Channel incentives are programs which are designed to acknowledge and reward your channel partners on the hard work they put throughout the year. It’s probably the most effective way to let your channel partners and your sales team knows that you believe in their skill sets and you acknowledge that.
The benefits of conducting such programs
If you are into that school of thought which thinks an added bonus can make the job done then be assured that the leveraged ROI which can be catered from conducting such an event is far greater than what a quarterly added bonus can get. As per a case study conducted by i-myth on a particular company it was seen that when an incentive program was conducted a net increased ROI of $747,800 was seen. It was seen that 30% of the master reseeds yielding the growth were incentive first time awardees.
Now that the quants have been proven by case studies here’s a couple of reasons on the benefits of such programs;
- To strengthen your relationship with your channel partners
- Identify and target the most valuable players in your sales team
- Increase engagement among your employees across the full channel network hence increasing efficiency
- To provide your partners with another reason to do business with you
- To measure the mindset of your channel
- To gain further insights from your partner’s
- To track the trends and see their reach ability patterns
Steps to make this program work
Now conducting a successful incentive program isn’t easy. So before you plunge into action here are three basic pillars you need to be absolutely sure about
- You’re sales objectives and what measurable results are you looking for.
- Have a clear understanding on the kind of expected people you will meet and design your program accordingly
- Your budget
Along with these come few other collateral factors like how many days of program you want to held, whether it’s a full-fledged global trade exhibit or a customer conference or an incentive trip for the top sales rep.
Other than the nature also the program privileges, outreach and many other small things comes into play. To coupé up with all such requirements aren’t an easy thing especially when you are not accustomed to the nits and grits with organizing an event. Here comes the necessity for partnering up with global travel leaders who can strategize and customize scalable solutions and take care of all your needs at a interpersonal level to your attendees.
Channel incentive strategies that works for big brands
When it comes to providing rewards and channel incentives there are three main approaches you can take
- Short term programs
The simplest yet most effective form of incentive. Some reports suggests that these type of simple target set incentive programs help in improving performance by 22% on an average.
- Ongoing programs
Just as short term programs helps in quick punch the long term ongoing programs maintain the growth at a leveraging pace helps in long term growth. Setting yearly over the top targets to your entire zonal sales unit can be an example
This is especially true for your partner’s where motivating them and making them believe in your products plays the bigger role than leveraging sales. These can be conducted by training workshops or scheme based seminars where you can incentivize your partner’s acknowledging their hard works.
Whatever be the mode of program you choose, having a hospitality partner preferably the leaders in the industry with decades of experience, expertise, and awards on your side is extremely important for a successful event execution.