Channel Management is machining your marketing and sales strategies to the needs of your customer base. BoomSTR understands the importance of strong channel discipline. We take a closer look at what that involves for your business.
In this article:
- What is Channel Management?
- Nine Channel Management Disciplines
- Channel Managers
- Is My Channel Management Working?
What is Channel Management?
Channel management requires you to set definite and clear goals for each channel. Each channel is a method to sell your product to your target customers.
Channel management requires you to align sales techniques and strategies and understand how you work with and manage your product vendors.
To do this, you must:
- Outline your channel parameters; set policies and procedures for each channel.
- Identify which product is suitable for which channel.
- Establish marketing and sales programs streamlined to the needs of your customers.
- When trying to establish channel management solutions, it’s essential to understand modern marketing techniques.
Nine Channel Management Disciplines:
1 Channel Design
How will you implement your new channels? You can, for example, affiliate with other companies to help market and sell your products.
2 Channel Strategy
Your channel strategy is the master plan to market your product. This will provide a framework to launch or improve your online presence.
3 Sales Management
How will you track and manage sales with your sales partners? You can offer incentives or discounts, for example.
4 Conflict Resolution
How will you manage any issues that arise? How do you ensure a fair system within your channels to avoid conflicts? Is your partner doing their best to promote your product as agreed?
5 Relationship Management
Trust is vital in business relationships. It would be best if you established good working relations with all your vendors and partners over time.
6 Operation Planning & Pricing
Understanding your products’ value:
Example: If you have a property to lease on a short term basis in Arizona, how do you structure your property’s pricing? Some seasons are more profitable than others. You need to understand the marketplace to understand the value at any given period.
This requires research and planning. It is vital to know your true sales value in a competitive marketplace.
You need to ensure that your product or service brand is consistent across all marketing channels. Modern marketing tells us that customers want a brand tailored to their individual needs. This should apply across all platforms, both websites and social media.
It would help if you were very active online and learn about the people attracted to your brand or product. What is their age profile? What do they like to do in their spare time?
It’s not enough to offer a room to stay in; the hosts must offer an experience. Multi-platform marketing companies like BoomSTR understand the marketplace and will manage this workload for a host.
8 Manage Revenue
Every business, big or small, needs to turn a profit to survive. Keeping a close eye on your channels will ensure that you optimize your profits year over year. This is not just about sales, but it also relies on your brand strength.
Understanding the marketplace will allow you to forecast projected revenues. At the end of the fiscal year, you can correct any channels that depleted revenue.
You have obligations to both customers and channel partners. Are you ensuring that your product is as advertised? Are you providing a smooth turnover between rental customers?
No matter how small your business, it’s essential to have a channel manager. This should be someone who understands all aspects of your business and understands the relevant marketplace. A marketing company can manage this role on behalf of your business.
The role includes:
- Connect your product to your customers.
- Establish customer service protocols; how to deal with complaints or refunds.
- Manage and market programs, and implement them.
- Increase product recognition and understand the value of e-commerce.
- Future proof your business with strategic planning.
- Work with your partners and/or vendors and maintain these relationships.
Is My Channel Management Working?
If your channel management is working, you will have a thriving business. Managing channels requires hard work, but it’s the best option to ensure your business’s ongoing success.
Working with vendors who specialize in marketing can help ensure your channels are working and adapting to the market for you.
Do you own a rental property? BoomSTR can help you solve your property marketing challenges. Schedule a consultation today.