A Channel Partner Incentive and Rewards Program is one of the best ways to drive results in your partner network. Through these you can reward your partners through a broad range of activities, from completing product training to sales quota attainment or successfully executing marketing campaigns and increasing brand awareness. The current misuse of incentive program in the channel is due to lack of siloed programs, lack of goal alignment and little or no governance.
Satisfic can help you to execute a highly effective partner incentive and reward program to drive adoption and ROI.
Incentive and reward programs work, if they are strongly linked to business objectives and the partners know what is expected of them. The traditional approach to channel incentives was often to offer a big sales spiff to incentivize partner sales reps. It is costly and not efficient beyond one or two quarters. Partners tend to respond and adopt to those incentive programs where they see the connection between their own business goals and the overall business strategy of the vendor for a specific product or solution or market segment.
It is also important to understand that complexity is the enemy of program success. Partners want easy-to-understand programs with realistic and attainable goals. Engage Satisfic team to model your incentive program around clear, focused goals and execute it end to end.
The best channel incentive schemes are not made with a one-size-fit-all approach in mind. What works for one set of partners won’t necessarily work for the next. It is important to understand that every partner type – ISV, SI, Solution provider, Service provider, distributor etc. is different. They will have different ways of working, different objectives and different types of team members, from the highly experienced to those who are new to selling. Tailoring your program to fit each partner type can help to maximise its effectiveness.
Having a deeper view of your partners is key to developing an incentive scheme that’s well suited to each partner, helping your incentive stand out from your competitor’s programs.
The channel is constantly evolving, and we are seeing different partner types with new business models and emerging technologies. The partner personas are also changing rapidly and so are there expectations from the incentive programs. The incentives you used in the past may not deliver the same results you seek today.
So, it is important to emphasize on creating custom channel incentive program based on what partner personas you would like to target and influence (e.g. sales, marketing, pre-sales technical, professional services). This would help you stand out from competitors, maintains momentum of partner sales team, and becomes a scalable process so that it’s less likely to lose steam over time.
Announce rewards for partner sales and technical reps completing training/certification or for partner marketing team successfully executing digital marketing campaigns and reporting pipeline growth. Cumulative rewards earned through specific behaviours that lead to increased sales rather than just for the sale itself can be motivate the front line earlier in the sales cycle.
If you already have an existing incentive management tool or you still manage the whole process manually, Satisfic team can help design, develop and deploy partner incentive and rewards programs to impact behaviours that deliver desired outcomes
Learn from Satisfic experts about various aspects of Partner Incentive & Rewards Strategy
How Satisfic team setup, launched and executed a successful Incentive & Reward program
Learn how you can successfully run an Incentive and Reward program
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