Successful channel incentive program strategies come from strategic thinking, industry expertise and using the right business tools. One of the best ways to improve channel marketing strategies is building stronger B2B partnerships. That’s why Incentive Solutions has examined some of our most successful client programs in order to find out exactly what works best when putting together this type of program.
1. Vendors Who Support a Successful Channel Incentive Program
Including your vendors or suppliers in your incentive program can help it thrive. They can fund incentive initiatives such as brand sales promotions, product training. They might even want to become a partner in sponsoring the program. By working together, you can increase sales for everyone involved!
2. Fun & Excitement
The most successful channel incentive program strategies are those that can engage participants with an interesting hook. Many of our clients got their incentive programs off to a strong start by holding contests and raffles to get participants excited before launch!
3. Daily Trivia Rewards
Implementing a daily trivia feature into your incentive program platform is an excellent way to keep participants consistently engaged with your program. Think of this as a bite-sized training incentive to reward your participants for staying up-to-date on your latest products and promotions.
4. Customer Retention + Purchase Incentives
When you’re dealing with channel sales, it may feel like the competition is always on your tail. A channel incentive program is an excellent way to generate customer loyalty and fend off competitors. Additionally, use your incentives to harness the growth potential of your average customers—you can offer this middle majority bonus points on high-margin products to increase sales.
5. Specific Goals and Promotions
When devising your program, specific goals are key: just take a look at the strategy of one of our best clients, Mitsubishi Electric Cooling & Heating. By targeting contractors that sold their ductless HVAC units the incentive program led to a 45% sales increase in ductless units, as well as achieving an ROI of 307%!
6. Event Management Services
Treat your best channel incentive program participants to VIP rewards, like incentive travel! There’s no better way to show them a good time and make unforgettable memories than in an exciting, exotic location.
If you are having trouble with implementing these recommendations, or would like to start a new one, give us a call at 1.866.567.7432.