Forrester’s report highlights channel partners are reporting an increase in the number of brands they work with, and gaining mindshare isn’t as straightforward as it has been in the past. Brands also continue to overwhelm channel partners with too many ad hoc incentive activities.
What works for one set of partners won’t necessarily work for the next.
For decades, channel programs have been anchored on precious metals. These gold-, silver-, and bronze-level tiers allowed brands to segment and focus dollars toward larger resell targets. As the majority of new partners look more like influencers, advocates, and alliances, there is a fundamental change in how incentives programs work. Without a set-discount- or percentage-of-revenue-type target, brands are looking at how to accomplish similar behaviour modification of partners using capital spending. This creates a different conversation with the CFO and puts increased pressure on channel pros to prove ROI and ensure that processes are in place to reduce overpayments, partner gaming, and fraud.
Without the benefit of the financial transaction, channel programs will need to evolve to ensure proper attribution and to be able to measure influence around the end buyer at each stage. With the buying journey changing at the exact same time, this will be tricky, and advanced tools and technology will be needed to match the customer journey with the partner's journey in real-time. With such changes hitting the partner ecosystem, there is a need to leverage technology that helps us solve for the evolved context.
Xoxoday has strong feet in the channel incentive market with two robust products. Their products help digitize and gamify rewards, commissions, and incentives to effectively engage distributors, retailers, channel partners, sales agents, and the ‘gig workforce’.
By automating payouts, Xoxoday products help minimize manual errors and delays. With fun and interactive game templates, tools for program design, target-setting, communications, incentive selection, fulfilment, and program analytics, Xoxoday Compass helps organizations manage incentive programs from start to finish.
The products are built on intelligent systems that break down performance targets into rightly timed nudges or interventions to boost achievements. Live scores and leaderboards help foster a competitive environment, while instant payments (that can be redeemed against a host of gift cards or directly transferred into the bank account) result in fair and transparent disbursals.
Xoxoday's co-founder, Manoj Agarwal exemplifies the importance of channel incentives:
"Channels are complex value chains. Technology can bring a lot of efficiencies in channels. Xoxoday products effectively solve the information asymmetry in channels to drive better ROI.”
From automation of indirect sales processes and workflows to partner programs and lucrative incentive disbursals, Xoxoday offers a holistic solution for channel management.
The leading provider of digital gift cards and vouchers.
Xoxoday Plum helps automate rewards, incentives & payouts programs at a global scale with multi-currency and multi-region capabilities.