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: The total number of partners Recruitment quota attainment Partner attrition rate The percentage of partners recruited by channel (for example, 40% from networking groups, 30% from proactive outreach, 15% from referrals, etc.) The average cost of recruiting and onboarding a new partner The average length of time to recruit and onboard a new partner The total number of partner deals registered The average value of a partner deal The percentage of accepted partner-submitted deals The percentage of closed partner-submitted deals The average sales cycle length The percentage of your partners who registered a lead in the past month or quarter […]
Tag: Sales Incentive Program
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 […]
Comparing Types of Incentive Programs for 2019
It’s the New Year, and it’s time to consider how you will move your business forward in 2019. You are probably looking at all the new tools available to you and considering all the best solutions to meet your business’s biggest challenges. As you consider these, don’t forget to take a moment to evaluate the benefits of implementing an incentive program for 2019. Simply put, an incentive program is a means of rewarding desired behavior or actions. Incentive programs have a myriad of uses. You could use a sales incentive program to motivate your sales force to improve their performance in 2019. You could start a health and wellness incentive program to promote a healthier workplace. An incentive program could be used for employee recognition or as part of a loyalty marketing campaign. The sky is the limit when considering an incentive program! An incentive program can involve a number of different promotion types. Employees could earn a chance to play an instant win game set up to give them a chance to win virtual prepaid cards or perhaps a family vacation. Another option could be a sweepstakes program to increase customer loyalty and engagement. You could also institute a […]
How to Increase Sales Through Sales Incentive Programs
It is important for businesses to understand how best to motivate their employees, increase sales, and boost morale. Sales incentive programs have consistently proven effective in influencing employees to put forth maximum marketing and increase sales ideas for their companies. With all the different options available to use with your employees, there has never been a better time to start implementing your custom-tailored program. Properly implemented, a program for employee recognition and rewards can increase sales ideas by nearly 30 percent. In the long term, this investment will bring in significant returns for your business. Although the benefits of these types of programs are obvious, it can be challenging to choose the right digital rewards platform to motivate your sales team. Consider your team’s background and interests when making your choice. Your incentive program needs to fit within your organization’s budget and not incur extra costs that would cancel out any benefits. At the same time, you need a sales incentive program that will be exciting and engaging enough to motivate your sales force, increase sales ideas, and guide them in the direction you want them to go. Though it seems like a daunting task, implementing an effective incentive program […]
