Your channel partner program incentives are crucial to the success of your channel sales partnerships. A study from the Incentive Research Foundation (IRF) showed that 43% of businesses use a non-cash channel rewards program, and 81% of the top-performing companies had non-cash reward programs. These non-cash programs showed a 32% increase in total revenue and a 30% increase in market share. Typically, channel sales incentive programs are used to build brand awareness, increase sales and market share, and to improve customer loyalty and satisfaction. As seen from the statistics above, these laudable goals are easily achieved through these channel partner incentives and rewards programs. No wonder the top businesses use them. Channel partner incentive programs have numerous benefits. As stated above, incentive programs increase revenue, increase market share, and draw in new customers, but they’re so much more they bring to the table as well. Incentive programs increase teamwork and collaboration. They’re also a positive influence on workplace culture. Although there will be differences across demographics, there are some rewards that the Incentive Research Foundation’s study found were consistently popular. Gift cards and prepaid cards are always winners as they are viewed as cash equivalents. Incentive Research Foundation’s study showed […]
Category: Channel Sales
Why Your Channel Incentive Program Needs All Digital Rewards
Researching the right technology solutions and comparing solution providers for your channel incentive program can feel like a full-time job. After a while, it can become tempting to try and settle for something that almost works, rather than a solution that’s a perfect fit. At All Digital Rewards, we don’t believe you should have to settle. We offer the best channel incentive program solutions that can be custom-tailored to fit your program’s needs. All Digital Rewards (ADR) is the leading provider of cutting-edge incentive and prepaid transaction technologies, and products. We offer services that help organizations build incentive processing and payout destinations while providing high demand rewards, and giving participants a simple, secure reward redemption experience. Our innovative cloud-based, technology platform, market expertise, and extensive partner relationships allow us to provide our clients with invaluable solutions and guidance. Our All Digital Rewards marketplace continues to expand, introducing new products to stay ahead of current and emerging trends. ADR is a distributor of over 200,000 reward and incentive products, along with gift cards, experiential rewards, and prepaid Visa® cards. Our reward experts can recommend products and rewards to fit every sort of demographics. Our reward management technology powers the delivery […]
Experiential Rewards To Increase Your Sales Program Engagement
Your sales incentives program is essential to your success with your channel partners. Those rewards motivate and inspire your channel sales team. Over time, adding or changing your incentive offerings is a good strategy to keep your program fresh and vibrant. The question is, what rewards will have the greatest impact? Here’s where experiential rewards come in. Experiential rewards are always a winner with incentive program participants. They rank as one of the highest in demand rewards. Experiential rewards can include travel, concerts, spa days, dining experiences, sports events, amusement parks, and more. Picture your participants excitedly working to earn trips to go white water rafting. Imagine how their eyes will light up when they see they have the chance to earn a three-day vacation. Think how hard they’ll work for that pro golf experience. There are so many options out there to motivate your channel partners. Experiential rewards do so much more than just give participants something for their efforts. If a participant receives a cash incentive, the moment the cash is spent, the reward is all but forgotten. If they redeem for merchandise, it is something that they’ll enjoy, but usually, only the participant will appreciate the reward. […]
The Key To Engaging Channel Partners
Channel partner programs seek a mutually beneficial relationship, but like all relationships, there are steps that need to be taken to avoid relationship problems. You want to feel that your channel partners are meeting your needs and your partners want to feel their efforts are valued and appreciated. But how do you keep the profit-producing magic alive in your channel partner relationship? Two words: Incentive Program. Now, not just any incentive program. Just like you wouldn’t buy your significant other jewelry from the dollar store for Valentine’s day, you want to make sure your incentive program shows the value you have for your relationship with your channel partners. A custom incentive program, with the right technology, will not only engage and enthrall your channel partners, but it will increase your ROI and provide valuable analytics for your business. You may be asking, “how will an incentive program help?” We’re so glad you asked. An incentive plan shows your channel partners that you value them and increases their motivation and engagement. A study by Bersin & Associates shows 14% higher productivity in companies with incentive programs. An incentive plan rewards your channel sales partners for completing the goals you set for […]
