When it comes to channel incentives and channel loyalty, it’s important to first start with the basics: where are you, and where do you want to go? The first step is to understand where you are, as well as how & why you got there in the first place. Many times, there are patterns in data that can tell you some important things about your business. By taking a closer look at the data, you’re able to identify the issues and then create a solution to fix them.
Not all rewards are created equal. All employees have different tastes, preferences, and dreams, and your incentive program should reflect that. Research has shown programs that give employees or reps the ability to choose their own rewards prove to be more effective than those with generic prizes.Not all employee rewards are created equal. Click To Tweet
A points-based system allows participants to earn in a variety of ways while working for something they’ve put on their personal wish list. A step further would be to add a unique travel experience incentive for top performers – an added bonus to go the extra mile and instill competition.
Simple – to the participant. Success in a channel incentive program starts with high participation, and participation increases when the program is easily understood. This begins with a well-designed program and is amplified with a stellar communications program. When the program is laid out in a way that’s easy to understand, chances are you’ll be more successful from the start.
Of course you want your participants to set their sights high. This, if achieved, is a win-win for everyone. But it’s key to make sure the milestones you choose are challenging, yet attainable. A good starting point to understand where challenge meets reality is – you guessed it – in your data.
Going back to your data further drives home our first section: your channel incentive program needs to be data driven, without a doubt. Without using proper business intelligence tools, how will you pinpoint the problems you need to solve?
Remember, the most successful programs are well-designed, crafted with thoughtful development. They are easy to understand, personal, and most importantly, attainable. Because no one likes a goal they’ll never reach.
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