Everyone is different and hence everyone cannot be motivated in the same way. Reward programs need to be designed carefully to target the intended audience. Understanding the demographics of the participants is very important when it comes to choosing the right rewards that can motivate them. Cultural and regional factors should also be taken into consideration to decide the valuable and effective reward program.
What is a metric-based channel rewards program?
The metric-based rewards program is a concept used for quite some time now by numerous companies to motivate and engage their channel partners as well as employees. Basically, metric-based channel rewards present points to the channel partners for their participation in various activities that can accelerate the business growth. These points can be redeemed later on for the rewards like gift cards, experiences, merchandise, etc. from the wide choices provided.
Why metric-based channel rewards programs are the best?
These programs provide the flexibility to customize the rewards program to achieve the desired targets. These are customizable programs that can be customized on all the levels of the sales cycle to help incentivize not just top performers but all sales reps depending on their performances. Points-based rewards programs provide a strategic approach to achieve desired actions.
According to a study conducted by Aberdeen, around 63% of leading B2B companies use awards other than cash to motiva2wefdte their channel partners as the choice can motivate them to perform better each time. Combining rewards with appreciation components can lead to higher success.
Factors to choose the reward program
There are some factors that need consideration before choosing an effective metric-based channel reward program.
1. Be clear about the goals and objectives you want to achieve through the program
2. Specify individual rewards on the company-level
3. Rewards for partners that will motivate them to perform better
4. Consider cultural and regional factors in choosing the best rewards
5. Usage of gamification and recognition for enthusiastic participation
6. Automation of claiming process based on the available data
7. Clear definition of ‘SUCCESS’ of the program
Managing reward program automatically
Complex programs can’t yield desired results. Partners need a program with realistic goals that are easy to understand. Partners want to get their rewards promptly as the late incentive payments can be harmful to the relationships.
Automation of the metric-based reward programs can help the organization in calculating and disbursing incentives timely and accurately. Rules can be created and applied easily about the eligibility of the partners. Manual method needs a cumbersome claim process that can lead to delayed incentive payments, which can be avoided with automatic incentive payment calculation. Setting up goals to measure progress is an excellent way to motivate the partners. With the AI-generated reports and accurate ROI measurement of the programs, automation provides an option to know the effectiveness of the programs.
The metric-based channel rewards program provided by Zaggle Propel is a fine-tuned and accurate program that can help you decide which channel partners need motivation. With AI-driven reports and analysis, selecting and designing the best program is an uncomplicated task.
