Your Channel Partner Relationship
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.
The Benefits of an Incentive Program
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 them. This provides motivation for them, useful data for you, and sales for both!
Key Incentive Program Features
When comparing incentive program technology and management software, there are some key features you should look for to make sure that you’re getting what you need for your program:
- Reward Offerings
Your incentive program should come with extensive rewards offerings. This might include physical merchandise, digital rewards, prepaid cards, travel rewards, gift cards and more. The rewards should fit your budget and your target demographics – picking the wrong rewards can make it seem like you don’t understand your partners. The right reward fulfillment management team will be able to help you select the rewards that will wow your channel partners and foster strong channel partner relationships.
Incentive program management solutions are kind of like kids in a ballet class: the flexible one is the star. You want a solution that will be responsive, mobile, and promotion ready. No one wants to deal with big-box restrictions. You want real-time options, B2B2C solutions, third-party integration, and no boundaries.
Imagine your channel sales team member completes a sales goal that qualifies them for an incentive program reward. How hard do you want it to be for them to claim that reward? With the right channel sales management system, it should be as easy as going to a website, entering the sales information, and claiming their reward. The easier the process is, the happier your participants will be and the more effective your channel partner incentive program will be.
No matter who you are, you want to know that your information is secure. Bad security can lead to fraud, identity theft, and high costs. The right security features increase participants’ trust and your peace of mind.
Anyone who’s ever bought clothing off the internet can tell you “one-size fits all” is rarely true. Of course, you want everything custom branded for your company, but you need more than that. Your incentive program and its supporting technology should fit your specific program’s needs. You should find an incentive program technology provider who can work with you to provide exactly what you need.
All Digital Rewards has extensive experience in working with channel partner incentive programs. We can provide the right rewards, technology, and support for your next channel partner incentive program. To speak to one of our incentive program experts and learn about how our ChannelSTACK™ SaaS Program Management Software can support your next channel partner incentive program, call us now at 866-415-7703, or click on the button below to schedule a demo.