While everyone can use a few extra Benjamin’s in their pockets, incentivizing your channel partners with cash rewards for selling your product isn’t always the best way to win. So how else can you sweeten the deal for your wholesaler, dealer, reseller, retailer or distributor so that they sell more of your product and create a positive return on investment?
Think individual. Think simple. Think travel. Think rewards.
Remember that time you worked on a group project and did all of the work yourself? So does your channel partner. We’ve all been there. So instead of targeting entire teams with your incentive programs, instead focus on creating goals for your channel partners individually. This way they’ll remain accountable for the performance of me, myself and I. Not Jack, Eileen and Bob.
The best channel partner incentive programs are easy to implement and clear to understand. Make sure your channel partner understands what you want them to do and what they will get in return for reaching their goals.
Don’t assume that your channel partner is motivated by only cash. On average, 1 in 4 channel managers say they participate in 6 or more unique incentive programs. Instead of giving your channel partners more cash to pay for groceries and cable, give your channel partners and families an experience that will last their career and their lifetime.
One size doesn’t fit all. An overwhelming majority of channel partners say they want dynamic incentive programs that allow them to leverage their knowledge of local markets. And implementing reward programs is easier now than ever. Our reward programs can be implemented with an easy-to-use mobile platform that your partners can use to track their progress, access training content and redeem their points.
Effective incentive programs create a boost for your business and your channel partner’s. They’re also a great way to establish beneficial relationships with your channel partners and increase your product’s market share and adoption.