Does running your own channel program in-house sound easy? Maybe. But be warned, there are many sophisticated processes and coordinated activities running in the background that make it look easy. A successful channel partner engagement program is a complex undertaking that demands attention to detail AND will reward you with increased channel engagement, deeper business visibility and higher revenue growth.
An effective channel engagement program will have the following characteristics:
- A website connected to a database that gives members access to their up-to-date activity status, active promotions, games, reward redemptions and more
- The ability to prevent fraud and detect expensive reporting errors
- A strategic marketing and communications plan and someone to administer them
- Tools such as frequent surveys, social media, communications and content ratings to ensure the program is always optimized and listening to the voice of the channel
- Business analytics and the ability to make program adjustments to ensure that it is always generating the desired activity
If you have an experienced incentive program manager in-house, you may be able to meet the demands of running a channel engagement program, but that will likely cost you more than running the program through a company that specializes in them. And if you simply assign your program to a current employee who has additional responsibilities, it will be impossible to run successfully. Why? There are at least 9 resources and processes that DIY program administrators often depend on, but that are overlooked by decision makers, including:
- Program management
- Value engineering
- Website and database development
- Regulatory & taxation compliance
- Reporting & business analytics
- Claim management & validation
- Strategic marketing & communications
- Participant support
- Reward fulfillment
If you are still considering a DIY program, do you have experienced people in place with a spare 20+ hours a month to devote to your program? Are you prepared to stay current with incentive program regulations and tax laws? Are you tech savvy enough to keep up with the latest trends in channel engagement plans and beat your competition? And finally, will you know what to do with all the data you’re collecting, if you even get around to collecting it? In our next blog, 7 Questions You Need to Ask Yourself Before Attempting a DIY Channel Engagement Program, we’ll discuss the real costs in time, money and resources of running your own program.
History shows that DIY is a recipe for disaster. On the other hand, organizations that work with channel engagement experts realize phenomenal revenue growth of up to 40% from channel sales advocates that lead with their brand.
Draw on the experience, dedication and knowledge of experts like ChannelAssist. We can ensure that you achieve greater channel engagement, increase funnel visibility and drive revenue growth. Call ChannelAssist today and you too can have a world class program at the cost of one employee!