When looking to grow your marketing and sales efforts indirectly, a partner rewards program is a great idea. Choosing appropriate partners can help establish brand credibility and expand your reach without breaking the bank, and it’s a great way to expand your network beyond your own circles. In addition, implementing a rewards and incentives strategy is key to running a successful partner program while maintaining a good working relationship.
Consider the following techniques when developing a program to incentivize your partners to sell your product.
Provide a Competitive Incentive :
Referral marketing can produce significant results for your company, particularly in today’s buying and selling culture. That is why, now more than ever, it is essential to provide your channel partners with a generous incentive to push, refer, and sell your product. Whether you offer a cash award for each new percentage of the business, a sales discount, or a flat rate award for each sale, make sure the incentive you offer your partner is competitive.
Maintain A Simple Incentive
Make your partner’s incentive program as simple as possible. The less difficult it is for your partners to sell your product and complete your incentive program, the better. Explain the program’s goal, how they can track their progress, and how they can receive their award to your partners in detail.
Keep Your Terms and Conditions Consistent
Changes to the terms and conditions of your rewards and recognition program on a regular basis can be confusing to your partner and complicate the relationship. To develop the kind of brand loyalty that sells your product, your partners must understand how your program works and have faith that it will remain that way.
Enhance Your Incentives
The idea behind escalating incentives is simple: the more a partner sells, the more the reward grows. You can use an escalating incentive strategy to set achievement bars that allow your partners to achieve a certain status when they meet a goal and then reward them with the appropriate bonus incentive. An escalating incentive strategy would be effective if you want to keep existing partners motivated and bring you more clients.
Think About Different Types of Awards
Although monetary awards are a common type of incentive used to motivate action, don’t be discouraged from investigating other types of awards. Here are a few examples of non-monetary awards that can be just as effective as a tangible gift, a personal “thank you” from your top executive, an invitation to a company event, and a special trip.
Final Words
You might be thinking at this point that a robust rewards and recognition program sounds fantastic. However, you may be wondering how you will find the time to effectively manage these many incentives while still having time to focus on everything else.
The best part is that it has never been easier to incentivize your channel partners. All you need are the right solutions. Request a demo today with Zaggle Propel to learn more about the simplest, most powerful way to manage a channel program and smartly incentivize your partners.
