Maximizing partner mindshare with an incentive strategy is critical in a sales channel. You aren’t just competing for customers, you’re also competing for partner sales staff time and attention – mindshare – and to keep service technicians motivated to stay current with your products. If your channel partners offer solutions from several different brands, you need to give them reasons to prioritize yours. Having an effective and efficient incentive strategy that is tied to your business objectives is one of the best ways to do this.
Incentive fulfillment comes in many forms. Bonuses and Sales Performance Investment Funds (SPIFs) are nice but they aren’t the only tools in the toolbox. A smart vendor offers a wide variety of incentives to bring the widest appeal to the sales staff of its channel partners. These include rewards tied to achieving key activities and results. Rewards involve gift cards, physical items from approved online catalogues, travel, advanced training opportunities, and others depending on the industry and business objectives.
The LogicBay ChannelStack™ is fully equipped to handle a wide variety of incentives. It can track both partner- and individual-level successes with exact measurements to ensure effective incentive distribution. Specific activities and results tied to incentives are tracked and measured across the channel partners’ organizational structure. Our ChannelStack™ includes integration with best-of-breed rewards fulfillment systems.
- Hosts multiple incentive types.
- Provides the hard data you need to determine your top performers.
- Creates training programs, tracks, or tiers which are accessible based on performance.
- Flags or notifies as appropriate when partners qualify for rewards.
- Allows partners to implement and manage their own internal incentive programs.
- Makes your brand highly attractive to channel partner staff who want to succeed.