Your brand is your promise to your channel, to their salespeople, and to their customers.
But when it comes to rebates, sales incentives (SPIFF) and MDF/co-op programs, it’s often hard for channel marketers to follow through on that promise, holistically.
Rebates are often handled manually, and it can take weeks, even months, to get the funds to the customers. Sales incentive fulfillments to salespeople have similar lag times and because MDF/co-op programs are difficult to accurately monitor, it’s equally difficult to know how effective they really are.
If you’re running more than one type of program it can become difficult to manage, you can get overwhelmed fast, but hiring a vendor with a holistic vendor can help.
Here are the top three reasons why you need a holistic channel management platform:
1. Manage Your Programs in a Timely Fashion
Running multiple programs internally for a rebate program alone can be difficult, now running multiple programs for rebates, sales incentives and co-op can be a nightmare. Especially when it comes to response times.
Customers can get annoyed or frustrated when they have to wait weeks or months for their rebate, which doesn’t help your brand. In fact, it damages your reputation and can harm your revenue in the long term by deterring customers from purchasing from you again.
Having a vendor who runs all of your various types of programs can help reduce the turnaround time for your customers and also eliminate the amount of work needed to fulfill the claims.
2. Gain insight into Your Program
Insight can be difficult to garner if you don’t have the right tools in place. Knowing where your programs have potential and where they are lacking is crucial to improving the overall performance of your programs, and your brand wants the best performance achievable.
Having insight into all your programs can provide you with insight into sales associate selling patterns, claimant geography, top performing SKU’s, inventory stock, and much more.
This type of insight gained from your programs can help you transform from not meeting your goals, to over performing on your goals thereby increasing your revenue.
3. Reduce Fraud Payouts
When you are managing one program, such as rebates, fraudulent claims can be a hefty task. With numerous programs to supervise it can be difficult to spot fraudulent claims, it’s almost like winning the lottery.
With an automated vendor you don’t only have a platform purely dedicated to checking for fraud but 100% of your claims get audited. In fact, manufacturers that migrate to a vendor with strong fraud detection practices see an average savings of 12% due to in-eligible claims not paid.
Why You Need a Holistic Channel Management Platform
Fueled by innovative technology, insightful data, and an incredible customer experience, having a holistic channel management solution optimizes spend for all of your channel programs including rebates, sales incentives (SPIFFs), and MDF/Co-op.
It not only increases your brand productivity but it also enhances the customer experience which is essential to running a successful program that continues to garner more revenue every year.