In a recent industry study conducted by IDG –The State of Channel Marketing – it was revealed that the top challenges faced by channel marketing leaders are typically tool and system-related. This includes, but is not limited to: “Visibility by analytics; processes that require a lot of heavy lifting; and ROI that can’t be optimized with current approaches”.
Visibility is an essential component of maximizing the potential of one’s incentive program. Creating clear objectives and providing data for precise measurements.
Receiving timely data, however, has always remained a constant challenge for channel marketers. Working through channel partners i.e dealers to receive data, can take up to six weeks. And even after waiting, marketers may or may not get a direct view of who is selling their product.
A frustrating process that contributes towards a lack of incentive engagement and a decline in revenue.
An automated incentive platform is an easy and efficient way to gain visibility. With a completely automated sales incentive platform you receive real-time insight, that you can utilize while your program is running and well after.
The question then becomes how do you utilize this data to optimize spend, measure your goals and objectives, and maximize revenue.
In-order-to receive the greatest return from your incentive program , here are our top 3 data points you should be on the look-out for:
Your sales incentive program should be providing you with a dataset of channel performers. You should be able to see who is selling the most of your product and who is selling the least along with the associates in-between.
Knowing your top performers allows you to reward and recognize the people who have sold the most, and if their top selling position is consistent, a larger reward may be in order.
This visibility also allows you to see how many people are under-performing, if the number is substantial, it may be time to change your program structure, or rewarding method.
Making adjustments for your associates in real time ensures you’re rewarding them right and recognizing their efforts, which in turn generates more revenue, and optimizes your spend.
Is your featured product selling as much as you thought it would?
Knowing what products are selling and what products aren’t is a huge benefit to your brand. It allows you to tweak your program in real-time if your strategy isn’t going in the direction that you wanted it to.
This saves promotional spend, and resources by eliminating efforts on a product that isn’t doing well and focusing on products that are.
End Customer Insight
These demographics come from the point of sale. The sales associate will verify who purchased the product on the sales receipt, where it was purchased, what was bought, who sold it and so on.
Your program should be feeding you insight into customers who have purchased your product; what state they’re in, what store they purchased it from, how old they are and so much more.
This type of visibility doesn’t only help your channel marketing team but also your brand as a whole. Knowing the demographics of people purchasing your product can give you the ability to market to your target audience better. Enabling you to have a more carefully curated marketing strategy and a better relationship with your end buyers.
Insight Drives Results
Over the past several years making data driven decisions has become more important than ever. Customers have come to expect better experiences that are fast, engaging, and convenient. In a consumer driven economy it is important to know how your brand is performing in the market and the steps you can make to improve your tactics and ultimately generate a larger revenue stream.
Data helps brands identify which parts of the sales channel needs attention, creating touch points that brands can utilize to engage channel partners in powerful ways.
If you’re finding the lack of insight from your channel a challenge to obtain, you’re not alone. It’s actually the most common challenge reported by your peers. In fact, in our latest webcast -The State of Channel Marketing – conducted by IDG, the plethora of challenges other channel marketers face are revealed.
The State of Channel Marketing webcast gives you access to first-hand insight into the top challenges and goals of channel marketing leaders, and how they plan to invest in the future. Insights in the the channel marketing world that you can’t obtain anywhere else.
For more knowledge from your channel marketing peers and insight into the future of channel marketing, watch our webcast- The State of Channel Marketing