Have You Made The Switch To Digital With Your Incentive Program?
The transition from traditional paper based incentives to digital incentives has become more prevalent through the recent years. In fact, in an industry study, over 65 percent of respondents (taken from the appliance vertical) in 2016, switched to online submission.
Digital channel management tools gather data in digital formats, enabling brands to manage information, and channel relationships in a fast, efficient, and profitable manner. With the ability to simplify the incentive process, and create a more robust form of communication between sales channel and brand. There is no wonder why digital is taking the incentive world by storm.
It’s time to harness the potential of a digital platform. To boost your incentive program and achieve the greatest return on your investment.
Here are 3 ways a digital platform can help you run your incentive program more effectively and garner a larger ROI:
Achieve a consolidated view of all incentive programs
If you are using separate vendors or spreadsheets for each type of program, (consumer rebates, sales incentives, sell-through allowances, co-op programs, etc.) the consolidation of the varied reporting is a massive undertaking.
It’s a hefty job that pulls resources and capital away from the actual marketing that your team should be working on; impeding program growth and causing disorder for the channel marketing manager.
With an incentive program, you want to be able to have a full view of your entire promotion. Going digital allows for a holistic view of all your programs on one single platform, with data and reporting to help you enhance the future.
With digital, all programs can be featured on a digital dashboard where the Regional Sales Managers (RSM) can choose to view their programs all the way down the channel: by dealer groups, by single dealer, by sales associates or by programs. This allows RSMs and their teams to identify top performers, how to allocate spend more effectively, what goals to set, and who are the sales associates who are underachieving.
This simplification and coordination allows the channel marketing manager to have full visibility to allocate their teams’ time and resources effectively.
Generate sales channel data and insights by going digital
Was the program you ran this year more effective or less effective than the program you ran last year?
You can’t answer a question you don’t know the answer to.
Digitizing an incentive program enables you to cut through all the broad assumptions you’ve made about your program and gain accurate sales records, and incentive data, to assess incentive programs in hindsight. Many organizations end up moving from one sales incentive effort to another without really being able to adjust based on past results. Having the right data on hand enables brands to analyze sales incentive performance and develop strategies to maximize future efforts.
Being able to see through your channel, all the way down to the consumer transaction simply helps you craft better strategies across the entire enterprise. What’s more, seeing that data and reporting in real-time, enables you to not only make changes at the end of the program but during your program.
Automate validation and reduce fraud
Detecting fraud in an incentive program is a tedious and cumbersome task when you don’t have a digital platform. With random manual audits, it’s next to impossible to catch every fraudulent claim, resulting in the loss of valuable channel marketing spend, and, not to mention your teams’ time that could be utilized for something more demanding.
An excellent digital platform checks 100% of all incentive claims offered saving you thousands on your sales incentive program. Although internal action can deter some misconduct, implementing an online platform with a good fraud detection engine can ensure your brand stays secure and alert.
Transitioning to digital is a rewarding venture, saving time, capital and resources. It’s time to realize the potential of digital to manage your incentive program more effectively and boost your return on investment.