Importance Of Channel Incentives
Channel incentives are the central pillar of PRM programs. Incentives are powerful drivers to engage, motivate, and accelerate partners to meet targets and milestones. In addition, it provides a framework to consolidate all activities, actions, and outcomes into a single measurable rewards mechanism.
B2B channel incentive structure helps form a sustained relationship with the partner and creates long-term loyalty. Incentives are designed to nurture a partner through the partner life cycle. PRM program provides tools and frameworks to set up, configure and administer incentives. In addition, it provides flexibility to adapt those incentive structures as the relationship and loyalty with the partner evolves.
Incentives And Partner Loyalty
Partner incentives have evolved over the years and form an essential part of the partner relationship and channel loyalty journey. First, brands develop partner networks to drive key business objectives and set long-term and sustainable partnerships. Then, they define attractive and innovative incentive structures to keep the partner network engaged and meet those business objectives.
Below illustrate the various criteria assessed to define incentive structures:
- Partner profile
- Partner tier, target, and goals
- Activities initiated and engaged
- Opportunities involved and processed
- Product and services categories and objectives
As partner programs continue to evolve, there is an increased need for incentive programs to align with current market trends and practices. Today, incentives options are diverse and require integration with multiple solutions to give partners a seamless experience.