crack a new market
- Gain share in lucrative new markets early, when share gains are more easily wrought
Let’s say that you identify a market opportunity in a new vertical for your products and services. You should start with incentivizing your channel partners to learn everything there is to know about that new market, and then follow up with monitoring and rewarding how they put their knowledge to the test in developing that market (via leads, opportunities, and orders for that particular market).
Determine the partners or group of partners which you want to include in your new-market incentive program – for example, all Gold partners, Silver Partners in Europe, or partners of a particular size (say, between $10 million and $50 million in revenue).
Determine how many points to award a partner for learning how to develop business in a new market – for example, 100 points for each relevant training class completed.
Determine how many points to award a partner for developing business in a new market – for example, 100 points for each lead, 200 points for each opportunity, and 500 points for each deal closed in that market.
Set up your outcome rule. For the program time period, calculate the total number of relevant training classes completed and the number of leads, opportunities, and closed deals. Allocate 100 points for each class, 100 for each lead, 200 for each opportunity, and 500 for each deal closed.
Faster new market penetration – New market opportunities avail themselves all the time to companies – be they based on a new geo, a new vertical market, a new company-size segment, or a market that’s opening up as a result of new technology/service. Per the latter, technological advances catalyze new market opportunities – for example, a new polymer, IoT-enabled smart materials and smart devices, or virtual reality learning. These opportunities represent a means for companies to remake themselves and to reshuffle the deck, where they come out on top. And savvy marketers know that “it’s the early bird [into those new markets] that gets the worm.” But channel partners can get stuck in their comfort zone. One of the key values of incentivization is to guide your channel partners where you want them to go.