Boost channel partner engagement with Channel Incentives

EnKash is a new-age platform with a modern approach to channel incentives. Unlike traditional businesses that send physical gifts or organize parties to incentivize their partners, EnKash allows customization and flexibility for channel incentives. The platform helps break the redundancy of similar gifts to all partners. Instead, it allows partners to choose from a variety of options as per their personal preferences. This makes the whole activity of channel incentives more fruitful and satisfying.

Most companies have several channels like wholesalers, retailers, resellers, and others to increase the company's sales reach. A channel incentive program motivates them with an incremental reward system besides the basic remuneration they get per unit of sale. This means the more customers they bring in, the more they will become eligible for incentives.

Each business designs the incentive program using its industry and competition. However, the basic structure of an incentive program offers a fixed payment for each unit and has a slab system, which, when achieved, adds to the basic remuneration. For example, if a channel partner gets 2% of the sales value as remuneration, crossing a slab (of, say, a sale of 100 units) will get them an additional incentive of 1%. When the channel partner crosses the next slab (of, say, a sale of 200 units), then an additional incentive of 2% will be offered. However, this may vary from company to company as per the policies.

The basic purpose of incentives is to keep the channel partner motivated. In many instances, the channel partner may use the extra income they generate from incentives on promoting the products from their end to increase sales or even offer special rebates to increase customers. The overall purpose of incentives is to improve sales and reach of the product and the brand.

Examples of channel incentive programs include incentives offered to channel partners for selling products in any business segment, such as financial products, retail products, and FMCG products.The program starts with training the teams of the channel partners on the product, the unique selling points, product specifications, and the product's value to the customers. Each channel partner may also receive marketing display material, samples, demo materials, and more to sell effectively. Periodic training and updates are also given to educate the channel partner on product developments and usage.

What is an incentive reward?

Incentive schemes offer a lot of benefits, which include the following:

• Improved market reach

• Building a brand within remote markets

• Additional sales resources without adding directly to your overhead

• Ability to serve your customers better due to the proximity of your channel partner to the market

• Quicker turnaround on the post-sales processes

The starting point for planning an incentive program is to fully understand the product, the market, and potential customers. The next step is to discover how your peers and competitors in the market are structuring their incentive programs. The next step is to decide on the criteria you will use to reward your channel partners.

Businesses often offer incentives to channel partners and their salespeople directly. Define the slabs for channel partners and salespeople and other conditions they must fulfill to qualify for the rewards. Take the time to explain the incentive program clearly to the channel partners and the sales team, along with the payout timelines. You can also consider tying up with a platform that makes channel sales incentives easier and faster.

As mentioned, connect with a smart platform like EnKash to manage your channel incentive program. This way, you will have a dashboard of the complete program, the due incentives, and the already paid incentives. You will get insights into which channel partners are doing well and which incentive program gives you the best results.

EnKash is a modern, flexible channel incentive platform that replaces traditional gifts with customizable digital rewards. Partners get to choose what they value most, making the program more impactful and engaging.