We’ve already explained some of the more important parts of creating a channel partner incentive program, such as how you should motivate your middle tier channel partners and leverage incentives. Armed with this information, you might be tempted to start your very own channel partner incentive program – and if so, that’s fantastic!
There are certain traits that make a top-notch, high-performing channel partner incentive program beneficial for both businesses. If you’re considering how one of these programs might fit your business, speak with a specialist today!
In this article, we will discuss the first five of eleven key traits of channel partner incentive programs – keep an eye out for part two!
In today’s world of instant gratification, it is critical that rewards and recognition be delivered quickly. If they can’t be delivered day-of, they need to be doled out as close as possible to when the rewardable action took place. WorldatWork has found that 54 percent of employees cited short-term (and more immediate) incentives as having a more significant impact on employee engagement.
What does that mean for your business and its channel partners? To have a successful incentive program (which, if run correctly, will make you both more money), then your business needs to reward high performers very quickly. Many employees (78 percent, in fact) say that they would work harder if their efforts were recognized and appreciated. At the end of the day, channel partners are indirect employees – and it’s time to reward them as such.
To have a well-functioning channel partner incentive program, feedback needs to be provided instantaneously so that the program can be optimized in real time. After all, it will only be useful if the program delivers something that the person on the receiving side actually wants.
An effective incentive program should be set up in such a way that your company can gather the data and performance analysis quickly. Your channel partner should be able to adapt to each specific client’s needs, as should you and your incentive program. Use the data at hand to gain a comprehensive understanding of how your program is working and where there are any performance gaps that you can optimize.
3. Engaging and exciting
To build up your brand loyalty and create an effective channel partner incentive program, your rewards need to be of sufficient size and relevance. This way, your partners will want to participate and they’ll strive to make sure that they’re included.
From loyalty rewards to travel rewards to corporate-scale rewards, the incentive program should bring a creative approach to your partnership. Not only will the partner want to participate and sell your product better, but the ramifications could also include the benefits of higher sales, better data and more cost-savings.
It’s important that the incentive makes the work worth it—that’s why it’s called an incentive! If you’re not offering something that people think is worth their time, they won’t work toward your goal. Additionally, your incentives need to fit your channel partners’ unique desires and interests, or else they won’t want to earn it. That’s why it’s important to customize your incentive program and make sure the reward is what their employees really want.
Your channel partner incentive program needs to be perfectly tailored to the size, sales cycle length, fit, and core values of the specific company. A well-planned, effective program gets granular and utilizes the data from a personal level to understand what, exactly, those employees want the most.
The value proposition of your incentive program needs to resonate with your channel partners. Not only does it have to be engaging and exciting, yes, but it also needs to keep your partner excited about their progress toward the rewards they covet the most. In an effectively designed program, the people who participate should earn enough credentials to receive a tangible, meaningful reward within the first 12 months.
5. Vendor supported
Starting, launching and maintaining an incentive program can seem like a daunting task. Besides working with qualified professionals, what else can you do to help break into the incentivization game? How about get your vendors involved? Not only could it be beneficial for your vendors or suppliers to be included in the process – they might even sponsor it!
Experienced providers and vendors can help you improve the success of your incentive program – especially if it will benefit their sales as well. If they are willing to pitch in, you could enjoy cost savings while also improving your bottom line! Make sure your vendor or partner offers the best technology and rewards that will help to ensure the success of your program.