Build a channel incentive program by setting clear goals beyond revenue, benchmarking competitors' partner programs, analyzing each partner's strengths and weaknesses, and defining exactly which behaviors you'll reward and how. Use frameworks like SMART or OKR to shape targeted partner behavior.
Building channel incentives can be a daunting task, particularly at the beginning. But having the right strategy before you begin will set you up for success. These are 4 things you should do to get started implementing a successful channel incentive program. Set goals. Goal setting is an important part of any process. For a channel incentive program, look beyond your revenue goals. Use a goal setting framework like SMART or OKR Define your problem statement and ask yourself: what inroads do you need to make to become a market leader? Do you want to boost your customer experience? Do you want to extend your channel marketing brand or product knowledge competency? Number 2: Outperform your competitors. Knowing your competitors and researching them well can give you insights on their partner experience and whether it's creating a definitive value for them. Think, what can you do to out-influence your competitors in in influencing channel loyalty. It's all about relevant and immediate experience for the partner. For example, when your partners log into their portal, they can see their badges, their tier, the actions that have been rewarded, and so on. Number 3: Once you have your partners' attention, it's time to go deeper into leveraging your channel partners' strengths and shoring up their weaknesses. Think, what do they like to sell? What do they sell best? Which geographies do they have strongholds on? What other products do they carry in their portfolio? All of this information can help you influence specific partner behavior. Finally, how will you incentivize your partners? What behaviors will you incentivize? How will you reward them? If you flesh these out at the start of the process, you will have yourself a pretty impressive channel incentive program. But we know this is just the tip of the iceberg. To learn more To learn more, go deeper into our ebook or our webinar recording on fielo.com.
