Ah, the timeless tale of David and Goliath, where the underdog triumphs over the giant. This narrative resonates deeply, particularly in the context of channel programs. Often, there is a sense of being pitted against industry "Goliaths," with the belief that there is no chance of competing.
But fear not, my friend! It is possible to defy the odds and challenge the big players. The key lies in leveraging incentives, education, and promotion, as David did with his sling and stones.
INCENTIVES
Let's begin with incentives. As the age-old adage suggests, "Money talks." Indeed, incentives are the most potent tool for motivating channel partners and representatives. According to a study by the Incentive Research Foundation, 71% of companies utilize incentive programs to motivate their channel partners. However, it's not solely about the size of the incentive; it's also about structuring it effectively.
Offering rewards for specific actions, such as bundles or bulk purchases, can be as impactful as a substantial SPIF. In essence, rewards should not be limited to just closing a sale but should also acknowledge and reward other significant steps in the buying journey, such as demos and referrals.
EDUCATION
Next on the list is education. It is crucial to remember that channel partners and representatives have to understand the product to sell it effectively. This is where training and education come into play; by providing comprehensive knowledge, differentiation from the competition occurs, positioning as leaders in the field.
Creating engaging video tutorials, educational takeaways, quizzes, and more can enhance this process. The focus should not only be on hard skills but also on developing soft skills. By offering a holistic learning experience, commitment to personal growth is demonstrated. According to a study by the Channel Institute, 80% of companies consider training and certification programs critical for channel partners' success.
CHANGE UP PROMOTIONS
Lastly, but certainly not least, promotion. It's an excellent way to ignite excitement and motivation within the channel team. However, combining various elements, such as training, gamification, and incentives, is necessary to stand out. Research from the Aberdeen Group reveals that companies incorporating gamification into their sales training programs experienced a remarkable 16.8% improvement in year-over-year revenue, compared to a 6.1% improvement for companies that neglected gamification.
So, what's the bottom line? Channel partners and representatives form the lifeblood of channel programs. By prioritizing incentives, education, and promotion, empowerment for success occurs, just as David empowered himself against Goliath.
ChannelAssist connects your partners and representatives with products and services, fostering unique experiences through gamification, promotions, and training. Together, let's fearlessly take on the "Goliaths" of the industry!
