Launching a new product is a big deal for any business. It’s the culmination of a lot of hard work and investment and, essentially, it’s a route for a company to make more money. A new product should drive sales, as well as market share and brand awareness to make your business profitable. So it’s worth putting measures in place to ensure that your launch is successful.
Most companies sell through channel sales partners, which means that the success or failure of any new product hinges on their enthusiasm and performance. So when it comes to creative ideas for launching a new product, what can you do to help your channel sales team sell?
It can be a competitive marketplace for businesses when launching a new product. So your channel sales team need to be invested in you and your product and, even better, they need to know that getting behind your brand is worth their while.
One way to do this is to launch a channel sales incentive scheme. This can help ensure that your channel partners are passionate, knowledgeable and incentivised to sell your new product over competitive brands. You can learn more about this in our blog, Steps to a successful sales incentive programme.
With such a scheme, there are things you can do to make sure it’s fully effective when launching a new product. The following five ideas will help you choose beneficial features to optimise your channel sales incentive programme and help your channel partner successfully sell your latest products:
Your incentive period could be anything from three months to a year, so you’ve got to find a way to keep partners engaged throughout. A theme is a great way to maintain interest. This could be a sports or a superhero theme, or a country theme, like France or the US. It can be supported by a visually impressive online site to keep your channel sales team revisiting, with themed rewards to capture interest. For this, communication is key; the more compelling you can make, for instance, your website or how you give out your rewards, the more effective your theme should be.
It’s important to engage with your partners as individuals rather than just as a team. A sales department is usually competitive by nature, so you need to ensure that everyone has a chance to achieve, rather than just the standard high performers. Consider tiering rewards, so that people with different capabilities and selling skills have a chance to win rewards too. This way they shouldn’t feel demotivated if they’re low on a leader board, while feeling their achievements are appreciated. This should give them the incentive to want to achieve more.
Quite simply, the rewards on offer should be desirable if you want individuals to make an effort to win them. You should either offer a range of different rewards to appeal to more people on your channel sales team, or a seriously alluring end goal that will get everybody excited across the board. Offering an incentive travel trip is a good way to do this. You can find out more in our blog, The benefits of incentive travel – before and after your trip.
The idea is to grab attention and make sure your partners are aware of the rewards and fully briefed to sell, sell, sell.See how our incentive ideas can help
Sales staff can only perform to their best abilities if they are equipped to do so. It’s vital that they are fully trained to understand new products to communicate all their USPs and benefits convincingly. They should also have all the necessary tools to hand, such us product literature or demonstration models to help them sell better. The easier you can make it for your channel sales team, the more they’re likely to engage with the product and the better they should perform for you.
Incentive schemes are a broad tool that any business can make use of to push towards greater success. With a well-designed and well-implemented sales incentive scheme in place, you could really help your sales channels grow as effectively as possible and keep your brand at the forefront of people’s minds.
At Corporate Rewards, we can quickly design, launch and optimise effective channel incentive programmes that drive increased sales for your business. Our channel incentive schemes are:
Easy to implement — Because our turnkey MyRewards platform can be tailored to suit the individual requirements of your business, you can be ready to implement your incentive scheme fast
Easy to use — Our platforms are made to be quick to launch and easy to understand. This ensure that your sales channel teams can easily review their performance and progress, and view the range of rewards that are on offer to them
Easy to manage — Real-time reporting for ROI and budget management means that managing, organising, tracking performance and assessing the value of your incentive schemes is as simple and efficient as possible
We’d love to excite, engage and inspire your sales channel partners with our channel incentive schemes. To speak to a member of our award-winning team: