A recent survey showed forty-five percent of manufacturers could not estimate their sales incentives programs’ return on investment after one year.
This is a common issue. Without the right digital platform providing advanced data analytics, manufacturers cannot accurately measure their programs’ success. However, this data should not gauge just the program’s effectiveness; it should also be employed to learn more about the sales reps in your channel and what makes them sell.
Insufficient or inadequate data sets is why companies may offer competitive incentives, but their programs fall short. The best program may not necessarily offer the largest monetary rewards, but with the right data to customize incentives to align with sales reps’ needs, it provides more value to them – and your bottom line.
Tune in next time for more on effective sales incentive program administration.