Four Examples of Channel Incentive Programs That Drive Partner Loyalty
Introduction: How do you choose the right channel incentive company to implement the right program?
Manufacturers and distributors are constantly looking for the edge to increase sales of products and services. Many start by nurturing the relationship between provider and retail businesses. There are a number of ways to improve and increase loyalty, distribution and sales, but one of the most effective ways to create the business bond is through channel incentive programs. There are numerous channel incentive companies offering many different types of programs. Which programs are right for your organization? Which programs drive consistent B2B loyalty?
Encouraging specific reps within individual channels to perform at a high level is key. Finding a channel incentive company to implement competition programs that utilize performance dashboards, leaderboards, and product education can help manufacturers create promotions that encourage results from individual sales team members.
Rebate programs are tried and true. They allow manufacturers to offer bulk promotions for specific items, which channel partners can purchase and then get a percentage back on. Most manufacturers offer some form of rebate program, to varying levels of success. When executed well, rebate programs can be very rewarding for manufacturers. Rebate programs have been around for a long time, and often the tracking and implementation of these programs is antiquated. Finding a channel incentive company to help you simplify and streamline the rebate process is key.
Sales Performance Improvement Funds (SPIFs) allow manufacturers to reward sales reps in different channels directly for selling specific items. Defining the right rewards budget and items is key. Whether you want to offer merchandise, cash, or gift cards, you need to make sure the rewards are attractive for this type of channel incentive program to work. The reward needs to be distributed as close to the sale as possible in order for this method to work for performance improvement.
In order to sell your products, reps within different channels need to have intimate knowledge of how they work, and how to sell them. Providing incentives for success within a unified education platform is one way to accomplish this. Finding a provider that can help you post weekly quizzes is one way to accomplish this. When implemented in tandem with sales-performance incentives, rewarding for education can be very effective.
Providing incentives to businesses in the form of monetary value, products and other rewards generates a reason for a business to continuously provide your products or services to their clients. This "win-win" situation helps decrease the likelihood of your product being dropped from stores or representatives and increases sales for you as the manufacturer or supplier.
Channel incentives provide a wide variety of benefits to companies of all shapes and sizes. A channel incentive company like Online Rewards can help create and customize a channel incentive program that specifically fits your business model and increases long-term profits for your business.