With the massive shift in supply and sales chains, have you properly adapted the re-sell promotions and incentives you offer your network of partners and resellers?
Incentives play a significant role in driving behavior modification to engage and motivate partners and resellers, aligning their sales efforts with yours and ever-changing market conditions. But if you’re like most, the tried and true sales incentive tactics you’ve relied on in the past just aren’t cutting it anymore. Considering the current state of product lines and stock-keeping unit (SKU) shortages, for example, single rebates may be a better option these days. And when it comes to points and rewards programs, it’s time to reexamine your promotion portfolios as they may need to be adjusted with manufacturing source and product delays. And these are just a few things to think about…
Here are a few easy ways to enhance incentive strategies and sales team enablement today:
Think Holistically and Try New Things
Due to supply chain challenges, many manufacturers have had to cut sell-through volume incentive payouts to reflect the restriction in available products. The good news is, there are a number of effective ways to motivate your resellers and promote brand loyalty during this time.
First and foremost, it’s critical to ensure you have (or plan to have) a multi-incentive platform that can pivot offerings at any time. For example, you may not currently have inventory timings and visibility of SKU quantities to invest in sales volume SPIFs and rebates. But a multi-tool incentive platform can enable you to offer sales training and accreditation, eLearning programs with smaller completion badges or singular pay-out promotions linked to reduced stock lines or even-aged product sell-throughs. Taking a holistic, multi-incentive approach will help you keep all basis covered now and in the future.
Deliver Valuable, No-Nonsense Information
What your partners and resellers crave most during times of change and uncertainty is valuable, no-nonsense information. It’s important to keep your sales channel up to date on product shortages, product alternatives, and price increases. Clear and informative communication will also bolster loyalty for your brand and solutions over other options. Not only will your partners and resellers will appreciate this, so will their customers. After all, both your reseller and their customers bought into your product features, benefits, and support. So maintaining trust with transparent, timely supply chain updates that don’t overpromise is key!
Simplify and Automate
In order to achieve optimal visibility, operations, and speed across the supply and sales cycle, you need the right tools and data. This where automation comes in. Automated systems can help increase the agility of restock, engagement and impact the supply chain by reshaping costs of sourcing and production lines. These systems can also reshape engagement and motivation with partners and resellers. Leveraging a sales incentive platform that uses a single-pane-of-glass view can help you manage multiple reseller promotions and programs from one place in real time. This provides visibility into what is working and isn’t, allowing for actionable insights that move more efficiently and quickly—with your aligned resellers— to market conditions and change.
Get an in-depth look at how Supply Chains Have Changed Forever: How brands can engage and motivate resellers for joint success!
At 360insights, we have conversations every day with organizations wanting to both implement new and/or remodel their plans to address market shifting and future needs. Learn more about how to address todays and tomorrow’s workforce with engaging, personalized and connected incentives.