Sales incentives need to be strategic, compelling, and drive the desired sales activity you want. Use a blend of monetary and non-monetary rewards to increase engagement among sales performers and their peers.
Rewards can include re-loadable reward cards which are branded to your program. Our re-loadable prepaid cards include a multitude of merchant options that provide the user with the broadest spending choice after hitting sales targets with replacement card protection, and 24/7 cardholder support. Other options are merchandise, travel, investments and, of course, your companies’ products.
Rewards can be the deciding factor between selling one product over another. Program rules should be created with desired Rep behaviors in mind in order for you to hit your revenue goals. ChannelAssist will help you navigate the right reward spend ensuring a strategic budget based on projections.
Reloadable Rewards Card
Gift Cards from over 100 brands
Charity donations to worthwhile causes
Give unforgettable experiences
Redeem points for merchandise
Offer online rewards to various places.
1. Tie your spiffs to opportunity progression and don’t just pay on closed sales. Pick the points on your sales cycle that matter most, for the specific solutions you are focusing on to hit sales goals more often.
2. Payout for the market intelligence you need to grow your business. Want better line of sight into the customers, industry segments and customers that are buying your solutions. Want better insight into the application. This data flows naturally from a well-designed SPIF program, even when working through complex, multi-tier distribution channels.
3. Make sure your SPIFs are strategic. Tie the reward of your channel loyalty programs to the newer strategic solutions that are working their way up the product adoption curve. Speed up adoption with channels that lead more proactively with your product or service.
4. Drive spiff awareness and market your spiffs. There are a lot of vendors all trying to get a rep’s attention - cut through the noise. Make sure channel reps know how to earn SPIFs, make sure their claims are getting approved and funded quickly. Make sure they know what they got paid for. You will drive the sales behavior you need to fuel your sales growth.
5. Collaborate with partners. A SPIF can be co-funded across companies that can each benefit in the final sale. Think through your ‘ecosystem’ of partners that bring your solutions to market. Your spiff dollars will go further, driving more revenue at a better ROI for every sale.
There are 5 common reasons sales incentive programs lose their momentum - and it can happen to enterprises that have been running programs for years to companies that have just launched a new initiative and find that it has stalled.
Not attractive - your SPIFS – the dollar or point value earned for the target rewards - are not attractive.
Low potential - the total dollars a rep can earn annually, selling your products is simply not enough.
Administrative nightmare - the process for filing a claim for a sales SPIF takes too much time and the time delay in getting the claim approved is too long.
Lack of awareness - reps are not aware of all they ways they can make SPIF dollars selling your products. Reps get paid for the SPIF but don’t have the visibility to understand what they got paid for.
Too complicated - too many terms and conditions, too many factors that can impact whether the rep will ever actually get paid.
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ChannelAssist, a leading channel management solutions provider, is pleased to announce that Patrick Li has joined the team as the new Vice President of Product Development. With over 20 years of experience in the tech industry, Patrick is a seasoned executive with a proven track record of success.
Beyond Monetary Incentives! Having a robust incentive strategy means including both financial and non-financial rewards. See the options.
The article emphasizes the importance of emotional factors in designing channel incentive programs. Organizations can track the channel reps' emotions and improve their experience by creating an emotional journey map.