When you think about an incentive program you typically think in terms of rewarding your outstanding employees for their hard work and showing your loyal customers how much you appreciate their continued business. Your channel marketing strategies are a series of business to business transactions which may not seem conducive to an incentive rewards program. However, there are ways you can use incentives as part of your channel marketing strategies to increase sales efficiency and build on the success your company enjoys.
How to Reward Successful Channel Marketing Strategies
There are several ways to go about implementing a rewards program into your channel marketing strategies. Channel incentives are typically utilized when you need to boost a specific sales area whether it’s because you’re seeing a drop in sales of a current product or launching a new line. What you’re trying to achieve is raising product awareness with new sales channels. Incentives both internal and external to your company can be used efficiently to reach your goals by providing rewards for both setting up new opportunities with potential clients while recognizing individual sales through the actual product.
Channel Sales Incentive Programs
Incentive programs related directly to the product offer rewards for your client business partners who promote and sell the product and can be a valuable part of your channel marketing strategies plan. This type of program provides immediate gratification rewards for direct product sales, provides incentives for dealers and business partners to learn about your product through training, and provides market feedback with rewards for study participants. Because the reward for dealers is the cash they earn through their mark-up and the reward for the end consumer is the product itself, the reward can be something small which shows your appreciation and helps promote the product.
Employee Recognition and Rewards
You typically reward your employees for their hard work, laborers may earn a reward for high levels of production, sales teams earn rewards to compliment commissions, and the same concept applies with your channel marketing strategies. When an employee sets up a contract with a direct to consumer dealer, they’re generating multiple sales and deserve an award associated with the accomplishment. It’s a fairly simple concept to recognize how each of your employees’ contributions affects the company on multiple levels and they deserve recognition for how they have accomplishments outside of their daily job duties and the regular rewards program which applies to them.
You may not have considered rewards for the intangible accomplishments provided by such details as your company’s channel marketing strategies, but it’s time to start doing so by contacting one of our representatives at Incentive Solutions to discuss what options are available and which ones have shown proven success with business situations similar to your own.