The most relevant channel loyalty programs incentives
Channel loyalty programs are a great strategy for to companies expand their business through channel partners. Get the most relevant channel loyalty programs incentives!
Benefits of launching a channel loyalty program
According to Invesp, 95% of marketers say they know how important multichannel is, but only 73% have a multichannel strategy.
Companies that work with several sellers tend to have a distant relationship with end customers. That’s why giving rewards to those sellers that sell based on your objectives and values. Below, we show the main benefits of launching a channel loyalty program.
Boost distribution
Developing reward programs make your channel partners prioritise your products or services.
If partners know they will receive benefits in each sale, they’ll focus more effort.
On the other hand, we recommend rewarding partners according to specific activities. For example, based on their knowledge, capabilities and expertise.
Increase brand awareness
If your partners increase your efforts to sell your products or services, this will increase your brand awareness.
Qualified channel loyalty programs include pronounced communication channels on the platform.
Rise your customers’ loyalty
By growing your products’ sales customer service, product or service knowledge, your clients are likely to be satisfied with your company. Consequently, they’ll be loyal customers.
Relevant incentives to consider in channel loyalty programmes
Having introduced the benefits, let’s see which channel loyalty incentives you should consider.
Channel sales incentives
In this case, partners are rewarded based on their sales volume. You can give them gift cards, entertainment tickets, etc. Update your incentives according to your company’s status.
Before launching the program, make sure you have a clear picture of how much you want to invest.
Channel SPIFFs
On the other hand, you can also consider channel SPIFFs (Sales Performance Index Funding Formula). Partners obtain a percentage of the sale. This type of sales is more focused on short-term incentives because they receive the cash automatically.
We suggest using this incentive on those products or services that have better results.
Channel rebates
If you decide to use channel rebates, you must calculate them accurately. Consequently, we recommend paying a volume rebate on the net price.
On the other hand, avoid using the word “discount”. Instead, verify you keep the conversation about rebates and not discounts.
Referral incentives
When companies want to expand their business, we suggest implementing referral incentives. Partners are rewarded for new registrations and new opportunities identified.
If other businesses help you finding new opportunities, you can also reward them even they don’t participate in the program.