Sales channels generally grow in an organic manner, with revenue and profit dictating the ways in which manufacturers expand their operations and introduce new products. But what if there was a better, more intelligent way to grow channels – one informed by real data and optimized in real time?
Brands that analyze and leverage incentive program data through a digital platform can achieve exactly that, and grow their channels with greater confidence thanks to tangible, actionable insights.
Most of all, incentive program solutions can provide a fresh perspective on sales channels that is much needed. Let’s check out a few ways in which incentive program data assists in smarter channel growth.
1. Pinpointing products (and partners): Retail sales numbers often have clear patterns, whether seasonal, based on demographic or other factors. These trends have the power to inform brands about the marketplace and let them strategize more effectively when it comes to growing sales channels. Individual product sales is one of the most important things to measure.
“A fresh perspective on channel management is much-needed.”
Collecting incentive data takes this analysis to a whole new level, giving brands insight into how incentive programs impact sales trends and the success of individual products. With this knowledge, they can better structure their incentives in accordance with these factors and grow their channels with far greater confidence – and better results.
2. Strategically training RSAs: Some channels lag behind others for no discernable reason, but by analyzing incentive data more closely, brands will see that these problems often stem from a lack of training and knowledge – not a shortage of incentive or interest. According to an article from Twice, training is one of the most important yet overlooked aspects of channel engagement.
Therefore, brands that want to optimize their sales channel growth will pay close attention to the training programs they choose to leverage. With a better understanding of what training solutions deliver results and when they should be incorporated, a brand will be able to invest in these programs more strategically, further sparking growth in sales channels.
3. Expanding into new regions: Location is key in any retail venture, and sales channel growth hinges largely on where a brand chooses to focus its expansion efforts. Traditionally, companies struggle to pinpoint the differences and similarities between regional partnership results, leaving them at a loss when it comes time to expand the boundaries of the business.
Now, organizations with centralized incentive solutions can see exactly where their partners are successfully selling particular products and services, allowing them to expand in a much more informed manner. No more guesswork – just data-driven results.
4. Refining incentive structures: Not all incentive programs are going to maximize sales channel growth, and it’s up to brands to determine which structures work better than others. Only with a centralized platform for incentive program management and analysis can an organization clearly see which programs are making a positive impact and which are holding the brand back.
With incentive insights on hand, companies will see just how powerful this data can be when it comes to expanding their sales channels.