Today’s business models require channel incentives that are tailored to them.
Increasingly, high-tech manufacturers are changing their business models from transactional to recurring-based ones. Market share is increased, customer experiences are improved, and revenue is sustainable for the long run with these business models. However, since indirect channels account for up to 70% of a company’s revenue, you will need to transform your incentive programs.
Channel strategies must incentivize partners to think beyond the sale and to think about generating pre-sale demand and teaching, training, and retaining customers after the sale. The hybridization of the channel itself should go along with this omnichannel approach to sales. Not only are there more partners than ever before, but those partners represent a wide variety of profiles, including those involved in managed services, consultants, and social media influencers.
Changing your approach to channel incentive programs is crucial to the success of your channel strategy.
- A few key ways to have a winning system include:
- Strategize by structuring and defining your programs.
- Take advantage of new selling models by engaging your channel and enabling it to adapt.
- Streamline the business process for partners to improve their experience.
- Ensure channel compliance with financial controls.
- Stay current with the channel, market, and business changes.
The IMA360 platform lets you manage all your incentives from plan to pay so that your incentive programs are relevant, effective, and revenue-generating.
Let IMA360 improve your processes to increase your revenue and optimize profits across your enterprise. Call today to schedule a demo.