It’s all very well setting up motivational programs to support your channel team and encourage their performance. But how do you measure sales performance to keep track of their progress and the benefits they’re bringing your business?
A bit of planning and the right technology can allow you to accurately measure performance and business benefits. This blog aims to show how to measure the sales performance of your channel team and the different technology programs you can use to measure it and improve it.
Incentive schemes for measuring sales channel performance
Initiatives such as staff incentive schemes should have key metrics that can be applied when they’re set up for a business. This way companies can easily demonstrate results and ROI on an ongoing basis, such as their sales team or their sales channel team’s performance.
The latest incentive schemes run online, so you can build metrics and measurability into the platform, depending on your business’s objectives. Once KPIs are uploaded, you can run reports and accurately process the figures required to benchmark, for instance, your sales channel’s performance.
When should I start measuring sales channel performance?
The decision to run a sales channel incentive scheme will usually be driven by specific objectives, which are aligned with particular targets, depending on your business and its circumstances. For instance, you might have a new product to launch with associated targets for your sales channel to hit. Or perhaps you’re keen to reverse a decline in their sales of your company’s products over your competitors.
To demonstrate a true ROI, it’s crucial to put your sales performance metrics in place at the start, whether that’s for the launch of that new product or sales campaign. These metrics could then look at a number of leads or value of sales in order to generate proof points around the revenue and profitability of the products or campaign.
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Technology for measuring sales performance
There are different ways you can measure the performance of your sales channel, which can be implemented into a sales incentive scheme. This includes:
Set for individuals or full sales channel teams. This facilitates measurement of performance against a set target and can be viewed on a progress bar
Rank sales people or teams on a leaderboard, so you can view their performance achievements from most (top) to least (bottom). Useful for comparison benchmarking.
These set benchmarked stretch targets for incremental performance above a given level, which can be measured. They also offer rewards when points of progress are reached
Programs for achieving sales performance targets
Sales channel programs can also be used to set up measurable targets and help individuals achieve them through points and rewards. This includes:
Claim form submissions
For this, different products are allocated individual points values. The more desirable or prioritised a product is, the higher is its point value. Potential earnings are visible as salespeople can log their claims. The more high-value items they sell, the more rewards they will receive.
Knowledge vs productivity
This links rewards to training, with points allocated for completion of e-learning modules. Sales performance statistics should visibly improve as a result.
Goal reward items
Can be set up to drive exceptional performance around new products or identified focus periods.
Measurement of these programs should be managed through succinct dashboard reporting to track and record your channel team’s performance. Your platform can be tailored to display reports in your preferred style, even in simple charts and reports.
By strategically identifying a reward that your channel team will really want to achieve, like a smart phone or a weekend away, you can boost sales results further.See how we can help your channel incentives
How we can help improve your sales channel performance
When implementing a channel incentive program, it’s important to measure the performance and behaviors you want to encourage in your channel partners. By measuring your sales channel performance, you can know where improvements should and shouldn’t be made to bring you the higher sales you desire for your business.
Incentive schemes are the perfect way to improve engagement with your brand and drive a consistent level of high performance, not only internally but with your channel sales partners too. The right channel incentive can reap major rewards for your business – keeping your brand front of mind and encouraging your sales channel teams to prioritize your products and services above others.
At CR Worldwide, we can quickly design, launch and optimize effective channel incentive programs that drive increased sales for your business. Our channel incentive schemes are:
Easy to manage — Our programs offer real-time reporting in participation with ROI and budget management. This makes managing, organising, tracking performance and assessing the value of your incentive schemes simple.
Easy to implement — Our turnkey MyRewards platform can be tailored to suit your requirements, meaning you can be ready to implement incentive schemes quickly.
Easy to use — Our platforms are made to be quick to launch and easy to understand, so your sales channel teams can meet their targets, view potential rewards, and chart their progress towards winning them.
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 about how we can engage your staff or those of your sales partners: