How Incentive Fulfillment Can Boost Sales Participation
Incentive fulfillment is a critical element of channel success. If you find yourself wondering how incentive fulfillment can boost sales participation in a program, read on; we’ll get you there.
The experience your sales associates have with your brand determine if they sell your product or not, which directly impacts the revenue you garner from your program. So making sure they’re happy is important.
Your program should be taking into account their preferences as well as considering what is the most efficient process of fulfillment for your brand.
With our years of expertise in the incentive world, here are our benchmarks for success when it comes to fulfilling your channel incentives payments:
Paper vs. Digital
Nearly 80 percent of organizations are currently in the process of transitioning their B2B payments from paper checks to electronic payments. Why?
It costs an industry average of $3.00 to send a paper check; and $1.57 to receive a paper check. Multiply that figure by the number of incentive payouts you’ve taken a large portion of you channel marketing spend.
Today the leading practice of rewarding the sales channel is digital and direct deposit. With nearly 60% of sales associates preferring electronic payout, it’s the most engaging and cost effective way to incent your channel.Further reinforcing the idea behind the incentive – sell more of a particular brand to get paid more.
Speed of Payment
The industry average for processing a sales incentive claim by mail is 60 days. That’s assuming everything in between the time the associate mails in their claim, to the time they receive it is running smoothly.
That’s an extensive amount of time to receive a reward that the associate worked hard for. Especially since, for sales associates, incentives aren’t just a competition but a source of income that they can heavily rely on in order for their daily lives to function.
If you are planning on paying out sales incentives anyway, then you might as well make your channel happy in the process and pay them out fast. The average for leaders in the incentive world is two weeks or less. Take a look-into how fast you can reward your channels for holding up their end of the deal, and watch engagement skyrocket, time after time.
Frequency of Payment
Leaders in the incentive world pay out their sales channel at least once a week.
Imagine, having payday more than once a week. Sales associates love it.
Paying more frequently ensures you are rewarding your sales associates for a job well done. If a sales associate won’t receive their reward for another two weeks they might forget why they’re receiving it. Instead of making them consistently wait weeks, incent the behaviour you want more frequently.
Incentive fulfillment that is preferred by the sales associates is essential for channel success. It not only ensures their happy with your program but that you gain the most out of your program in terms of revenue and reputation.