In most cases, the standard incentive is money. And that is fair because monetary rewards are a proven and quite straightforward motivator. When you go down this path, being as comprehensive as possible is a good idea, and you want to offer payments for completing training and certifications, registering deals, using your portal, or demonstrating loyalty to your program.
Most channel managers are comfortable offering this kind of incentive. However, it shouldn’t be the end, either. To truly set your channel program apart from competitors, explore ways that you can invest in non-monetary incentives.
You want to get creative with this, because you’ll find that your channel will respond! For example, here are four very out-of-the-box ways to incentivize your channel partners:
Encourage Their Professional Development
Did you know that a Gallup study reveals that 45% of millennials consider professional development a "very important" factor when choosing where to work? A desire for training is actually higher than remuneration in some surveys.
You want to take advantage of that desire and offer access to industry-leading training and certification programs. These could include HubSpot courses, Google Ads certifications, or Amazon Web Services training. This is a particularly effective approach to incentives, because not only do you benefit from your partners being happy with your targeted investment into them, but your channel will benefit from the deeper skillset.
Support Their Personal Development
While professional growth is vital, personal development also plays a significant role in overall satisfaction and productivity.
Or, to put this another way, give your channel something that’s both fun and interesting to them. Consider offering personal development incentives like cooking, art, or woodworking classes. Fitness-related perks, such as gym memberships or yoga sessions, can also be effective. It might seem to have minimal business value to doing this, but showing that you have this kind of connection to your partners helps them become invested back into your partner program in return.
Send Them to Conferences
As in-person events are now fully in vogue, sending your partners to relevant conferences can be enormously valuable for everyone. These events provide valuable networking opportunities for the partner, industry insights, and a platform to showcase your products.
Conferences are often a rare treat for partners, because they come with high costs that make it difficult to justify. By covering admission fees or related expenses, you underline your commitment to their success and keep them engaged with your program.
Make Their Lives Easier
Outdated technologies and inefficient processes can hinder productivity and create frustration. To maintain your partners’ enthusiasm and commitment, invest in tools that streamline their work.
Consider covering the cost of deploying Vartopia—a comprehensive channel solution—as a way of significantly helping your partners’ workflows. By simplifying tasks and improving productivity, tools like this deliver tangible benefits to both partners and channel managers, creating a win-win scenario.
It’s Time to Incentivize Your Channel Partners
A well-balanced mix of monetary and non-monetary incentives can keep your partners motivated and eager to achieve their full potential. After all, who wouldn’t want to collaborate with a program that not only supports their financial goals but also fosters their professional and personal growth while simplifying their work?
Request a demo of Vartopia today to see how purpose-built channel technology can elevate your program and distinguish it from the competition.
