How Do You Know Your Sales Incentives Are Working?
The old way of doing sales incentives is full of flaws. From the retail sales rep’s perspective, filling out a bunch of paperwork is just another crappy job keeping them off the sales floor. It takes too long to know if their claim is approved or rejected. By the time the money shows up, they’re not thinking of it as an incentive anymore; they’re thinking, «Yeah, it’s about time!»
For any sort of incentive to work, it needs to happen fast enough that the person being incented associates the reward with the desired change in their behaviour.
From the brand’s perspective, the problem isn’t just a matter of convenience; it’s a very real business challenge. Brands will spend tens or hundreds of millions on a program but still never be able to answer a few simple questions:
- Who the spiffs were going to (i.e. the individual rep, and how many spiffs that rep claimed)
- What products were associated with the greatest number of spiffs claims
- When spiffs are most effective (i.e. quarterly programs, weekly or daily spiff campaigns)
- Where the spiffs dollars were being spent (i.e. region, territory, dealer/reseller)
- How much does the spiff need to be in order to have the desired effect? Is the amount the same amount for every territory?
Finally, these questions can be asked again because finally they can be answered with authority.
The key lies right in your program data. 360 helps you to extract meaningful insights from every single SPIFF transaction that you run through our platform giving you the ability to confidently answer the above questions and more, along with the power to influence sales at the most critical inflection point: right on the retail floor.
See The Difference
Brands who run their incentives on 360’s cloud-based software platform can watch the results of their programs unfold in real time, even making program changes on the fly as more data becomes available. The insights from your claim history help you work your way up the data stack from «What happened?» to «Why did it happen?» and, the ultimate in decision-making visibility: «What will happen next?»
Build Connections That Matter
With digitizing comes the opportunity to have a branded online portal to drive people to for claim redemption. With that comes the opportunity for more communication each time a person logs in to enter more claims. 360 clients looking to make meaningful change to the behaviours of their resellers noted that the more often they paid out, the more frequently the sales associates were logging in to enter claims.
Here are a couple remarkable ways our clients harnessed this increased engagement:
• A client started using survey tools in their portal, offering a $50 random draw to sales associates who would fill out the survey. They got over 800 respondents from the first one! Where else can a company get that sort of insight for fifty dollars?
• Having an online portal allows brands to communicate straight to the front lines, rather than through their own salespeople. An example of this being useful is in cases where sales managers will tell the clients that they spend lots of time training people on the floor, but the people on the floor might say otherwise. Product knowledge and relationships are two of the top reasons why sales people choose to sell the products they do, and so this type of learning is important to keep growing.
100% Audit = 100% Effective
Why waste money paying out claims that are invalid, duplicates or flat-out fraudulent. With 360’s validation engine, you know that your spend is going toward supporting your business goals, and being paid out to real people who support your brand on the retail floor.