Channel partners play an important role in marketing and selling manufacturer’s or producer’s products, services, and technologies. In an increasingly competitive marketplace, a channel partner reward program can be effective by focusing on behaviors that drive bottom-line success.
A recent study conducted by the Incentive Federation concluded that 43% of all businesses use non-cash channel reward programs. The Incentive Research Foundation (IRF) has also shown through case studies that non-cash channel programs can increase total revenues by as much as 32% and market share by 30%.
The IRF lists the following top business objectives for channel rewards and incentive programs among US organizations over $1 million in revenue (2019 data):
- Product or brand awareness (71%)
- Sales and market share (67%)
- Customer loyalty and satisfaction (55%)
According to the IRF’s channel partner Toolbox, channel rewards and incentive programs provide both tangible (increased revenue, new customers, increased market share), as well as intangible (culture, collaboration, teamwork) benefits.
The IRF’s channel partner toolbox offers real-world information about the effectiveness and value of incentive, reward and recognition programs. We’ve been designing and managing these programs for decades, and we are glad to assist with any need you may have.