1.
Get more
than your
fair share
of attention
in your channel
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2.
manufacturer
The goals of
a manufacturer
and an
uncontrolled
distribution
channel are often
distribution
channel
at odds.
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3.
The channel wants:
n To focus on high-margin products
distribution
channel
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4.
The channel wants:
n To focus on high-margin products
n To increase total sales
distribution
channel
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5.
The channel wants:
n To focus on high-margin products
n To increase total sales
n More autonomy
and exclusive
access to
end users
distribution
channel
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6.
While
manufacturers
want channel partners to:
manufacturer
n Promote their whole line
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7.
While
manufacturers
want channel partners to:
manufacturer
n Promote their whole line
n Increase market share for their brands
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8.
While
manufacturers
want channel partners to:
manufacturer
n Promote their whole line
n Increase market share for their brands
n Give them their own access to end users
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9.
Applying behavioral
economics to your
reward and recognition program
can engage your channel and align
their activities with your goals.
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10.
Here are ten best practices
to follow to design the most
effective reward and recognition
program for your channel partners
using behavioral economics.
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11.
Mix it Up
Build a calendar with new rules structures
every few months to keep things fresh.
As participants become
eager to move to the
next level, they will
become more engaged
in your program.
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12.
Too Much
of a Good Thing
Rewarding with too much cash actually
results in a reduction of sales.
Hedonic rewards, like travel, merchandise
and entertainment,
are highly emotional
and make people feel good about
what they have accomplished.
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13.
Obey the Rules
A program’s rules structure is almost
as important as the
awards offered. Make
the rules
sure the rules structure
is aimed at getting the
right audience to perform
the desired behavior.
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14.
Less can be More
Choice architecture offers carefully
selected and often limited options
which allows
participants
to choose
their own goal
and be
goal 1 goal 2 goal 3
rewarded if they achieve it.
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15.
Say-Do-Gap
A variety of studies have shown
that when asked, most people
say cash will change their
behavior – but when it
comes down to it,
more people perform better
when motivated by a non-cash
reward.
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16.
Give 'Em
a Chance
Don’t heavily rely on the 80/20 rule.
Building rules structures to engage all
levels of performers generates better
results. Create competitive groups
that segment your participants based
on performance levels.
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17.
Jackrabbit Start
Those who hit the ground running
in an incentive program end
up being the top performers.
Why not apply this principle
to everyone by offering
a fast start bonus to
get things started?
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18.
B-I-N-G-O
Create illusionary goal progress
by giving participants a head start.
This convinces them
they’re already well on
their way toward
achieving their goal.
They will work harder
and faster to get there.
free
space
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19.
Me It's All
About
The spotlight effect says that people
will do amazing things just to earn the
right to brag about it. Social recognition
takes advantage of this by creating a
currency of bragging rights through
badges, public recognition and
non-cash rewards.
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20.
Maybe,
Maybe Not
When there’s a probabilistic element
of a chance for a big reward,
participants will do
what it takes to get
another opportunity
to achieve it.
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21.
Learn
more about
how you can use
behavioral economics
to capture the
attention of your
sales channel.
Download
our article
now!
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22.
follow us...
BI WORLDWIDE uses the principles of behavioral
economics to produce measurable results for our clients by
driving and sustaining engagement with their employees,
channel partners and customers.
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