As channel partners are key to the growth of any business, it’s necessary that they understand and believe in your offerings. An effective channel incentive programs will make sure they’re on board and fully motivated to sell your products or services. The most successful channel incentive programs are simple yet engaging, designed to increase your channel partners’ knowledge and confidence to increase your sales and market share while rewarding them for a job well done.
Rewards are key to the relationship you have with your partners. They can tap in nicely to a channel partner’s aim to achieve success, along with the status that comes with it. An effective channel incentive programme rewards successful partners who hit targets and higher performance levels, as a way to motivate them to perform better.
The best incentive schemes will offer a range of rewards than can be chosen according to preference – making it personal – and awarded according to performance – making it competitive. A bit of healthy competition can be an excellent motivator. You should also be able to monitor progress and track targets to see how well your partners are doing.
It’s also worth pointing out that the rewards on offer should be desirable for them to be fully effective – the more desirable the reward, the more effective it can be. Providing something like “FREEDOM OF CHOICE” has a wow factor. An Universal gift card which can be redeemed for another gift card to make purchases in Fashion, Jewellery, Sports, or travelling, dining or may be a relaxing spa.
Simple and effective incentive programmes that engage your partners and encourage them to work harder for you.
Primary Issue with incentives
General channel incentive programs are not as effective as Storecheq supported Channel Incentive Programs for the following reasons.
Options for Incentives
- Holidays and Foreign Trips
- Credits, etc.
Issues with general Channel Incentive Programs
- No Tracking
- Difficult to do Cash Transactions with current scenario
- Don’t know if the right person received the incentive
Storecheq provides an effective yet easy to manage tool to drive your effective channel incentive program.
- Deliver the Storecheq to the right person
- Can be tracked
- Rewarding Emotion attached
- Can create your brand visibility amongst your partners
- Can be personalized to give a better connectivity
- Flexible denomination ranging from Rs. 1 to 50,000, any amount
- No leakages and pilferages
- A leap in Digital Economy, a key initiative of Govt. of India
How it Works?
- Create an Channel Incentive program on Storecheq Platform
- Every Time an Incentive is to be given, create a list of recipients with amount
- Create a branded Storecheq Currency
- Create a personalized message, and Send
Benefit for the Recipient
- Feels connected with the Brand
- Can accumulate the amount in the Storecheq account
- Use the currency as per need and convenience
- No cash handling and accounting
- Tax exemption vis a vis Cash
Storecheq has, are A-list rewards that are more likely to get your sales channel teams excited.
If you would like to find out about other channel partner incentive programmes to motivate your sales channel, call +91-9811990223 to get in touch with our Channel Incentives team through our contact form