mkt315 week 4 discussion 2 and response 1

“Securing Channel Members” Please respond to the following:

• Assess the various incentives offered to secure channel members. Select the one that you believe most companies desire and explain why.
• Imagine that you are in charge of creating an incentive to secure channel members for an industry of your choice. State the industry that you chose and the incentive that you would create.

Incentives are significant to secure channel members in every form of business. Incentive programs can come in many different ways, whether it be in rebates, cash bonuses, profit-share, shares of stock, and retention bonuses. To secure channel members, I believe the most significant incentive in any business is the giving of shares of stock. Giving shares of stock to the secure channel members provides the channel member a feeling that they are part-owner in the company. The channel member will work harder because they feel as though they provide whether the company will be successful. Channel incentives can be instrumental in driving your business when they create a behavior that sticks. Positive behavior from the feeling of being part of the business will give a positive effect.

I always wanted to own a dog walking business. To secure channel members for this industry, I would give incentives like cash bonuses, and if clients would book return appointments, the channel member would also receive spiffs. Sales Performance Incentive Funds are designed to inspire sales teams to promote your products over others with the promise of a reward (Horton, 2020). These spiffs will encourage my channel members as a promise of compensation for booking return appointments.

Horton, T. (2020). 8 Examples of Channel Incentive Programs. Retrieved from

http://www.thespurgroup.com