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Why is your Incentive Program program not moving the needle?

Auto Draft 22The assumption is that your channel incentives program is not moving the needle, or at least it’s not moving the needle as much as it did in the beginning. When you think back to when you first launched your channel incentives program to your channel partners, it probably enjoyed a modicum of success. But, here’s the issue: technology is constantly changing, and we have to continuously adapt to that rate of technology change. Even as tech professionals, if you’re in marketing or ever had experience in marketing, the way we market and engage with customers today has changed from what it was a few short years ago – there is much more use of social media today, much more utilization of videos and YouTube channels and even — by some leading-edge thinkers — virtual reality. But the way that we engage with our channel partners hasn’t really changed for nearly 20 years. Why it is creating a downward drag on how successful you may be in engaging and motivating channel partners, in getting out of your channel partners what you’re hoping to get.

Before we move forward, ask yourself, are you satisfied with your channel partners in terms of:

  • Providing a great customer experience – We all know that customer experience is paramount today. Customers make their decisions primarily based on the holistic experience that they have with a company.
  • Their marketing performance – Are they generating enough leads? Are they getting the right conversion rates? Are they getting the right marketing yield? Are they utilizing your market development funds in the way you want them to be?
  • Their ability to cross-sell – Cross-selling is very important today. With competition at a fever pitch, the more products or line items that you’re able to sell to a customer, the more embedded you are going to be with that customer.
  • Number of new logos they close
  • Their ability to plan/forecast – Are they providing you with the sort of visibility that you need to have a forward-looking view of what your business is?
  • The time it takes them to close deals

These are the top concerns as per a research study commissioned by Fielo just a few months ago – called the ‘Hair on Fire’ research study – where we asked channel & marketing professionals and those people who were responsible for engaging their channel partners: What are the issues with your channel partners that are lighting your hair on fire?

 

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