Money isn’t everything
It’s no secret that salespeople are highly dynamic, competitive beings; nor that their key focus is increasing turnover. However, in the highly competitive channel market business, it can take a little bit more than offering high-quality products at an attractive dealer discount to encourage them to focus on your products. They have to be motivated. That is where partner relationship management (PRM) comes in.
One of the ways vendors use PRM is to engage partners by rewarding them with cash and non-cash rewards, such as pre-paid credit cards or eVouchers, for achieving predefined objectives Other incentives can be in the form of market development funds, rebates and sales rewards.
For these initiatives to have any value for the vendor, they have to be closely aligned to his sales and marketing objectives. They also have to achieve a demonstrably positive impact on the pipeline, margins and ROI. Interestingly, some channel managers are still manually inputting data into excel sheets and sending out emails. However, this is inefficient, time-consuming and cost-intensive.
By automating the infrastructure, a PRM software can significantly streamline activities related to a loyalty program. PRM software gives vendors an easy and quick way to set up a rewards program, track it over time and tweak it to achieve better results.
But incentives don’t just have to be about financial incentives. There can also be a fun factor – one that reaches partners on a deeper level and which has not yet taken hold in the channel marketing sector: gamification.
Gamification taps into people’s inborn curiosity and essential desire to have fun, and couples it with the vital human need to be recognized and respected, motivating them at an even deeper level than pure financial awards. It is a trend that channel marketers should keep an eye on and consider incorporating into their partner relationship strategy.
To find out more about how to put the fun into loyalty programs and how partner relationship management software can help.