sales incentive program

Turn Your Sales Incentive Program into a Competitive Advantage

  • November 07, 2017

A strategically planned, well-executed sales incentive program is an enormously valuable tool available to sales and marketing executives to help increase revenue and brand loyalty. They’re designed to create a demand and stimulate an action to buy.

If executed properly, a sales incentive program can be a substantial competitive advantage for your company. Yet the fundamental problem still exists: sales incentives are structurally and strategically much the same as they were 30 years ago…before the Internet erupted. Your campaign should be smoothly executed and you should have an effective program. Therefore we’ve crafted three key components to turn your incentive programs into a competitive advantage:

Sales Incentive Program Tip #1: Be strategic.

Customize your programs and get intentional about every dollar in your marketing spend to get your greatest ROI. You should be asking yourself: When I run a sales incentive, rebate or co-op program, do I run it the same way nationally? Am I considering geographical differences? Channel differences? Seasonal changes? And even market dealer/retailed adjustments? If you aren’t then you’re missing a huge opportunity.

Sales and marketing managers today have access to data which helps aid in targeting the right audiences. You can increase the value of channel marketing dollars by using data to your advantage and create specific targeted programs.

Pro-tip: Create sales incentive programs that address unique business needs in a local market, that also recognize a local problem or opportunity or the local social/economic graph – and do that nationally. Imagine how effective that would be.

Sales Incentive Program Tip #2: Be flexible.

Be committed to the program outcome not the program specifics for maximum effectiveness.

The availability of new information and/or changes in major socio-economic conditions can drastically impact the effectiveness of your incentives program for any number of reasons. You have to be prepared to adjust your program specifics to achieve the desired sales results.

The flexibility to make small but significant changes will add a very personal element to your incentive programs and will have an impact on brand affinity, loyalty and excitement all which contribute to increased sales.

Sales Incentive Program Tip #3: Be responsive

Create and execute changes or new programs within 48 hours to capitalize on opportunity.

In order to be successful you must have a highly responsive incentive strategy paired with a system that is able to easily and quickly implement desired changes.

As an example, imagine a sales associate is struggling with a certain channel, territory, or even a specific store. You should be able to execute a sales incentive program within 48 hours to fix the problem. It’s best practice.

However, responding to problems is only one component to being responsive. Another is a proactive strategy and systems that allow you to capitalize on opportunities that present themselves before your competition has time to react.

Regardless of what industry you are operating in, business now is just too competitive to be running archaic systems and programs that are not giving you an edge. You should be leveraging an automated vendor, one that allows you to perform strategically and efficiently.

Join the Discussion

Have something to add to this topic?

What happens in the Channel in 2021? How do we learn from 2020?Please take a listen to our #ChannelEdge discussion with 360insights CEO @jayatkins, as he shares what he learned from 2020 and what to expect for 2021. 

Listen here: https://okt.to/BaFdDk

#podcast #channeltrends

As the channel becomes more decentralized, vendors are under more pressure and are competing for share of voice and mindshare across an ever more varied channel eco-system. Is there a solution?

Our latest blog suggests there is, read on to find out: https://okt.to/K2CVzZ

Meet Kristy, Program Manager.
 
We’ve introduced Kristy as a part of our #dreamteam over on Facebook, check it out: https://okt.to/XLIm8A
 
#employeespotlight #careers #bestworkplaces

Want to accelerate your customer experience and markets by offering smarter, automated buyer promotions? 

You may find this success study showing how one brand achieved it insightful.

Read it here: https://okt.to/0AHPky

#casestudy #SuccessStory

The #OTAlumni Association Council is excited to announce the first 2021 speaker series: an evening all about workplace culture with @travisdutka, Culture Curator at @360insights and @OT_FBIT alumnus!

Register now: https://bit.ly/2XGXYcs

Load More...

What do you believe is the channel’s biggest challenge today?

Upcoming Channel Events

Are we missing an event? Tell us about it.

Channel Partners
May 4-7, 2020
VIRTUAL EVENT
SiriusDecisions
September 8-11, 2020
LAS VEGAS, NV
Channel Focus
Nov 17-19, 2020
NEWPORT BEACH, CA
360insights Relevance
Postponed
NEW ORLEANS, LA