Learn This Secret To Measure Your Channel Sales Program’s Success
Records, paperwork, spreadsheets, forms…In a word: Data. The secret to measuring your success is data. If you want to dominate your channel sales and crush the competition, you need the right data to build out the metrics for your program. Once you have the metrics, you can easily identify your program’s strengths, weaknesses, opportunities, and threats. The question is, what metrics do you need for your channel sales program? First thing’s first. You should divide your metrics up into categories: Channel sales recruitment, success, profitability, and training & support. Here is the channel sales data you need for each category: Now that you have your data, you can compare it to your goals for your program and see where you are doing well and where you can stand to improve. If your program has multiple areas where it needs to improve, consider making some changes to your channel sales incentive program. Implementing a channel sales incentive program, revising your current channel sales incentive program, or adding new program management technology can give your metrics the boost they need for you to achieve your channel sales goals. All Digital Rewards is a leading loyalty engagement company, serving as a trusted partner […]
Use Digital Rewards for Your Channel Incentive Programs
When creating an incentive program, the reward mix is a crucial element in your channel sales incentive program’s success. What rewards will you offer? What will appeal to your participants? Do you need a full marketplace of rewards or just a limited number of selections? Do you use physical or digital rewards? The best sales incentive plans will choose the right rewards for their participants. There is a strong argument to be made for including digital rewards and incentives in your channel sale incentive programs. Digital incentives boast a lot of benefits over their physical counterparts and can fit a wide range of incentive programs. Adding digital incentives into your reward mix may give your program the boost you’ve been looking for. Now, let’s talk about what digital incentives are and why channel partner incentive providers encourage them. Digital rewards can include electronic gift card incentives for top-rated brands (Target, Walmart, Amazon, Best Buy, etc.), virtual visa prepaid cards, audiobook or video service subscriptions or credits (Fandango, audible, etc.) and so much more. Digital rewards can be used almost immediately and provide instant gratification to your participants, which is why they are encouraged by prize incentive suppliers. No one really […]
The Right Channel Sales Incentive Management Software & Solutions
Whether you are looking for a solution to upgrade your channel sales incentive management software or you are setting up a channel sales program for the first time, look no further than All Digital Rewards. We understand the importance of a strong channel sales incentive program and we have the software and solutions to support you. We support a wide range of channel sales partnership programs including: Referral Partnerships Alliance Partnerships Reseller Partnerships Referral Partnerships are trusted partners that refer qualified customers to your business, and in return, you pay them a percentage commission on any sales that traffic produces. Engagement is vitally important for referral programs, which is where your incentive program comes in. Whether you are using a direct to individuals program, partner network program, or strategic alliance program, we have solutions that will work for you. Alliance partners are in related businesses and share customers with your business. This allows all partners involved to spread awareness and sell each partner’s products in exchange for a percentage of the sales revenue. We offer a number of solutions that are specific to the needs of an alliance partnership. We also have solutions for you reseller partners who purchase goods […]
Comparing The Benefits of Introducing New Technology Into Your Channel Partner Incentive Program
Whether your company has been using an incentive program for years, or you’re starting your first one, the right technology is key. Does your current incentive management software come with too few incentive options for your channel partners? Have you run into security issues? Is the user interface clunky or overly complicated? Are you paying too much? If you answered yes to any of these questions, you may want to consider upgrading your channel partner incentive program technology. Your incentive program management technology is the foundation of your incentive program. If the foundation isn’t good, the whole thing will have problems. The right technology can lead to success, high ROI, and greater channel partner satisfaction and engagement. The wrong technology can turn your incentive program into a giant sinkhole, swallowing up your money and productivity. When you pick the wrong incentive program technology, your only return on investment will be stress. How do you pick the right technology when comparing different incentive program technology providers? There are several things you can do to ensure you’re getting the right channel partner incentive management technology. You want to consider all the features and benefits offered by the incentive program technology providers you […]
What to Look For When Comparing Channel Partner Incentive Program Technology Providers
