TOP 10 CHANNEL INCENTIVE STRATEGIES
OF TOP-PERFORMING COMPANIES
81% of top-performing organizations utilize channel incentive programs compared with 59% of average organizations, but that’s not all that sets them apart. Take a look at how they view their programs differently.
1
THEY BELIEVE IN THE CAUSE
79%
Say their executives believe rewards and recognition are a critical tool in managing company performance versus 54% of average companies.
68%
Believe rewards and recognition influence behavior versus 36% of average companies.
68%
Believe their program reflects who they are as a company versus 38% of average companies.
They’re also more likely to engage an outside partner’s reward and recognition expertise, the benefits of which can pay for the investment itself—and then some.
42% of top-performing organizations said they had a single non-cash program (rather than multiple) for the entire company compared with 17% of average organizations.
A streamlined approachoffers clarity, which impacts engagement. According to one Quantum Workplace study, employees who didn’t have a clear understanding of the [opportunities] provided to them were 20 percent less likely to be engaged than employees who did.
3
They Streamline Their Initiatives
42% of top-performing organizations said they had a single non-cash program (rather than multiple) for the entire company compared with 17% of average organizations.
A streamlined approachoffers clarity, which impacts engagement. According to one Quantum Workplace study, employees who didn’t have a clear understanding of the [opportunities] provided to them were 20 percent less likely to be engaged than employees who did.
4
They Budget Based on Operating Income
Unlike average companies, top-performing companies are more likely to budget programs based on operating income versus gross profit or margin.
The takeaway here? They view their programs as investments, not expenses.
Top-performing companies feature higher non-cash incentive payouts annually for the average channel participant.
And, they offer higher values for the top award a channel participant can earn.
6
They Prioritize Incremental Growth
Top-performing companies were more likely to useindividualized sales quotas and per-unit programs, promoting incremental growth, while average companies were more likely to leverage top-performer incentives, and team and discretionary recognition, only.
It’s not just about top-performing individuals anymore. Leveraging strategies like audience segmentation and/or setting individualized goals for each sales team member can transform your results. Completely.
Top-performing companies were more likely to useindividualized sales quotas and per-unit programs, promoting incremental growth, while average companies were more likely to leverage top-performer incentives, and team and discretionary recognition, only.
It’s not just about top-performing individuals anymore. Leveraging strategies like audience segmentation and/or setting individualized goals for each sales team member can transform your results. Completely.
67% aim to ensure each participant receives a recognition or reward at some point during the program versus rewarding only for “truly exceptional” performance, compared with 31% of average companies.
Though one size doesn’t fit all, it is possible to design a recognition and reward program that motivates the masses.
A defined measurement plan and insightful analyticsshould be foundational to every incentive program—they promote strategic, continual refinement en route to goal achievement.
78% leverage existing communications (e.g. corporate communications) to reinforce their programs versus 42% of average organizations.
Integrating program details into broader company communications provides big boosts in reach and influence. And it offers clarity, which ultimately drives engagement.
10
They View Their Programs More Favorably
They’re more likely to rate program participation, budget, manager buy-in, staffing support and corporate goal alignment as “excellent”.
Favorable perception is what leads to increased budget, and that opens the door to enhanced everything. Strategy, technology, rewards, analytics, and more.
10
They View Their Programs More Favorably
They’re more likely to rate program participation, budget, manager buy-in, staffing support and corporate goal alignment as “excellent”.
Favorable perception is what leads to increased budget, and that opens the door to enhanced everything. Strategy, technology, rewards, analytics, and more.
Ready to Start Looking at Your Channel Incentive Strategy Differently?
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