Channel incentive schemes skyrocket partner sales
With a market-leading channel incentive scheme, you'll create loyal advocates among your indirect sales channel.
Your channel partners will go out of their way to get to grips with your product. Then deliver an exceptional experience on behalf of your brand.
"Would recommend in a heartbeat.
We have successfully used Incentivesmart for over 12 years to grow our independent sales channel, with regular feedback that the service and offering they provide is market leading.”
Miele, Category Manager
Win partner mindshare
Improve product knowledge
Simplify claims processes
Track participant performance
If you need a fresh pair of eyes on your channel programme, you've come to the right place.
Migrate your incentive efforts to us and you'll enjoy:
- Reinventing commission and rebate programmes
- Best-in-class partner insight
- Superior support to drive participation
- A one-of-a-kind methodology
COMPANIES ENJOYING HEALTHIER CHANNEL SALES WITH US...
Innovative tech - for a market-leading channel incentive scheme
Incentivesmart's market-leading channel incentive software delivers incremental revenue and partner mindshare across the board.
You'll enjoy a winning combination of eye-opening partner insight with seamless scheme administration. Plus some seriously tempting rewards to boot!
How do you build a successful channel incentive programme?
We've been at the forefront of channel incentive programmes for over two decades. So we know how to take partner performance to new heights.
1. Determine objectives and incentive qualifications:
Creating a successful channel incentive programme should be a well-thought-out process that begins with defining your objectives.
What do you aim to achieve with the programme?
Perhaps you’re keen to improve sales, expand your market reach or highlight specific products within a marketing campaign. This objective will serve as the foundation for your programme.
Once your objectives are clear, you'll need to establish the criteria that partners must meet to qualify for incentives. This may encompass various factors like meeting sales targets, achieving specific revenue milestones, or fulfilling training and certification requirements.
Remember that a successful channel incentive programme should remain adaptable and flexible and evolve in response to changing business dynamics and partner needs.
Regular evaluation and feedback mechanisms are crucial to ensure the programme stays aligned with your objectives and continues to drive success within your network of channel partners.
2. Set simple goals and thresholds:
When your partners can easily grasp what they need to accomplish and what rewards they can expect, it reduces the chance of misunderstandings and simplifies decision-making.
Additionally, make sure the goals are realistic and align with your partners' current capabilities. When partners perceive objectives as overly ambitious, they might become discouraged and, in some cases, decide to step back from the programme when faced with challenges or setbacks.
It’s about finding that sweet spot in goal-setting – where partners aren't overwhelmed by impossible targets or bored by overly simple ones.
Here are some examples of realistic goals that you could set within your programme (however, these all depend on your business objectives and the nature of your partnership).
- Encourage partners to achieve specific sales volumes or revenue targets within a defined period. For instance, "Increase monthly sales by 20% compared to the previous quarter."
- Promote the sale of particular products. For example, "Introduce and sell our new product line to at least 50 customers in the next three months."
- Focus on enhancing customer satisfaction and service quality. "Maintain a customer satisfaction rating of 90% or higher."
- Incentivise partners to generate leads for your business. "Generate a minimum of 50 quality leads per month."
3. Tier the programme to make goals achievable:
To make your channel incentive programme more engaging and accessible, consider organising it into tiers or levels. This means you can offer different reward levels based on the performance of your channel partners. The fundamental idea behind this tiered approach is to make the program more accessible, engaging, and ultimately, more motivating for your channel partners.
Here's how it works:
- Acknowledge small wins: The tiered structure allows you to recognise and reward even the smallest of achievements. Whether a partner has made a modest but meaningful contribution or a substantial leap in performance, they can expect to receive acknowledgment at an appropriate level.
- Encourage progression: By offering different reward levels based on partner performance, you create a clear pathway for progression. Partners can see that as they advance through the tiers, their rewards and recognition increase which acts as a powerful motivator to strive harder.
- Tailor to partner needs: Not all partners are on an equal playing field; they have varying capabilities, resources, and strengths. The tiered approach allows you to tailor incentives to the specific needs of different partners to ensure the programme is inclusive and appealing to all participants.
- Encourage healthy competition: The tiered structure often sparks a healthy sense of competition among your partners, as they aim to outperform one another in their journey towards reaching higher tiers. This not only boosts your business by driving sales, but also adds an element of enjoyment amongst partners while carrying out their work. It's a win-win situation for all.
4. Measure and review:
Sustained success in a channel incentive programme hinges on regular measurement and evaluation. It's imperative to set up mechanisms for real-time monitoring of your channel partners' performance. This provides immediate insights into their progress, allowing you to stay on top of developments and respond promptly to changing dynamics.
Inevitably, you'll encounter situations that necessitate adjustments, such as fine-tuning the existing incentive structures to better fit evolving goals and market conditions. You might also consider introducing new rewards to maintain partner motivation and discourage them from exploring other opportunities.
Maintaining an open and ongoing dialogue with your partners, along with a thorough analysis of the programme's performance metrics, is your key to understanding what is going well and where potential challenges lie. Armed with this comprehensive insight, you can make well-informed decisions to steer the programme in the right direction.
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