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.
Why Use A Channel Sales Incentive Program
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.
How Channel Partner Rewards Programs Lead To Success
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.
Top Rewards For Channel Sales Programs
Although there will be differences across demographics, there are some rewards that the Incentive Research Foundation’s study found were consistently popular.
- Gift Cards
- Award Points
- Trips and Travel
Gift cards and prepaid cards are always winners as they are viewed as cash equivalents. Incentive Research Foundation’s study showed that 63% of businesses with channel incentive programs used gift cards as an incentive. The important thing to remember is to choose gift card brands that will be appealing to your participants.
People like to have something physical as an incentive. Something they can hold in their hand and know is theirs. Merchandise was used by 51% of businesses in the Incentive Research Foundation’s study.
43% of businesses in the study by the Incentive Research Foundation used points to reward their channel sales incentive program participants. Reward points are fantastic for incentive programs because they give participants something to strive for. Participants will want to save up their points to get the best rewards possible within the incentive program.
Trips and Travel
Experiential rewards are one of the most popular types of rewards available. People want more than just possessions; they want to make memories. When you offer trips, travel, or other experiential rewards, it causes people to associate your business with those happy memories. Incentive Research Foundation’s study showed 30% of businesses with channel sales incentive programs offered travel or trips as part of their incentive program.
How To Set Up A Channel Sales Incentive Program
Working with a rewards program service provider like All Digital Rewards will allow you to easily set up a winning incentive program. We offer channel sales program management technology, reward delivery services, and channel sales incentive experts to help you through every stage of your program. Applying our SaaS Partner Relationship Management Platform will simplify even the smallest channel sales overlay promotion. We can connect to your existing system or provide an external solution to meet your needs.
To learn more about our channelSTACK™ SaaS Program Management Software, call us today at 866-415-7703, or click on the button below to schedule a demo.