By: Dan Webster
If you are managing your channel marketing incentive programs in house, you may very well be at a competitive disadvantage. The problem with the “if it ain’t broke don’t fix it” outlook is that sometimes things are broken and we may be too close to those things to realize it. When it comes to executing different types of incentive programs, an example being a consumer rebate or a sales SPIFF, there are certain questions that must be considered in order for your programs to be living up to their fullest potential. Here’s a quick gut-check to make sure your programs are performing optimally.
Who currently manages my programs? Could their time be better used elsewhere?
Time is money, and both can be saved when a third party expert is utilized for full circle program management. Another consideration: has anyone on your in-house team received specialized training to detect and reduce fraud in your incentives claims? Take the burden and tediousness off the back of your marketing so they can focus on what’s most important.
Are we deliberately engaging our sales channel?
You have an opportunity to communicate with every single person who takes advantage of your incentive program, use this opportunity to update and educate them on your company and products.
How fast am I rewarding payouts?
Rewarding someone for buying or selling your product fast is critical. The faster your reward performance, the stronger the behaviour reinforcement becomes. You reward your dog for rolling over immediately, so why not do the same for those who keep you in business?
Is there fraud prevention in place?
Where there’s an opportunity for money to be paid out, there’s an opportunity for fraudulent claims to be submitted. Leaving your company vulnerable to fraudulent claims is an inefficient use of precious marketing spend.
Do I have tangible data on program performance?
Measuring program performance not only holds people accountable, but exposes what is and isn’t effective leading to improved long term program execution and performance.
It’s important to think outside the box when it comes to long term incentive program planning and execution. In house management of incentive programs may get the job done but if you’re going to do the job, why not make sure you are doing it in the best way possible?
Dan Webster is a Sales Channel Incentive Specialist with 360Incentives.com. Connect with Dan on Twitter @iamdanwebster , LinkedIn or Google +.