Solution development funds
If you sell a product that needs demonstrations by your channel partners, you can consider establishing a solution development fund. Using this fund, you may reward partners for creating creative solutions that use your product as a foundation.
Solution Development Funds help support demonstrations, proofs-of-concept (POCs), and product launches. This increases the likelihood that your partners will sell your goods and stay with your firm in the long run.
Benefits
- Aid in planning marketing: Partners may efficiently align their marketing plans to launch, raise awareness, and build demand for the co-developed solution.
- Effective for complex products: It is an effective channel incentive for products and services that have a lengthy and complex development and sales cycle.
Challenges
- Unattractive incentive program: If partners do not find the solution development fund appealing enough to drive them, the incentive program may fail.
- Complex processes: Partners may find it difficult to engage if the regulations, lengthy approvals, and claim processes are cumbersome.
Example
IBM has invested USD 1 billion in incentivizing its channel partners with many benefits like no cost to the Software Access Catalog for new partners, incentives for Proof-of-Concept (POC), etc.
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