Reward programs for most channels/dealers come with their own set of problems.

While the objective of such programs is to motivate the channel/dealers and drive sales, the execution of the reward programs leaves a lot to be desired and often becomes a negative experience for the channel.

Usually, companies announce rewards with great fanfare. They advertise attractive incentives for achieving certain sales figures. Companies are excited, and so are the channel/dealers. However, once the program is completed and it's time for companies to fulfill their promises of delivering the rewards, they falter, leading to a negative experience.

The entire backend execution of reward programs causes a 2-4 month delay in the actual reward reaching the channel/dealers. Imagine the frustration of receiving your reward a quarter after you qualified, all because companies do not have a good system of execution.

Why do companies take so much time? Processes.

Once the rewards are finalized by the end of the program, they determine who wins. They finalize the quantity of the rewards. Then they involve procurement to get vendors for the products. Post-evaluation, vendors are shortlisted and briefed. The vendors then need time for sourcing and dispatching, and finally, the rewards are delivered. Time taken: anywhere between 1-3 months.

What happens to the channel/dealers? Loss of motivation and possibly loss of sales for the next quarter.

What's the way out?

FOXBOX Rewards SAAS Platform's RewardsHUB module helps companies deliver rewards to their channel/dealer partners instantly, thereby reducing the time taken for channel/dealers to receive their rewards. It also offers them a much wider range of rewards, which motivates them positively.

The RewardsHUB module develops a custom platform for the company to redeem the rewards, and all channels/dealers are onboarded onto the system. Once the rewards are finalized, the channel/dealers can log on to the platform and redeem their choice of rewards from the curated catalogue. Once the reward is redeemed, FOXBOX ships these products within 5 days to the destination. All coordination with channel/dealers happens through the FOXBOX team, so the company doesn't have to be involved in operational issues. They receive reports of what is redeemed and the status of delivery.

Companies can ensure they get fair pricing for the products in the catalog by vetting the rewards and pricing at the start of the program. Pre-approved products with L1 pricing are uploaded on the platform to ensure the company gets the best pricing.

This model ensures a win-win for the company and the channel/dealers, allowing them all to focus on doing what is best: creating an impact in the market.

To learn more about how FOXBOX Rewards can streamline your rewards program for channel/dealers, please connect with our team.

Author - Stevan Noronha – Head of Strategy, FOXBOX Rewards

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