Sales compensation modelling programs after largest brands
360insights has worked with some of the largest and most recognizable brands in the world. Based on our experience, here are four key areas manufacturers should consider as they build out their sales compensation programs. These important considerations include implementing flexible modules, enhancing analytics and visibility, speeding up the claims process, providing exceptional customer service, conducting 100 percent audits for fraud reduction and compliance and improving efficiency. All these factors combine to increase top-line revenue growth, promote greater channel and partner engagement and improve brand management and integrity.
Among those steps, the basic tenet that every incentive program needs: The four 360 pillars.
“Steps you need in your sales compensation program model.”
The 360insight sales compensation pillars
Our value proposition focuses on visibility, flexibility, engagement and validation. These pillars enable us to leverage our analytics to improve auditing, platform flexibility, channel engagement and value propositions. Visibility gives all sales channel stakeholders access to relevant data through a single platform, flexibility enables manufacturers to customize their incentive programs directly to their channel needs, increased engagement ensures that your brand stays on top of mind with sales associates in the channel and validation comes with our 100 percent auditing services.
How some of the biggest global brands leverage 360insights platform
A global manufacturer of communications hardware in the US
This client was interested in finding a card provider who would not charge load fees. The company’s channel marketing manager, head of marketing operations, budget owner and lead buyer sought a solution for its channel incentive program. Our approach fit their criteria, and their team felt it was progressive. They also wanted the opportunity to work with our consultative sales team and engage our professional services group early on in the implementation process.
Part of the reason the company sought out 360insights was that they it recently resurrected a channel incentive program two years after it was shut down. Shortly after its relaunch, the company had spent a substantial amount on load fees. The company then switched to a points- and trinkets-driven program. However, they then noticed that more than 75 percent of recipients had redeemed points for cash. This prompted the company to change the program to a cash rewards system, with a particular focus on avoiding hidden fees for recipients.
This new program proved to be too expensive and was riddled with hidden fees. The company needed a more flexible and customizable program that could deliver more value to their sales channel partners.
Since implementing the 360insights platform into their sales compensation program, we have launched a SPIFF campaign that has proven successful. The success analytics are visible to all stakeholders, all hidden fees are eliminated and the program has verifiably stimulated more engagement among sales partners.
A global appliance manufacturer in Canada and the US
As we had extensive experience in working with large visible brands in the appliance industry, this company’s marketing, sales and channel incentives departments in Canada and the U.S. sought out 360. Since they are a compliance and data-driven company, its representatives felt our offering was an ideal fit. Specifically, the appeal of a single dashboard accessible by all sales channel stakeholders through our platform, along with robust reporting and program flexibility, convinced them to work with us. Another requirement was extensive cost analyses, which we offer with 100 percent auditing functions, for compliance reasons.
Following the platform’s implementation, we launched the Canadian campaign with SPIFFs. The client also adopted our inherent and control risk functions because the company recognized the platform’s value. After the Canadian program’s success, they implemented a similar program in the U.S. with inherent and control risk functions.
A global tire manufacturer in the US
A change of leadership in the organization led to several executives from this company’s sales organization and channel marketing department seeking out a new incentive program. At the time, they simply wanted to grow their channel marketing program so that it moved the needle on sales.
First, we provided the organization’s representatives with a case study where we compared our risk and compliance rules against their existing program. The company also had concerns of fraud and compliance audits as well as program flexibility with specialized regional campaigns. The client first tested our platform by using it to operate one of their existing programs. This was conducted to determine if 360 could deliver a flexible program with comprehensive auditing functions – specifically, testing SPIFF programs versus internal risks audits in various markets. Our ability to prove we could provide these functions and deliver the value proposition we promised convinced the company our platform opened opportunities for savings and more control over data.
In working with this company, we have rolled out several programs in increments to include a SPIFF versus internal risk test in the U.S. We are also conducting a control risk audit program for Canada to validate the SPIFF programs we implemented. Our ability to help this client drive sales and reporting functions has convinced its stakeholders to have us lead all SPIFF programs in the U.S. and Canada.