According to research carried by CSO insights, 63.5 % of companies have shown significant growth in their sales with the channel partners enablement. Channel partners play a significant role in driving revenue for the organizations by uplifting your sales and market reach. But for the channel partners to go an extra mile and beyond their efforts, the organizations need to think more than just the paychecks.
You must be thinking about how can we motivate them?
The simple answer is Channel partner incentives.
Imagine if every channel partner is rewarded and recognized with special incentives for their achievements. Will they not feel motivated and encouraged to do more?
So, motivate your channel partners with special incentives to accelerate growth in your sales.
What are channel partner incentive programs?
A channel partner incentive program is designed to motivate your channel partners by offering valuable rewards based on their performance to boost them to increase sales for the organization.
Channel partner’s incentives are crucial in mapping the growth graph of sales as they keep channel partners engaged and motivated to provide high-value services.
How do channel partner’s incentive programs help in accelerating sales growth?
Increases engagement and motivation: When channel partners are recognized for their achievements and rewarded. They feel more engaged and motivated. This aligns them more towards the company’s goals and sales growth.
Builds long-lasting relationships: Incentive programs create a common channel of communication between channel partners and organizations. The incentive programs are a great way to gain the loyalty of channel partners and build long-lasting relationships with channel partners.
Extends brand reach to a new market: Channel partners have their market share, reach and value. They help you to introduce your brand to the market. Incentivizing your channel partners will give your brand more reach and increases your global visibility in front of a new user base, which increases your local and even global visibility.
Meeting or exceeding sales goals: Incentivizing your channel partners will motivate them to meet or exceed their target goals. They would work harder to get the special incentives and show exceptional results.
Best practices for a channel incentive program
- Set the performance and eligibility criteria
- Create a simple and easy to understand program
- Reward the partners accurately and in time
- Consider automating your incentive program
- Promote your incentive program within the channel partner community
The bottom line
The right incentive program can help you in boosting your sales. Incentivize your channel partners with the perfect and customized rewards to increase their engagement and build a long-lasting relationship with them.
Zaggle Propel is a platform to design, execute, and manage incentives and reward programs for channel partners, which help organisations in motivating and engaging the channel partners.
