Engaging and motivating your channel partner sales team and getting them excited about your products and services is a crucial aspect of your channel marketing strategy to generate sales, customers, and new leads! Channel partner incentive programs are an excellent way to motivate your channel partners, boost profitability, and it is an easy and cost-effective opportunity that every company should explore.
It’s clear that Incentive programs are one of the secrets to Channel Sales Success. When looking at your channel marketing strategy and how incentives benefit it, there are three essential components to include.
How to Prepare Your Incentive Program Strategy
The first step is to establish the foundations of your channel sales programs is by conducting internal research on business operations, employees, current programs, and competitors. You’ll also need to identify goals. Is there a current program offered? What were last year’s sales? What is the desired growth? These are great questions to help you determine what the objectives are for your sale incentive programs strategy. Meet with departments across the organization to identify what goal/objective needs to be accomplished for each. Begin with no more than five clear objectives.
Researching For Your Sales Incentive Program
There are several things to research when creating your sales program, such as:
- Rewards: Rewards should be consistent with participant demographics and the organization’s brand and appeal to the participant audience.
- Incentive and reward management technology options: When incentivizing program participants, the more immediate the participant receives the reward, the better for the participants and the program. Technological advances allow participants to redeem rewards online, transacting in real-time and you’ll want to make sure you research your technology options.
- Key metrics to measure success: It’s critical to build a program that achieves business objectives and effectively appeals to customer motivations. You must research what metrics you’ll use to measure your program’s success in meeting those objectives.
Delivering On Your Program’s Promises
You can have all the best intentions with a good strategy, know what you need to do but if you execute the incentive program incorrectly, it’s a bust. Make sure you have the technology and support in place to make sure you can deliver on your promises to your customers. All Digital Rewards is a leading loyalty engagement specialist that works directly with companies, partner networks, and end-users to design and support employee, consumer loyalty programs, and incentives. To learn more about how we’ve helped channel sales programs in the past, click here to request full Case Study Increase Genuine Accessories Sales with the Right Sales Promotion and call 866-415-7703 or click the “Schedule a Demo” button at the bottom of the page and let our team of experts here at ADR help you succeed in your next sales incentive program.