In the world of product manufacturing, the more people you can get on your proverbial team, the greater the chance will be that your product will be successful in sales. Channel partners often step in as partners of sorts that will help you get your product out to the masses. These entities can have a co-branding relationship or some stake in the company or product itself, but you will also be expected to offer incentives. These incentives can come in the form of collaborative marketing efforts or something else, but there are general rules here that should be followed to be successful.
1. Make sure the rewards you are offering are attractive enough.
One of the keys to making sure your channel partners stay continuously interested in marketing your product for their own gain is to keep incentives attractive. For example, if you are only offering a one-percent incentive for every unit sold directly due to the efforts of the partner, this may not be enough for them to dedicate much of their time.
2. Set your program's terms and stick with them.
Once you have established the terms of your incentive program, make sure you stay consistent. If you start changing things up on a channel partner after they get familiar with what they are offered and how they get it, they can lose interest and move onto something less time-consuming.
3. Make sure the rewards incentive is not overly complex.
You want rewards incentives with your channel partners to be just about as straightforward as interaction with any buyer. If you make the process of gaining rewards too complicated, it can detract from how successful the partner feels they could be by marketing or selling your product.
4. Promote your incentive program properly.
Promoting an incentive program is one thing that a lot of product manufacturers fail to do. Unfortunately, if your channel partners are not fully aware of an incentive program or how they could gain from the program, you could lose a lot of potential help in getting your products sold.
5. Never, ever disregard the importance of incentive tracking.
Once you have channel partners on board with an incentive program, tracking the program and the rewards become critical. If you are not tracking progress, checking numbers, and promptly sending out rewards gained, it can be enough of a reason for a partner to walk away.
For more information, contact a company that can help you strategize your channel partner incentive programs.
Share17 March 2020
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