BlogTags - Channel Incentive

Gamification: How to Match your Organizational Goals to an Employee’s Personal Goals

28 September, 2022

Gamification: How to Match your Organizational Goals to an Employee’s Personal Goals

As human beings, we enjoy the excitement and sheer gratification that comes from playing games- be it board games with family or virtual contests with colleagues. The idea of participating in a competition where it’s possible for us to win stimulates us more than simply going through a mundane office workday. This knowledge can be leveraged by HR leaders to implement elements of gamification in their total rewards program and engagement strategy. Gamification of both the recognitions process and the sales incentives process ensures higher adoptability of the platforms by employees and greater employee motivation levels. Gamification in behavioral economics has been used across…

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How to Engage with Your Channel Partners in Disruptive Times

14 May, 2021

How to Engage with Your Channel Partners in Disruptive Times

The new normal has called for flexibility and inventiveness in the way we do business. However, for organizations that rely on indirect sales for revenue, channel sales alignment has taken a big hit. Organizations are either scaling back channel partner budgets or scrambling to ensure continued channel sales in a tight market. In addition, the casualties, isolation and suffering caused by the pandemic has affected human morale everywhere, and your channel partners are no exception. For long-term business success, it’s imperative that organizations step up to nurture their channel networks at this time. In this blog, we’ll talk about the…

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Engaging Sales Teams in the Pharma Sector

4 March, 2021

Engaging Sales Teams in the Pharma Sector

Way before our rapid advances with the COVID-19 vaccinations, the Indian pharmaceutical industry has been a flagbearer for creating affordable, effective solutions for the global healthcare industry. However, with economic volatility and increased competition, the pressure on sales teams of these firms has been tremendous. In fact, the very relationship between brands and secondary sales networks has changed over the decades. Earlier, pharmaceutical representatives were the primary source of clinical information about drugs. Today, such information is often sought online. Purchase decisions are also influenced by payers like insurance firms and customer preferences, which means that distributors need to engage…

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Engaging & Incentivizing Channel Partners in the Insurance Sector

26 February, 2021

Engaging & Incentivizing Channel Partners in the Insurance Sector

The insurance sector in India is growing at a rapid pace due to the rise of a young, security-conscious, insurable population coupled with favorable regulatory interventions by the Indian government. Policies like 100% FDI allowance, increase in basic premium rates and open architecture have boosted competition in the sector. As per the pattern followed in most competitive industries, there has been a major influence of IoT and innovative ‘InsureTech’ to improve direct insurance sales channels via innovative technical interventions. However, according to PWC, for both the life and the non-life insurance sector, the majority of sales is still accomplished through…

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Engaging and Incentivizing Channel Partners in the FMCG Sector

3 December, 2020

Engaging and Incentivizing Channel Partners in the FMCG Sector

The ‘Indian FMCG sector’ and ‘distribution channels’ are practically synonymous with each other. Traditionally in India, distribution networks were owned by large FMCG firms- these distributors in turn worked closely with retailers or small-scale kirana stores to push products to the end consumer. Hence, the entire business model, including scale, margins and market share has always depended vastly on channel partner networks and secondary sales channels. In today’s times, the FMCG industry has evolved and expanded, resulting in numerous firms bringing vast, sophisticated product lines to the market. Customers are the ones driving demand and stocking strategies at local distributor…

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Incentivizing and Engaging Channel Partners in the BFSI sector

25 November, 2020

Incentivizing and Engaging Channel Partners in the BFSI sector

The BFSI and NBFC sectors have expanded over the past decade to include a range of financial products and services. We are also seeing a startling increase in competition that has emerged with homegrown and international players tussling for market share. As a result, customer experience has become of prime importance and firms are increasingly looking to leverage their channel partner network for improved customer care, expanded product reach and boost in sales numbers. Such partners can range from customer service representatives, sales agents, vendors, consultants, aggregators and value-added tech resellers. Cash-based commissions alone can no longer inspire channel loyalty,…

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How to Effectively incentivize sales teams to boost performance

6 November, 2020

How to Effectively incentivize sales teams to boost performance

Sales and channel partners determine a major part of an organization’s revenue, which is why incentivizing their performance has always been an important goal for a firm’s management. However, manual methods of sales tracking, channel partner data collection and incentive distribution have resisted optimization in this area. As a result, firms lose investment in the form of overpayments, rebates, fraud and worse- stagnation in sales numbers. This can only be combatted with a data-driven approach to sales incentives, backed by robust technology and a carefully planned incentives structure. Incentives can range from commissions, SPIFFs, MDF to other types of motivational…

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Performance-based Recognition: The New Normal

30 October, 2020

Performance-based Recognition: The New Normal

There is no doubt that the pandemic has left an indelible mark on the workplace. In 2020 only 53% employees globally are feeling engaged with their organizations. This is a particularly alarming statistic considering how employee engagement directly impacts not only an individual’s performance but also the organization’s bottom line. Engaged employees are more productive, bringing in 2.5x more revenues than their disengaged counterparts. Moreover, since most organizations now have distributed or downsized teams, old methods of employee motivation have been rendered obsolete. However, even before 2020, the trends were showing an undeniable need for change. Long before the crisis…

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