Channel partner program involves selling your products, services, or technologies through a third-party sales entity as a way to diversify distribution channels. It is an effective business strategy that requires almost zero investment with massive upside.
In order to keep channel partners satisfied, companies organize channel partner incentives to reward their partners for their contributions. These incentive programs can be extremely rewarding for both you and your partners.
Organizations rely on channel incentive programs to expand their market reach, boost sales numbers, and add new customer categories to their portfolio. Most companies include channel partner program in their go-to-market strategy when promoting new products or services.
In this article, we will discuss strategies that will help you market new offerings through channel partner incentives. Before we do that, let’s quickly understand what it entails.
What are Channel Partner Incentives?
Companies generally offer rewards, bonuses, or incentives to channel partners for every sale or new customer logo added to their portfolio. These sales partners are categorized as distributors, resellers, or retailers. Depending on the partnership type, the companies design their channel partner program to motivate and enhance their productivity.
The channel partner incentives are decided based on the type of sales partner, sales target, or other sales metrics. Through incentives, companies intend to foster and build strong partnerships and increase brand affinity to drive revenue.
You can implement a number of strategies to leverage channel partner programs to introduce new products into the market.
Strategies to promote new offerings with channel partner programs
Personalize incentives to motivate partners
When designing your channel partner program, avoid a generalized approach. Every channel partner will have unique preferences or needs. You must address them by personalizing your incentive plan to suit your partner’s goal. Using a digital platform like Zaggle Propel to manage channel partner incentives gives you the capability to tailor your program.
With Zaggle Propel, you can customize your channel partner schemes based on the partnership model.
Equip partners with all necessary resources
Your channel partners can make a successful sale only when they can pitch your product/services and its benefits well. The onus is on you to prepare them with features, value propositions, and competitive advantages that your offering has. For this, you will need a seamless communication channel to share all the necessary information, resources, and use cases.
Zaggle Propel allows you to stay on top of your channel partners. It offers features to conduct surveys, make announcements, and keep all its sales associates with social media feeds.
Process channel partner incentives without delays
Your channel partner program will generate greater traction if it has minimal friction. If you cause delays in providing incentives, they will feel demotivated, which will affect the sales of your products/services. It could be extremely damaging if your offering is new and yet to establish a place in the market.
Zaggle Propel offers a range of capabilities to streamline the journey of channel partner incentives including:
- Automated claims processing
- AI-based analytics
- Customizable scoring criteria
All of these features will help you distribute incentives accurately and within the stipulated time. It will go on to keep your channel partners connected with the program.
Assess partner performance accurately
In addition to faster incentive processing, it is also necessary to ensure partners are rightfully rewarded for their efforts. When you manage your channel partner program manually, it could lead to errors and mismanagement. Further, manual processes affect your ability to evaluate how each partner is performing.
This is why Zaggle Propel is equipped with AI-based reporting and data analytics. It will give you real-time visibility into your channel partner’s performance. You can customize these reports to evaluate performance with different parameters so that you can reward channel partners with confidence.
Achieve success with channel partner incentives
Channel partner incentive programs can add great value to your overall sales strategy, especially for new products and services. But for it to be successful, you will need a comprehensive solution that gives you all the necessary features that Zaggle Propel has to offer and more. It has been a go-to channel partner platform for a number of brands across India, who experienced a completely new way of achieving success with channel partner incentives.
Zaggle Propel helps companies run effective channel partner incentive programs that can improve their performance and satisfaction. It allows the companies to create and customize channel partner schemes, conduct surveys and polls, manage training and certification programs, and even help implement gamified channel partner incentive programs.
Want to experience success with channel partner programs? Then reach out to us here.
