrupled consumer demand.
The advantages of the Digital Age are endless, and will only continue to metamorphose the corporate landscape for the better.
But in the channel industry, where data analytics define just about all business decisions, the birth of information processing serves a profound purpose. And yet, even with the most intelligent software at their disposal, manufacturing executives and channel managers fail to properly store and manage data; a result which often leads to unsatisfied partnerships, IP security break-ins, software failure, misplaced SKU analytics, failure to meet compliance requirements, inventory revision miscues, etc.
The channel industry is multifaceted with logistical complexities and a constant stream of moving metrics. Not to mention the plethora of IT resources companies employ to manage data (e.g., mobile devices, Excel spreadsheets, storage areas, applications, data centers, etc.). So, the risk of data mismanagement or loss of data is highly vulnerable.
Data management and the process by which companies collect data should streamline harmony between sales and engineering. The process of data collection should be used in 3 key areas in channel management:
1.) Exposure into the Indirect Sales Funnel
The advantage of complete visibility into the different stages of the channel is an imperative component to understanding which partners produce the best opportunity and ROI. Tracking accurate reporting on volume, leads, velocity of sale, and conversion provides essential analytics to identify roadblocks that eradicate channel conflict and maintain workflow efficiency.
2.) Target the Right Customer
Proper data management should be utilized to realize the end customer thanks to POS historical evaluation. This helps to segment marketing strategies based on demographic; in other words, manufacturers and vendors can use POS reporting to support their go-to-market strategy designed to match their target consumer
3.) Evaluate Channel Performance
Real-time metrics provide clarity into which channel incentive programs are most effective. Each partnership is unique, which means incentivizing partners via financial rewards to motivate performance is subjective. For example, a market development fund (MDF) may be useful for clients that lack the promotional budget to accelerate product awareness.
However, incentivizing the same client via deal registration may be secondary concern, or even excluded from partner eligibility. Ultimately, channel data should provide valuable insight into the specific actions the best contribute to success of each channel partner.
How can Computer Market Research Help Manufacturers Process Accurate Data Collection?
Computer Market Research (CMR) brings 32 years of experience into the indirect channel sales industry. Through our state-of-the-art automated software, businesses can amplify their B2B marketing efforts via a clear and concise platform that assists organizations to manage channel data, optimize trade promotions, and build effective distribution channels.
CMR can help businesses maximize their relationship with distributing partners and establish transparent, two-way communication that is built around a common goal of success. Our cost-effective, SaaS application is the perfect tool for any business looking to strengthen their bond with channel partners via innovative solutions that convert data into intelligence.