The Power of Conversational Commerce and Strategic Partnerships: Insights from Deepesh Trivedi

Conversational commerce and strategic channel partnerships are transforming how businesses reach and engage customers. By leveraging platforms like WhatsApp and Messenger for customer interactions and strategically aligning with channel partners, companies can significantly enhance their go-to-market (GTM) activation, drive revenue growth, and improve customer satisfaction. Deepesh Trivedi, a seasoned CXO leader and business strategist, shares valuable insights on these topics.

Benefits of Using WhatsApp and Messenger for Conversational Commerce

Reach Customers Where They Are

"The biggest benefit is that you can reach your customers. It's where your customers spend a lot of time today either talking to their friends or businesses they care about," says Trivedi. "When speaking to a business, they want to know more about their products and services to make a purchase. This phenomenon is already happening today in specific markets across the globe, with Asia leading the trend worldwide. Your business has a huge opportunity to take advantage of this."

Enhanced Customer Engagement

WhatsApp and Messenger enable real-time, personalised communication, allowing businesses to respond quickly to customer inquiries and provide tailored recommendations. This level of engagement fosters stronger customer relationships and can lead to increased sales and loyalty.

Global Reach and Accessibility

These platforms offer a global reach, enabling businesses to connect with customers across different regions. This is particularly beneficial for businesses looking to expand their market presence and tap into new customer segments.

Ensuring Secure Transactions on WhatsApp and Messenger

Integrated Payment Systems

"Some markets have integrated payment systems with Messenger or WhatsApp already existing today. For example, Thailand has integrated payment with Messenger, and another example would be India, which has integrated payments with WhatsApp," notes Trivedi. This integration facilitates secure and seamless transactions directly within the messaging platforms.

Creative Solutions for Non-Integrated Markets

For countries without integrated payment systems, businesses can find innovative ways to ensure secure transactions. "It's important to know which country has allowed payment within the platform itself and which ones don’t. In countries that don’t have payment systems integrated into these platforms, we see they find creative ways to drive secure payment for their customers. Examples of this would be bank transfers or adding unique URLs for payments," adds Trivedi.

Identifying and Evaluating Potential Channel Partners

Business Model Alignment

When selecting channel partners, businesses should first consider the alignment of business models. "Does that particular channel partner have a business model that aligns with your model? If pricing models are not aligned, these channel partners will struggle to sell your product at scale," explains Trivedi.

GTM Readiness

Another critical factor is the readiness of the go-to-market teams. "Are they able to take this to the market? Start thinking about how easy it is to do things like scale training, whether your sales team is designed to sell your product through compensation, and whether there is a desk to coordinate discounts. These are critical details that a channel partnership must possess to scale your business," Trivedi advises.

Assessing Strategic Fit

To assess the strategic fit of potential channel partners, businesses should consider:

Market Presence and Reach: Does the partner have a strong presence in the target market? Can they effectively reach the desired customer segments?

Cultural Fit: Is there a cultural alignment between the two organisations? Do they share similar values and business ethics?

Technology and Infrastructure: Does the partner have the necessary technology and infrastructure to support your product? Are they equipped to handle the technical aspects of selling and supporting your solution?

Track Record: What is the partner's track record in terms of performance and reliability? Have they successfully partnered with other businesses in similar arrangements?

Incentivizing and Enabling Channel Partners

Marketing Development Funds (MDF)

"Incentives in the form of marketing funds, which we call Marketing Development Funds (MDF), have been very successful," notes Trivedi. "We match one-to-one marketing dollars for a channel partner to run marketing campaigns to promote our service through their business up to an approved cap." MDF helps channel partners invest in marketing activities that promote your products, thereby increasing visibility and driving sales.

Revenue Growth Rebates

Another effective incentive is offering rebates based on revenue growth. "The other incentive I saw work is rebates based on revenue growth. This works well as it is a clear monetary incentive if the channel partners grow their revenue by a predetermined amount," Trivedi explains. Such performance-based incentives motivate channel partners to push for higher sales, benefiting both parties.

Training, Tools, and Programs

To enable channel partners effectively, businesses should provide comprehensive training, tools, and programs. This includes:

Product Training: Regular training sessions to ensure partners understand the product inside and out.

Sales Training: Equipping partners with the skills and knowledge to sell the product effectively.

Marketing Support: Providing marketing materials, co-branded content, and campaign support.

Technical Support: Offering technical assistance to help partners with product implementation and troubleshooting.

Incentive Programs: Clear and attractive incentive programs that reward partners for achieving sales targets and other performance metrics.

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