Manufacturers, distributors, and wholesalers who sell products or services via a distribution channel stand to benefit greatly from using channel incentive programs in their sales and marketing strategies. Channel incentives can influence those who matter most to a B2B company’s bottom line: channel partners. When you have a motivation tool behind your initiatives, it’s easier to align the behaviors of dealers, contractors, resellers, and vendors with your overarching business goals. Below you’ll find four long term incentive plan examples that can drive action and growth in the distribution channel.
VIP Channel Partner Club
|Arrange an incentive trip for your VIP channel partners—those top performers who are most essential to your business. A unique, extraordinary trip will build lasting memories and loyalty that strengthen your partnership. This option stands to have the greatest ROI of all long term incentive plan examples.|
Training Incentives Program
|A long-term plan to increase and expand your sales force or channel partners’ product knowledge will gradually improve your sales over time. Reward your sales force for completing long-form training such as earning certificates and completing courses, or completing regular, short-form training such as quizzes and daily trivia questions.|
Data Collection Program
|Use online document upload tools to allow channel partners and salespeople to submit warranty registrations, receipts, invoices, and other sales claims documentation to help you create a more complete picture of your customer base.|
Segmented Channel Partner Program
|Use channel incentive management technology to create different sales promotions, incentive strategies, and marketing campaigns for different groups pf channel partners. You can run multiple, simultaneous initiatives.|
The best part about these long term incentive plan examples? You’re not limited to these four! You can combine the above strategies, or come up with a direction entirely your own, based on your business’ needs and objectives. The more specific your channel incentive program goal, the better it can address the unique challenges of your distribution channel, and the harder it is for your competition to copy your strategy.
Mark Herbert is President and CEO of Incentive Solutions. He has more than 30 years of experience overseeing business operations within the incentives industry, helping companies increase channel sales, build customer loyalty, motivate employees, and grow their business.