Benefits of a Channel Partner Incentives Program
3 April 2018
Channel partners are third-party organizations that are appointed by manufacturers to sell their products, services, etc. to their target customers. To succeed in your partnership with your current or future sales channels, you have treated them beyond that. Meaning, since you tapped them as your distribution partner, it should be your common goal to have a long-lasting partnership supported with a strong foundation – trust and loyalty. Because in the long run this will translate to more revenue, hence, better profitability on both sides.
But like any other business partnerships, in order for you to establish a good relationship with your sales channel, you have to go the extra mile to gain their trust and loyalty, which can be pulled-off through a sound sales channel rewards program. In turn, your partner would also double their efforts in selling and marketing your products among your customers.
Here are the benefits that you would get from an effective channel incentives program along the way:
1. Increase Brand Awareness
Given that channel partners act as extension of your company, it is given that they also serve as ambassadors of your products or brands. If incentives or rewards programs are properly executed, it would encourage them further to promote your brand(s) in any means possible.
2. Gain More Leads
Effective sales incentive programs encourage channel partners to follow up on leads. This of course, would lead to higher sales volume for your company.
3. Strengthen Relationship with Channel Partner
Tangible rewards have intangible impact to your channel partners. This in effect would strengthen your relationship with your sales partner, because aside from treating your sales reward as incentive, they also see it as a sign of appreciation and long-term trust in their service. But of course, in order to achieve this feat, you have to ensure that you are giving the right incentives. Otherwise, your reward will not have a long-term impact.
Channel incentives are always an effective tool to engage your sales partner, as well as gain their trust and loyalty. So if you want to build a long-term relationship with your sales partner, you have to make sure that you are giving the right incentives.
Sodexo Benefits and Rewards Services is a leader in the service voucher industry that caters to more than 3,000 clients across the country. With its wealth of experience in gifting and rewarding, Sodexo can provide you proven and effective solutions made especially to improve your sales channel rewards program. With its Sodexo Premium Pass, a gift certificate widely accepted at over 10,000 merchants nationwide, you can now reward your sales partner the freedom to choose the reward tailored to their needs and preference.