Points-Based incentive programs are one of the most effective ways to drive dealer and distributor engagement, motivate revenue-generating behavior, and increase sales volume. So why do we frequently hear about brands with low program participation and questions on the ROI of their implemented activities and platforms? Well, here’s a sense check on some…
Best Practices to Help Your Programs Work as Hard as They Can!
Adopting a holistic strategy
You must provide a mix of individual, team, and company-level rewards to engage and motivate across your sales ecosystem teams. This can be achieved by offering a combination of layered incentives, in a single program, built around reseller sales cycles and rewarding against the achievement of stages within these.
Be Audience Selective and Supportive
Like any marketing effort, Points Reward programs are most effective when targeted. Rather than enrolling every one of your channel dealers/distributors/partners: focus on those that represent the most value and potential to your organization. Knowing who you want to influence and then structuring a program that addresses their direct needs will generate the best sales results.
Offer Clarity and Ease of Working
Ensure that everyone involved in the program knows the “rules.” Be very explicit about the desired activities being rewarded, and how rewards are earned. And keep it simple - asking for overly complicated behaviors will discourage motivation and participation.
Award Points Frequently with Multi-Reward Choices
Awarding reward points on a predictable schedule (monthly) drives more earning behaviors. Once program participants earn points, they start to watch their points accumulate: creating a stimulus-response cycle where the appearance of new point awards drives greater motivation to sale-earn. And remember attributing points across the buyer journey means you are rewarding different dealer/distributor/partner personas who have different needs and styles. So, wet all appetites with a redemption catalog that delivers choice and relevancy across merchandise, experiences, and cash equivalents (pre-paid load and gift cards).
Communicate Effectively for Continuous Engagement
Program stakeholders need to clearly understand things like strategy, goals, roles; and program participants need to understand the program value proposition, reward structure, and rules. Communications should mark the program launch, enrolment, drive participant awareness, promote product sales, and reward redemption behaviors. Every available medium should be employed: program website banner announcements, email updates, monthly reward statements, newsletters, blogs, social media — and if you’re really ambitious - create your own rewards program “app”! So…that’s a sense check overview on some ways to help your Points Reward Programs work as hard as they can for reseller engagement and associated sales volumes. 360insights is a market leader in implementing automated Reward Programs that can really communicate and drive channel sales success. – learn more here with this Guide for Points-Based Rewards!