Sales Channels

Do you ever wonder why collecting stickers to get a planner has become a bonafide hit? Or how leaderboards can be seen in almost every video game? It could be the dopamine talking, but it’s a scientifically proven fact that people love to repeat behaviors that yield positive effects.

Dealers, distributors, and resellers are no stranger to channel incentives programs. Many companies use this type of scheme to drive the behavior of their channel partners –behavior that will eventually lead to increase in revenue, of course. However, this does not necessarily mean that having a sales channel rewards program will automatically translate to an increase of your channel partners’ performance or a boost in your sales revenue. You have to ensure that your program is well-thought and well-structured. Otherwise, you will only spend your budget without any certain return.

In several industries, sales is one of their core priorities, especially for fast-paced conglomerates and corporations. They focus more on beefing up marketing activities and boosting up the sales with the right tools and knowledge as they face clients and other stakeholders. This is why the sales force is very important because they make sure that the company lands at the right place every business review.
As we move forward in identifying sales tactics, there are 3 effective and proven ways to manage the sales team effectively to achieve their quota or sales goals:

Did you know that with the right coaching, your sales team can improve their performance by 19%? And according to the Human Capital Institute, 51% of companies that have a solid sales coaching program in place report higher revenues? Those are pretty impressive numbers. But first, what is sales coaching and why is it important?

Becoming a better salesperson is a never-ending process. You’re already well-equipped with the essential elements of a successful sales pitch. You know how to connect with your clients. You understand your unique value proposition. You know the power of storytelling. And for sure, you’ve already closed some huge deals.

As the saying goes, old ways won't open new doors. Same goes to sales techniques. Vintage sales techniques are not that effective anymore in today's modern market scene. Because of the boom of the internet and information technology, consumers are wiser than ever.
Information is almost instant making consumers more equipped to make quick decisions without consulting to a salesperson. This makes the role of the sale teams more challenging in the modern and digitalized world.

Right sales strategies will help you hone a bright future in the field of sales. Sales is a promising but very challenging career as you have to consistently hit your monthly, quarterly and annual targets.

According to Loyalty Works, creating a sustainable bond with your channels can complement achieving your business goals. It solidifies the foundation of your relationship with your internal and external partners as you build loyalty program for them. Your value proposition in the industry becomes grounded and solid as you create a better partnership with them.

Here are some recommended ways to incentivize your partners to improve your channel marketing strategies:

Channel partners are third-party organizations that are appointed by manufacturers to sell their products, services, etc. to their target customers. To succeed in your partnership with your current or future sales channels, you have treated them beyond that. Meaning, since you tapped them as your distribution partner, it should be your common goal to have a long-lasting partnership supported with a strong foundation – trust and loyalty. Because in the long run this will translate to more revenue, hence, better profitability on both sides.