Organizations are always looking for ways to increase revenue and decrease costs. Marketing will generate leads that could turn into customers but it can be expensive. Churn is also costly and with all of the competition out there, your loyal re-sellers are tempted with dangling carrots from the competition. So how do you invest your organizations hard earned money into a solution that will both drive loyalty and also increase revenue? Implement the right Channel incentive program.
You don’t need to invest a fortune to implement a business to business (B2B) program for your re-sellers but if you don’t implement the right program, your organization will not see the results it was hoping for.
Research – You need to start by taking a look at the internal and external situation that your organization and your re-sellers are facing such as competition, customer purchasing patterns and what your sales goals are. You also need to consider the economic factors. This will enable your program to target the right audience with a structure that will allow them to be successful and also be rewarded in a relevant way to them.
Insert training and knowledge – Your channel incentive program should also include opportunities to be rewarded for training and/or sharing knowledge. This will make it fun for your audience and also create an environment where they can share their knowledge with others.
Communication – Talk about the program, what it is about and share the results. If your re-sellers see that the program is successful and helping to make the them more successful, they are more likely to participate and drive more sales.
Change it up – New competitors and challenges can pop-up at any time. Stay in touch with what’s happening in the marketplace and also internally with your sales team. If you need to make room in the warehouse or want to push your new product, use the B2B program to do this.
In a recent case study published by i-Myth called ‘ROI Incentive Programs: A Case Study for Channel Sales Success’ they found that after implementing the right channel incentive program, over the period of 9 months the organization’s total revenues increased by 32%. They also found that turnover of the program participants had decreased by 2% from the previous year. Investing back into your organization is great and when done correctly can yield many benefits to your audience and the bottom line.