You rely on your channel partners to drive sales. Their success translates into yours. So, anything your company can do to help make channel partners more successful is ultimately good for the bottom line. This begs a question: how does your company feel about sales incentives? Does management see them as an investment in long-term success?
Sales incentive programs are crucial to a successful business strategy. We see them as investments because they pay for themselves in terms of lead generation, closed deals, and revenue growth. The potential ROI for a well-designed sales incentive program is great, and the loyalty you develop can carry forward through good times and bad well into the future. Working with an established company like Motivation Excellence is imperative to achieving the best results.
Sales Incentives Directly Impact Performance
Consider your channel partners and what motivates them to perform. Of course, they are likely looking out for their own best interests. But as a partner, their interests are tied to yours. A great sales incentive ties the success of both companies together with rewards that create lasting bonds.
Sales incentives directly impact partner performance. Partners motivated by the rewards in your incentive program are more likely to put extra time and effort into reaching their goals and aligning their business strategy with yours. Incentives motivate channel partners to want more. And when that happens, your company earns more.
Note that data backs up this principle. For example, a study conducted by McKinsey & Company demonstrated that well-developed sales incentives have a 50% greater impact on total sales than new investments in advertising.
Sales Incentives Boost Retention
Retention is always a challenge with channel partners. Your partners have their own businesses to worry about. There is always the temptation to leave your organization behind in search of greener pastures. Any such temptations can be countered by developing a deeper relationship with channel partners. A great way to do that is through a sales incentive program.
Sales incentives reward your partners commensurate with their efforts. Rewards go a long way toward increasing loyalty and boosting collaboration. Given a choice between staying with your organization and its sales incentives or working with another company that doesn’t offer such incentives, or a less desirable one, partners are going to choose you more often than not.
Sales Incentive Rewards Come in Many Forms
Reward points to spend on nearly anything, a spot on a coveted group travel experience, special event tickets, or a combination of options make sales incentives a great engagement tool!
No matter what the reward is for them, the reward for your company is a deeper emotional connection between your company and your partners. Group travel experiences create long-lasting memories. Using reward points to geek-out a new rec room at home reminds the recipient of your company every time they sit down with the kids to play a game. Giving access to marketing materials, product training or steps-to-the-sale tips demonstrates your commitment to your partners’ growth. Sales incentive programs can be customized starting with the rules and ending with the rewards in countless ways that benefit both your company and their business.
Sales Incentives + Channel Partners = Great Business
Your company’s long-term success depends on continually driving sales and sustaining lasting partnerships. You can create a lifelong advocate of your product or solution through well-designed incentive programs. You know “the why” and we know “the how” when it comes to building successful B2B incentive programs with great ROI. Be intentional with your sales incentive strategy with us as your guide. Connect with us to get started!
