Channel Survey: Sales and Marketing, Analytics Are Significant Challenges
COVID-19 amplified channel partners' challenges.
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Well over half of B2B respondents and 46% of B2C respondents plan to increase their incentive budget in 2021. However, even as spending increases, only 30% of B2C channel leaders and 26% of B2C leaders are leveraging a single platform to execute, manage and visualize their incentive efforts.
“I would say that the most surprising finding from the survey is that so few organizations are still not really committing to better user interface (UI)/user experience (UX) as part of partner/dealer experience, especially (based on the results) when channel leaders know how critical it is to success,” Kellam said.
Nearly 60% of both B2B and B2C respondents said that data analytics are imperative to success for their channel incentive programs and strategy. Furthermore, nearly two-thirds of B2C channel leaders are planning to significantly increase their investment in data in 2021.
While ineffective sales and marketing capabilities from channel partners (45%) were causing the greatest challenge for B2B channel programs, both B2B (39%) and B2C channel leaders (43%) agree that the issue of poor analytics to determine return on investment (ROI) was a significant challenge for their programs.
“Sales and marketing competency in a digital world continues to be a top challenge for B2B and will eventually become an even bigger challenge for B2B2C,” Kellam said.
Marketing development funds (MDF), co-op and deal registration top the list as the most important incentives to promote channel success for both B2B and B2C channel organizations.
Spiffs are held in higher regard for B2B respondents, while rebates are considered more important for B2C respondents. Yet, even with these winning programs at their disposal, 47% of B2B teams and 40% of B2C teams are still using spreadsheets to manage their incentive programs instead of automated systems and/or platforms.
When it comes to measuring program success, B2B2C channel leaders are measuring success through net promoter scores (20%), customer referrals (17%), repeat purchases (17%) and customer satisfaction (7%). These leaders are creating deep and lasting relationships with customers through exceptional UI/UX (37%), hyperpersonalized marketing (20%), rebates and promotions (10%), loyalty rewards (10%) and compassion marketing (7%).
When it comes to measuring program success, B2B2C channel leaders are measuring success through net promoter scores (20%), customer referrals (17%), repeat purchases (17%) and customer satisfaction (7%). These leaders are creating deep and lasting relationships with customers through exceptional UI/UX (37%), hyperpersonalized marketing (20%), rebates and promotions (10%), loyalty rewards (10%) and compassion marketing (7%).
A new 360insights channel survey highlights encouraging trends and shortcomings for partners in the evolving pre- and post-COVID-19 world.
More than 200 senior executives from a variety of industries globally participated in the Channel Pulse Report: 2021 Trends. The channel survey reveals how channel leaders are approaching channel incentive management as a whole. It also shows which strategies and programs they’re leveraging to connect and engage with their consumers on a deeper level.
360insights’ Steven Kellam
Steven Kellam is senior vice president of alliances and marketing at 360insights.
“COVID-19 obviously presented challenges to channel leaders last year and into this year,” he said. “But based on the results of the survey, it didn’t add anything new that didn’t already need to be addressed. What COVID-19 did was amplify those challenges and add a sense of urgency, especially when it comes to rapidly accelerating digital transformation.”
Organizations of all sizes and verticals are attacking the market, Kellam said. They’re doing so with not just an increased push in sales rewards, but are heavily investing in leading indicator initiatives.
“From customer and partner experience (CX to PX) improvements, to digital sales and marketing enablement, well-orchestrated, data-driven incentives will play a key role in channel success,” he said.
Most of the results of 360insights survey highlight the many opportunities for channel leaders that are still available to take full advantage of, Kellam said. These are:
More incentive investment in 2021 for many organizations.
An increased shift to behavior modification rewards, which is key to growth in a digital world.
A push for better data and better data analysis. This results in a better understanding of what incentives are doing in the past in order to better forecast for the future.
Go more in-depth with the survey results in our slideshow above to see how they might impact your business.
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