The Power To Always Know What Program To Run Next
“What is the best way to allocate our channel marketing dollars?”
This is an important question and it is absolutely the correct question. It is also easily the most frequently asked question in our business.
Do we run a push or pull strategy? Should I SPIFF or offer a consumer rebate? Is my co-op program increasing store visits? Should I do a sell-through allowance or am I better off with instant rebates? In which territories? At what time of year? Should I offer $20 or $25?
The questions are endless.
With 360insights, you have the power to finally answer these questions with certainty and authority and even build predictive models based on the performance of your previous campaigns.
The promise of Big Data for the channel marketing industry is that it gives us the power to make decisions and spend our promotions budgets with confidence.
The Power To Grow In New Ways
The data from your incentives programs has the power to guide your sales to new heights.
Our clients have used insights from the 360 Platform to drive real growth in unexpected ways, from a change in product mix to expansion into new territories. These are meaningful changes being made by some of the world’s biggest brands and have delivered real business growth, all guided by data pulled from incentives programs run on the 360 platform.
The Power To Scale Claims Auditing
The generally accepted number of non-compliant claims across all channel marketing programs seems to be around 1-3%. That’s fine: most companies can live with 1-3% and can’t justify allocating resources to enforcing fraud at that level.
The trouble with accepting this number is that too many companies are showing 1-3% non-compliance when their programs are only being audited at random! Hoping for effective random audit is like hoping to win the lottery.
The collection and digitization of all data related to every claim enables you to audit effectively at 100%. 100% is the new standard and anything less is leaving money to fraudsters, accidentally double-paying claims or just generally not helping you to achieve your business objectives.
The Power To Know Who’s On Your Side
The indirect sales model has historically come with built-in difficulty for the channel marketer. Say a manufacturer sells to a few national distributors who sell to hundreds (or thousands) of retailers/dealers where the product is then sold to the end consumer by many thousands of sales associates. The brand does not get complete visibility into what your distributors are selling to which retailers and in what regions. The manufacturer knows what is going out the door to the distributor, but they don’t know which products are selling to which consumers for how much and in which markets. How are you supposed to refine your marketing strategy without this information?
The 360 platform collects all data related to every claim, allowing you to know where you’re getting the most support out in the channel and where you may need to do some work. At a glance, you can see view top salesperson or top dealer by region. You can view how a particular SKU is performing, right down to the dealer level. With our robust reporting engine, the possibilities are endless.
The Power Of A Single Platform For ALL Your Incentives
Selling through a complex channel makes it nearly impossible to get a holistic, real view of your incentives programs results. The independent nature of the channel creates a significant lack of visibility to sales and promotional activities and their respective results from the dealer to the end consumer, especially if 30% of more of your sales are to “long tail” or non-national retailers. The solution is to have your programs built out virtually in a way that mimics the structure of your channel. Having a virtual build of your channel structure and the visibility this brings is the foundation to successful modelling, experimentation and refinement of future programs.
Vulnerability of Multiple Systems
The future of smart strategy lies in big data and part of what is going to make us smart is not just knowing and understanding what has happened with our programs, but rather beginning to spot important points of interrelatedness. Having access to all of the data around each incentive allows us to start drawing inferences as to what the best use of our promotional spend is going to be.
If you are running your rebates, sales incentives and co-op programs across three different specialized applications or three different specialty providers, it’s nearly impossible to begin to connect the dots between how your co-op and sales incentive dollars have influenced this sale. If you are running a paper-based, mail in rebate campaign you are also missing the opportunity to learn more about this consumer and build out future remarketing opportunities with them!
The 360 platform helps you to make sure that all SKU identifiers, serial numbers, dealer names and other pertinent program information are being correctly entered into the system before a single claim is even entered. By doing this, you are paving the way to extracting more valuable reporting once your programs have gone live.
Consider the implications of knowing that the data in your reporting is solid.
Could your company soon be test-modelling programs prior to launch using predictive analytics? With your enhanced visibility into your sales channel you can keep an eye on data such as transactions and run rates in real time but, more importantly, you can start to lean harder and with more confidence on your data to guide the way to ever-improved programs and profitability.