Incentive programs are driving the success of B2B2C businesses. B2B2C incentives are engaging business channel partners creating strong relationships between partners. According to statistics in a study from the Incentive Research Foundation (IRF), businesses that used a non-cash channel rewards program showed a 32% increase in total revenue and a 30% increase in market share.
Here are five ways to create the perfect B2B2C Incentive program:
Make sure to engage your participants, help them be the decision-makers. Offering a direct reward for a qualifying behavior will help you gain and maintain a long-term relationship with your channel partners. By allowing your participants to log into a reward site and pick their prize from among a variety of options gives them a feeling of empowerment.
Structure your plan ahead of time with the correct processes because even the most expensive reward will be rejected if the system to redeem it is not user-friendly. A well-designed B2B2C incentive program should offer products and services enticing enough to impact behavior and also be structured to have a delivery system that meets budgetary and client expectations. The wrong incentive marketing agency will have long redemption processes which will cause participants frustration and will impact the long-term relationship with your channel partners.
Do not focus only on cost per incentive but instead, use a professional incentive marketing agency that can alter the costs. Many decision-makers spend too much time focusing on the cost per incentive when evaluating an incentive program. However, it is important to take into consideration that incentive marketing agencies only pay for the rewards redeemed. This fact reduces hard costs and makes the decision to work with an agency invaluable.
Use promotional items correctly
In general, incentives fall into two categories: promotional and corporate. The distinction between the two incentive types is not the rewards but the redemption processes used. Promotional incentives offer a high perceived value with lower cost. Promotions are proven to work with a gift with purchase as appointment setters and retail traffic generators. Corporate incentives offer a direct reward for a qualifying behavior to gain long-term benefits and are the most likely to be used in a B2B2C incentive program. It is important to make sure the incentive provider you utilize offers options for corporate incentive programs, not just promotional ones.
Distributing rewards to recipients who value them
Incentives earned are a result of the recipient completing a qualifying behavior; be it meeting workplace safety goals, sales goals, or taking a survey. By creating one simple additional step in the redemption process you can ensure that the rewards are going to qualified recipients who were motivated by and place value on the incentive. For example, you can have your partners log in their information for products sold then have another login to select their reward.
Working with a rewards program service provider like All Digital Rewards will allow you to easily set up a successful B2B2C incentive program. We offer incentive program management technology for B2B2C programs, such as channel sales programs, reward delivery services, and 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.