Channel partner incentive programs are nothing new. An incentive program is highly indicative of your channel partner program’s success. A good channel partner program can increase product adoption, improve relationships with channel partners, and bring a strong return on investment. Despite the clear benefits of a channel partner incentive program, many companies worry about the administrative burden of overseeing the various elements of a successful channel partner incentive program. Incentive programs require so much more than just reward fulfillment. An incentive program will need to be managed, goal completion has to be tracked, a redemption system has to be in place, and data has to be examined to check the effectiveness of the program. This can leave manufacturers wondering how to handle channel partner incentive programs. Fortunately, technology is available to help make your channel incentive programs perform effectively. Deploying new incentive reward technology can increase sales and take the stress out of program management. With the right channel partner incentive program management technology, you will be well on your way to embracing all the sweet benefits of a channel incentive program, without adding any extra stress. Now, you may be wondering, what features should you be looking for when […]
The Easiest Way To Motivate Your Channel Partners
Motivation is the secret sauce for success in your channel partner program. The question is, how do you cultivate the motivation your sales force needs? A recent Forbes article outlined six keys to workplace motivation: Set goals Celebrate milestones Provide feedback Empower problem-solving and learning Follow through on promises Experiment and learn Most people will agree that these are all effective ways to motivate people, but how do you put this information into practice? A sales incentive program is an excellent way to apply all six of these motivation tips. In this post, we’ll show you how your new incentive program can implement each of these elements to increase your sales force’s motivation and productivity. Sales incentive programs allow for clear goal setting for your sales force. By offering incentives to your sales force in exchange for the completion of specific tasks or goals, you will increase their motivation and give them clear objectives to work towards. For bigger goals, you can offer individual incentives such as virtual prepaid cards, branded gift card incentives, or travel incentives like cruises and vacation packages. Additionally, with the help of a points-based incentive management solution, you could also give your sales force the […]
How To Get The Most Out Of Your Channel Partner Program Through The Power Of Incentives
Savvy businesses know that engagement is the most important ingredient in a successful channel partner program. When your channel sales team drives a considerable portion of your business’s revenue, keeping the relationship between you and your sales team strong becomes an essential part of your business’s focus. How do you improve those relationships and get the most out of your channel partner program? Incentives! Incentives are a popular way of improving channel partner programs. The goal of an incentive program is to change behavior. If your incentive program doesn’t cause a change in behavior, it isn’t effective. Effective incentive programs motivate and engage your sales force, pushing them to greater success! A quality incentive program will require you to have the right rewards, the right technology, and the right administrator. Rewards have to be something that your sales force with value, while also fitting your program’s budget. The Right RewardsChoosing the right rewards for your incentive program can be tricky. Rewards have to be something that your sales force with value, while also fitting your program’s budget. Rewards can include Visa prepaid cards, gift cards, merchandise, digital incentives, travel, and experiential rewards. Demographic information, surveys, and an understanding of current […]
The Keys To A Successful Channel Sales Incentive Program
An essential aspect of the process to generate sales, customers, and new leads is to engage and entice your partner sales down-line about your products and services. Channel sales incentive programs help to motivate your sales teams to do their best work. Channel sales incentive initiative are cost-effective, easy and an incredible way to boost profitability. The more you engage your partners, the deeper your partner loyalty will go. Three key steps should be taken to create a fantastic channel sales incentive program. These will help you face the challenges common to all marketers during the program-creating process. By implementing these elements, your channel sales incentive program will be off to a good start! 1: Strategy Create a strategy for your channel sales incentive program. First, identify and examine your target. What are your program goals? What programs, if any, are currently offered. Consider previous years’ sales and your desired growth. These are some basic questions that will help you determine what your program’s objectives are. 2: Research Research is the next step for your channel sales incentive program. If there is an existing program, you should identify any challenges associated with that program in order to avoid or mitigate […]
