Fielo Quickstart: Get up and running with a channel incentive rebate program in less than a day
Many tech companies have realized the revenue-generating power that an incentive program ignites with their channel partners. And of those that yet haven’t, many are thinking about or crafting a channel incentive program strategy.
But the question is begged: where to start? Sure, you can start with a single simple rebate incentive — paying a rebate for products sold. But that incentive formula has grown stale. You can go beyond that, to address the biggest challenges that tech companies face with respect to their channel partners (according to a research study we recently conducted), i.e., that it’s difficult to get channel partners:
- to upsell and cross-sell
- to acquire new logos
- to close deals in a timely manner
… all of which have big revenue implications.
That’s where Fielo’s Quickstart product offering comes in. Quickstart comes packaged out of the box with tech industry best practices, in the form of 10 pre-built incentives proven to spark channel partners’ energy and guide their direction:
- 5 single-action incentives (whereby the channel partner is rewarded each time they do what you ask)
- Incentive program enrollment
- Each closed opportunity
- Each closed opportunity of a new logo
- Each closed opportunity that closes faster
- Each closed opportunity involving an upsell or cross-sell
- 5 performance-over-time incentives (whereby the channel partner is rewarded at the end of a time period for meeting a total goal)
- Sales growth (this period vs. same period last year)
- Training course completion
- Top 5 challenge (rewarding the top 5 partners per various sales goals)
- Annual revenue goal attainment
- Triple Play challenge (new logos and upsell/cross-sell and training)
Of course, you don’t have to use all 10 incentives. You can pick and choose which ones are right for your situation now, and activate new incentives over time. Note that Fielo’s customers have achieved more than a 13% increase in channel revenue in the first year using these incentives.
And that’s just the best-practices side of Fielo Quickstart. We’ve also gone to great lengths to streamline the installation/implementation process (which we’ll cover in another post)..