Channel Data Management for Brands
Requirements for Managing Channel Data
As with many things, technology has transformed the way manufacturers, retailers and customer interact. Older methods of marketing have been replaced by newer tactics, involving more technology and data analytics.
Many times, marketing from a manufacturer is left up to the retailer or network of channel partners which can cause the flow of customer information to become blurred. With intermediaries, sometimes the relationships with the customers become distant, and this can be potentially problematic with assessing and addressing customer needs.
Intermediaries may be more focused on the ‘larger picture’ of everything they are selling, as opposed to coming up with specialized marketing tactics and strategies to successfully drive sales for a particular manufacturer. Manufacturers may also experience distance when customer data is spread and held by many various channel partners/retailers. However, for full visibility, brand manufacturers need to be able to access data along all areas on the supply chain to be optimally successful.
System for Channel Data Management (CDM)
Data is everywhere and is constantly being collected to get a more fulsome understanding of the marketplace. What the data reveals and how it is transferred between various stakeholders is what defines success in the marketplace. A Channel Data Management System could help a lot with this because it can accurately track how effective various persons/companies along the supply chain are. This could mean distributors, retailers etc. and this way, the manufacturers can have greater visibility and control over the channel.
Often times, if a brand manufacturer just sends money for a marketing budget to channel partners or retailers with no specific direction, the intentions can get confused and lost. Marketing needs to be targeted and specific for it to be properly effective.
Brand manufacturers have so many various channel partners and data can get lost and no longer align with original corporate strategy. With adequate data, it becomes easier to assess all aspects of customer interaction and sales, which can indicate how long a deal took to be closed, what marketing leveraged the sales, and more. This information can help brand manufacturers adjust budgets, approaches, alter partnership structures, and leverage better marketing campaigns or strategies to enhance their brand. If only one partner has some customer information and does not share it with the manufacturer, the manufacturer cannot adjust or even enhance approaches and strategies with other partners to increase overall corporate sales and empower each channel partner/retailer.
Chanel data management centralizes this for manufacturers so there can be a set, effective strategy organized among the various channels. This also builds a constant brand image for the manufacturer. It is important for the brand manufacturer’s image to be constant across all channel partners to ensure that customers can expect a standardized quality anywhere.
Lastly, the information through channel data management flows both ways. It is not only about disseminating constant values and instructions among channel partners, but also allowing various partner and customer feedback. Customers’ needs can be aligned with manufacturers’ goals, and channel partners’ goals. A unified vision will allow the brand manufacturer control and helpful information to optimize revenue.
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