In a recent IDG Research study on channel marketing, the top challenges faced by channel marketing leaders were uncovered, one of them being tool and system related.
It was revealed that many brands aren’t equipped with the tools they need in order to grow their program.
It can be difficult running an incentive program; running audits, checking for eligibility, garnering analytics, strategizing for sales participation and so on. Adopting an automated vendor can help with that. Having an automated vendor won’t just aid your team but eliminate some of the tedious work, optimizing both your time and resources saving you revenue down the road.
A vendor will automate the entire process, from managing the hundreds of documents to creating reward systems that meet sales quotas and goals. A vendor that offers an automated platform can propel your program to new heights.
But an automated vendor doest stop there, here are our top reasons why you need to implement an automated vendor:
The administrative burden behind running an incentive program with spreadsheets is massive, there is no denying that. From, dealing with a plethora of documents, creating reward systems for meeting sales quotas and goals, checking for fraud, and bouncing files from one department to another to see who has been paid and who hasn’t, channel marketing managers get overwhelmed fast.
Allocating time and money effectively then becomes difficult when your program is demanding. Adopting a vendor alleviates the immense administrative strain enabling you to streamline the process of data entry (through bulk import) while providing you a consolidated view of all programs for efficient and effective management.
Using time and resources effectively means you’re optimizing spend. Helping you in the short-term process of organizing the program and long term through financial gain.
According to the IDG Research survey on channel marketing, 59% of channel marketing leaders said they have insufficient visibility into sales activity. A detriment when brands put money towards specific areas of a program, and don’t see a sizeable return.
With real-time visibility, from your automated vendor, you can adjust top performing associates, top performing SKU’s, end customers and so much more. This allows you to tweak the program while it is running to ensure you’re seeing results with your program and tackling prominent issues.
A great automated platform can also provide you with end of program data that you can utilize for future programs. End of program data gives you visibility into new regions to expand into, insight into where you should refine your incentive structures, how you should model your promotions for greater success, and provides you with data on KPI’s that you can utilize to design future programs that are more effective.
Having this type of visibility into your program again, aids your team in optimizing spend by helping you allocate your time and resources.
In the IDG Research study, channel marketers stated that they believe an end-to-end solution is the solution because of their ability to optimize allocations in real time using data analytics.
Having an automated vendor is great for simplifying the incentive process, however it also enables your brand to flourish and grow consistently. As mentioned earlier, limited tools is a common challenge that needs to be addressed. It’s time to better your program and make meaningful changes with your program, starting with implementing an automated vendor.
For more insight into the strategies, goals and challenges of channel marketing leaders across the nation, watch our latest webcast on the state of channel marketing HERE.