Channel partner programs have been in existence for several years. However, there is a significant difference in how these programs used to look a decade ago and the way they look now. Earlier, channel incentive programs were all about profit-making, but this approach doesn’t seem to work today. Now, channel partner programs need to be data-driven and consumer-centric in order to be successful.

With the continuous advancements in technology, businesses are also enhancing their channel incentive management strategy. Every year comes with some new opportunities and challenges in the channel partner landscape. While there are advanced tools and technologies that companies can use to improve their channel partnerships, standing out has become a challenge for businesses due to the increasing competition in the market.

In order to strengthen your partnerships and make the most out of your channel partner program, you need to stay updated with the latest trends. Some top channel partner program trends for 2024 are as follows:

1. Training and Access to The Necessary Tools

The trend of providing channel partners with training, certifications, and necessary resources to drive more sales is not new. However, it is now being considered more than ever before. Businesses that strive to achieve their goals faster are now implementing such enablement strategies. Providing channel partners with the necessary resources, tools, and support they need to sell products or services is one of the effective ways to ensure the success of channel partner programs.

The leading video conferencing app, Zoom, recently launched the ‘Zoom Up Partner Program,’ which was focused on offering essential resources, better support, and incentives to its partners. This is a perfect example for enterprises that look forward to improving their channel incentive programs in such a way that drives higher revenue.

Instead of just repurposing the already available content on the internet, you can focus on creating training programs for your channel partners. Provide them with all the tools and support they need to come up with the best results. Also, make sure to track the performance of partners and take their feedback to check the success of

2. Personalized Experiences

Be it for engaging customers or to engage channel partners, the role of personalization is only becoming more significant every day. B2B businesses are highly focused on creating separate programs based on their type of channel partnerships with different partners. One of your partners may be distributing your products among retailers while the other partner is associated with customer service. The same type of incentives just cannot be suitable for all of them.

The roles, requirements, and preferences of a particular partner are also contributing factors in designing personalized partner programs. By designing personalized channel partner programs, you can help your partners give the best at their respective roles and drive higher partner engagement. RewardPort can help you design personalized channel partner programs for every segment of your partners, which will ultimately result in higher engagement, better partner loyalty, and improved sales.

3. Behavior-Based Incentives

Another emerging trend in channel partner incentive programs is the rising popularity of behavior-based incentives. Rather than just incentivizing partner performance, incentivize actions and behaviors that can drive desired outcomes. Look back into your partners’s strategies to identify which actions drive the maximum positive results and where your partners are lacking.

Once you understand these factors, you will know which actions and behaviors should be rewarded to improve your partner’s performance. This not only helps you drive the desired outcomes but also strengthens your partner relationships.

4. Shared Risk Engagements

Just like the benefits are shared, modern businesses believe that risks must also be shared in partner channels. Shared risks refer to mutually accepting the potential risks that may arise during partnership periods. This enables channel partners to take responsibility for specific functions and establish clear lines for functions that are out-of-scope.

This trend of shred risk engagements is expected to rise in 2024 and the coming years. By implementing shared risk strategies, you can ensure that your channel partners work along with you to manage and mitigate potential risks rather than just focusing on achieving sales targets. This brings new growth opportunities for businesses as well as the partners.

5. Increasing Role of AI

The role of AI in businesses cannot be overlooked. Although AI has been in existence for several years, it’s getting to a whole new level in 2024. As per Forrester’s Priorities Survey, over 75% of global businesses and tech professionals admit that they are planning to adopt AI technologies in the next 12 months.

Although the majority of AI adoption is happening for better product and service offerings, several companies are also using AI to improve their channel partner programs. By using AI-powered tools for data analysis and customizations, you can enhance your channel partner strategies and boost partner engagement levels.

6. Data-Driven Insights

The significance of data is increasing every day as organizations are hungrier for data-driven insights now than ever before. Data helps businesses make more informed decisions based on past outcomes and other factors. By properly analyzing channel partner data and gaining meaningful insights about their behaviors, you can enhance your channel partner incentive strategies.

7. Customer-Centric Incentives

Brands that follow a consumer-centric approach are more likely to see a rise in channel partners asking for solution development funds, customer lifecycle-based initiatives, and outcome-based incentives. Instead of just offering incentives for achieving sales targets, businesses are now offering consumer-centric rewards and incentives to their channel partners. This helps ensure that your channel partners put in the best effort to offer the best customer experiences.

Keep Your Channel Partner Program Up-to-Date With RewardPort

In order to ensure that your channel partner program works effectively in today’s marketplace, it is important to ensure that you are aware of the latest trends. Offering monetary incentives is fine, but you cannot drive the maximum partner engagement with just that. You have to build emotional connections with them while also recognizing them for their contributions.

RewardPort, which is a reputed channel loyalty company, can streamline your channel incentive management processes by incorporating the latest technical and data-centric elements into them. The team of marketing professionals at RewardPort possesses years of experience in running channel incentive programs. You can choose from a wide range of rewards and incentives, including travel incentives, health and wellness-based benefits, and many more.

Apart from this, the team of marketing experts here at RewardPort ensures seamless execution of campaigns to help you boost repeat sales, better connect with channel partners, push inventory, and achieve other goals.

For any further information, you can get in touch with our experts.