By all measures, ease of doing business is one of the most cited attributes channel partners seek when selecting products and brands to carry. Your partners are not extensions of your sales force; they are independent businesses and want to be treated as such. It’s crucial that you be able to answer the age-old question, “How can you help me grow my business?” Decreasing the amount of work your partners need to dedicate to the partnership will increase your chances of fostering their loyalty.
The arena has changed
Gone are the days when companies could simply offer quality products and services to attract valuable channel partners. Today, channel partners are in the driver’s seat when selecting which vendors to do business with. It is becoming increasingly important to rise above the competition to secure and maintain productive partnerships. The “one size fits all” program no longer serves the needs of your broader partner community. You must consider the business models followed by each of your channel partners in order to design (or redesign) your channel program.
According to research from Forrester, vendors who maintain loyal channel partners provide programs that exhibit competency in the following areas:
- Strength of brand
- Breadth of portfolio
- Business planning and financial support
- Quality of support and enablement
- Ease of doing business through accessibility, support and market opportunity
This eBook highlights the premier practices for reevaluating and redesigning your company’s channel incentive program to offer your partners the best global rewards, as well as secure your status as the partner program of choice by:
- Motivating the right behaviors to promote mutual success by shifting your incentives mix
- Lowering management costs
- Increasing visibility into partner and program performance
Being better equipped to recognize and reward achievements, actions and activities.