{"id":526,"date":"2021-02-19T14:48:38","date_gmt":"2021-02-19T09:18:38","guid":{"rendered":"https:\/\/www.zaggle.in\/blog\/?p=526"},"modified":"2022-08-07T18:30:43","modified_gmt":"2022-08-07T13:00:43","slug":"change-face-of-automotive-sales-with-channel-incentives","status":"publish","type":"post","link":"https:\/\/www.zaggle.in\/blog\/change-face-of-automotive-sales-with-channel-incentives\/","title":{"rendered":"Change the face of automotive sales with channel incentives"},"content":{"rendered":"\n

Successful automotive sales rely largely on incentivising and motivating channel partners\u2019. With increasing competition, it is essential that the channel partners are on top of their game.  <\/p>\n\n\n\n

Selling through channel partners opens organizations to new markets, making the launch and subsequent customer service smoother. It is essential to establish clarity over mutual expectations and value-based programs through consistent communication. It helps to recognize the value the organization offers to enhance a channel partner business and develop the right tools and resources.<\/p>\n\n\n\n

It is essential to sustain loyalty and develop trust with channel partners for a long-term fruitful relationship. A combination of sales training, demos, marketing tools and lead generation programs, and training to identify and position solutions with assessment guides, scripts and case studies go a long way in equipping them.<\/p>\n\n\n\n

Why start a channel incentives program?<\/h2>\n\n\n\n

With the current landscape, the kind of incentives expected has significantly changed from the past. This serves to reinforce the view that a more inventive strategy is needed in order to attract, retain, and get the best out of channel partners.<\/p>\n\n\n\n

While commissions have been used as an incentive for several decades, research indicates there are more effective ways to encourage teams and drive sales. Cash-based incentives are important, however, they should not be the only reward for performance. This is where a structured incentive program is useful. It helps executives and management offer rewards that channel partners want to win.<\/p>\n\n\n\n

Research demonstrates that non-cash rewards deliver an increase in performance<\/a> when compared with cash. An ideal solution is to set up a rewards catalogue that spans different categories that ensure there is enough to interest everyone. Unlike cash rewards, non-cash incentives give the recipient the freedom and luxury to shop without the money automatically being absorbed into everyday finances.<\/p>\n\n\n\n

Studies by the Incentive Research Foundation<\/a> indicate that an incentive travel trip is a wonderful luxury option that will be remembered longer than cash. Similarly, products or merchandise, such as jewellery or electronic gadgets or even prepaid gift cards are increasingly popular options. <\/p>\n\n\n\n

An incentive programme for an automotive business<\/h2>\n\n\n\n

The basic requirement here is that it integrates into day-to-day business operations seamlessly. The benefits offered by a well-structured incentive program include:<\/p>\n\n\n\n

  1. Improved performance<\/li>
  2. Higher sales<\/li>
  3. Uplift in add-on sales<\/li>
  4. Enhanced market share<\/li>
  5. Heightened brand awareness<\/li>
  6. Increased trust and confidence among personnel in the product being sold<\/li>
  7. Improved loyalty<\/li>
  8. Validation and appreciation for all teams within the company<\/li>
  9. Optimized use of promotional funds<\/li>
  10. Transparency over disbursing of promotional funds<\/li><\/ol>\n\n\n\n

    Boosting Team Morale in Car Dealerships<\/h2>\n\n\n\n

    For an incentive programme to have the maximum benefits, it needs to be capable of melding into the everyday routine of channel partners. This requires a customized, structurally sound programme that is strategically deployed incentives programme.<\/p>\n\n\n\n

    An incentives programme requires senior leadership to not just be aware of the benefits of a structured incentives programme, but communicate them with channel partners. With all this in mind an effectively managed incentives programme needs to have the following attributes:<\/p>\n\n\n\n

    1. The focus should not just be on rewarding channel partners, but on engaging them<\/li>
    2. Drive loyalty by reinforcing desired behaviours and outcomes<\/li>
    3. Improved and transparent internal communications<\/li>
    4. Ensure incentives are visible to and attainable by the partner community<\/li>
    5. Structured within an agile framework capable of evolving <\/li>
    6. Facilitate seamless reporting<\/li>
    7. Capable of being deployed across multiple channel partners within the group<\/li><\/ol>\n\n\n\n

      Deploying an incentive platform within the automotive industry<\/h2>\n\n\n\n

      An online incentives platform needs to be expansive, accessible, agile and easy to manage. <\/p>\n\n\n\n