It is extremely important to build good business relationships with your partners and retailers… It can easily increase your brand exposure, competitiveness, and bring you new leads and clients. So anyone who works with you or touches your products or services deserves attention and focus on their needs.
But it needs to come from the right place…
If you build the relationships based on mutual gain, you will transform your retailers into your strongest allies, so they will be equally interested in your success and work with you on it! Time spent, I’d even say – invested, in getting to know them and their needs will pay back very quickly and open a whole new array of opportunities for both of you.
Search for original and interesting ways to reward your retailers to create true win-win conditions and they will help you build your business. One of the best ways to do it is to create a performance-based incentive plan.
Here how a step-by-step process can look like:
1. Ask your retailers what would be the most lucrative stimulus for them to improve their sales performance.
2. Outline a generous performance incentive plan based on feedback and present it to your retailers.
3. Develop an easy to follow and track performance measuring plan. This will increase the sense of competition between your retailers and push to higher performance.
4. Encourage subsequent sales instead of just focusing on the initial sale. You may give away a higher profit from the initial sale to your retailers but will gain on the larger quantities of the later sales. Always focus on future sales and promote and even train them how to incorporate:
- Upsell your more profitable products/services.
- Cross-sell your additional products/services
5. Create an irresistible incentive plan by offering generous and progressing compensation.
Think about each of your retailers and their specialties, their strengths, and unique opportunities and consider it when drafting the plan. If you succeed to utilize their talents, capabilities, and connections, you both will be winners in this game!
Drafting a plan shouldn’t be a complicated process. Use our GUIDED TOUR to come up with some great ideas and roll out your first incentive plan!