In the current market trends, channel partners are playing a major role in business growth. Channel partners have always been a major driving force for every business’s growth. With changing trends, businesses these days are required to integrate channel partner program to encourage the contribution of these channel partners.

Further in this blog we are going to discuss in detail what channel partner solution, its benefits and how you can implement these in your business as well. Let’s dwell into details.

Decoding Channel Partner Program

A channel or dealer partner program is a set of marketing strategies being implemented by a company to encourage the third-party vendors (resellers, distributors) to sell their products and services further.

These channel partners play an important role in helping the brand to establish their presence in the market with their wide channel network and connections. They further act as a bridge between the company and the end-customers where the company cannot reach directly.

In addition to this, they also support the customers, help the companies to expand their reach, boost more sales and generate more revenue as well.  To further encourage these channel partners, companies often incentivize, and reward them on achieving a fixed target in terms of sales or customer reach.

Why Integrate Channel Partner Incentives?

Since we have already established the fact why companies appoint and reward the channel partners from their network, here are some benefits that companies can leverage by offering rewards for channel partners. 

1. Enhanced Customer Reach

With the help of channel partners companies can expand their customer base and reach new customers as well. For this channel partners are incentivized and further motivated to bring in more new customers for the brand. 

2. Acquire New Customers

For channel partners to acquire new customers, companies often provide a certain reward or recognition to these channel partners via their dealer partner incentives. 

3. Boost Sales

Offering rewards and incentives to channel partners and dealers further pushes them to perform better which helps to drive more sales for the company and help them make more profit in the end.

4. Lead Generation

Channel partner incentives enhance the dealer performance which encourages them to drive more leads and customers for the company and help them grow. 

5. Create Brand Awareness

With the help of channel partner incentives, companies can easily advertise about their brand and products in the market which can help to generate brand awareness and further help to generate more revenue for the company.

Key Elements of Channel Partner Program

Here are the key elements that are to be included in designing a channel partner program. 

1. Defined Goals & Objectives

First and foremost start by defining your goals and objectives that you wish to achieve by implementing the channel partner solution. Having defined goals will help you plan and strategize accordingly and achieve your goals while also keeping a track of the progress. 

2. Partner Selection

Next step is to select the channel partners or dealers that you wish to partner with. Consider their expertise, reach and network before partnering with any channel partner. Have a clear communication with your channel partner in terms of expectations and goals.

3. Onboarding & Training

Now that you have decided for the partners, start with the onboarding process and offer them training in regards to your products and services. These training sessions are required for them to have a clear understanding of your products and enable them to further explain your offerings to customers when required. 

4. Enablement

Enable your channel partners with all the resources they need and require in the process. Offer them any additional support such as product training if required and help them get familiar with the company services. 

5. Performance Monitoring

Now that your channel partners are ready and in the field, start by monitoring and evaluating their performance. This would help you have a better understanding of how your channel partners are contributing to the growth of your company. 

6. Incentivizing

Based on the performance monitoring, offer your channel partners with incentives that they deserve and appreciate their hard work and dedication. These rewards for channel partner are essential to boost their morale and help them perform better in future. 

7. Regular Communication

Lastly, establish a regular communication channel with your channel partners and dealers. This communication would further allow them to bring in any queries, issues or suggestions they might have to you and vice-versa.

Channel Partner Program Examples

Now that we have covered most basic points regarding implementation of a channel partner program, here are some of the most common examples that you can integrate into your marketing strategy for channel partner incentives or dealer partner incentives. 

1. Gift Cards or Vouchers

Offering gift cards or vouchers to your channel partners as a part of channel partner incentives is one of the most common approaches. Here you can offer your channel partners with scratch cards which consist of a discount voucher or code.

Integrate Scratch2Win or Sweepstakes with RewardPort.

2. Experience Based Gifts

By redefining the experience of your channel partners you can reward their dedication towards your brand. CineRewardz with RewardPort offers movie vouchers which helps to offer them a new movie experience. 

3. Tier Based Program

Tier based or point based program promotes channel partners from one tier to another based on certain criteria- achieved targets and offers them rewards with RewardPort such as Subscription Nation, Digiflix and others.

Concluding Thoughts

RewardPort is a leading loyalty program provider in the country that offers channel partner program to be integrated into your marketing strategy for rewarding the channel partners. Here you get a dedicated expert team to help you with the entire process of implementing channel partner solution.

With round the clock support, monthly tracking, support team and expert guidance, it is truly your best choice for implementing a channel partner program. For more information get in touch with our expert team today.