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What is Channel Management? 5 Major Benefits of using Channel Management Software

importance-of-channel-management-software
The companies with complex distribution channel models take advantage of channel management software's to help them optimize and organize the operation.

What is Channel Management?
According to Economic Times, "It is defined as a process where the company develops various marketing techniques as well as sales strategies to reach the widest possible customer base. The channels are nothing but ways or outlets to market and sell products. The ultimate aim of any organization is to develop a better relationship between the customer and the product."

How can a Channel Management Software help organize your day to day channel operations?

The 5 major benefits of opting for a channel management software are:

  • Increased Channel Revenue
    • Brands gain maximum value from their incentive programs investment by driving increased revenue through the channel.
    • Deliver targeted, high-impact programs that promote effective selling behaviors. 
    • Improve business agility by tailoring channel management to suit business needs.
  • Gain Actionable Intelligence
    With deeper insight into channel utilization, companies can more easily replicate what works well and change or eliminate what does not
    • Identify Top Performing Programs and Partners.
    • Allocate Resources Appropriately, based on performance.
    • Measure Product Profitability accurately and determine strategies for improvement.
  • Improve Stock Visibility Across Channels
    • Channel Partners update stock movement of the brand - encompassing Primary, Secondary and Tertiary sales. Relevant functionalities are provided for the sales management resources like
    • Third party in store demonstration and their managers 
    • On ground sales teams
  • Reduce Cost of Channel Sales
    • Channel sales in competitive markets need marketing support that comes in ways like branding (GSB, Demo units etc.) and In-store Demonstrations (ISD's). Channel Software enables expense tagging at each level. Also, deliver store level granularity for ROI Measurement, Actionable Intelligence on parameters like
    • Comparative impact of difference branding elements on sales throughout. 
    • ISD relevance to counter share. 
  • Strengthen Partner Engagement
    • Ready Reckoner on Product and Schemes
    • Ease of Communication with the Brand
    • Stock Indenting

Check out my Infographic on it: Advantages of Channel Management Software
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