Data Synergy in your Incentive Promotions
An incentive promotion is only as effective as the data that runs through it. Data is the lifeline of the program because it allows admins to be dynamic and responsive to both positive and negative stimuli in your workflows. A brief glance at data and you can see quick indicators like names of partners, log-ins, or registrations; however, a more nuanced and in depth look and you can see how it ties together meaningful elements that make up the health of your program. These include insights into things like:
- the people representing your brand,
- which of your products is promoted and by which partner,
- details into the sales made,
- and the productivity of the logic that determines reward loyalty for your participants.
In your incentive promotions, four unique sets of inputs must unite in order to output a successful and transparent promotion. These include:
- User data which are details of users enrolled in the program who are eligible to receive rewards. This contains specific data points and details regarding users, such as division, location, role, and other individual user level data.
- Product data which is information such as product SKUs that are relevant to the program and must be stored with associated identification numbers, prices, quantities, and other information.
- Sales data made by your relevant promotional audiences. This means that only promotional sales data is collected; data from overall sales is not appropriate here. It contains insights like who sold what, when, how many, and at what price.
- Logic which allows for specific functional program alignment with certain conditionals, promo types, reward types, and other specific program requirements you may need.
These four inputs coordinate and tie the User (the participants), to the product being sold, to the sales transaction details, and to the standard (or custom) logic you choose for your unique promotion execution.
The resulting synergy is one that ensures accurate claim validity, precision payouts in both amount and relevant promotion, and detailed report generation to expose insights how and when you need them.
The symbiotic relationship of your data points brings the following benefits:
- Increased workflow efficiency – once cohesive data is collected, that information should determine your next move (s). New users registered could be assigned to Audiences for future targeting or they can be assigned specific sales enablement resources before your next product launch. New sales submitted could perhaps be routed to territory admins for efficient validation.
- Seeing the full story in reporting – as opposed to a narrow glimpse into your ecosystem, like a list of users or a composite of sales, comprehensive data including User, Product, Transaction, and others help to get a clearer and more complete vision of what’s happening, how it’s happening, and how it can improve.
- Getting fancy with new promotions – the best approach to take with actionable insight is to act. Robust visualizations of performance help to identify what’s going well and what can improve. Roll this intel into future promotions so you could do more of the good, all while addressing the not so good.
- Efficient payouts – smooth processes and valid claims will bring accurate and fast payouts and an audit trail to satisfy your tax requirements. This means that maximal efforts can be placed onto enabling and rewarding your partners leading to higher mindshare and profits.
These benefits are key to your promotion and ecosystem longevity and profitability. Available channel incentive data, coupled with the expertise of your channel administrators and an incentive solution, can be invaluable assets to form a cohesive and dynamic channel incentive program.
Looking to paint a full picture of your incentive promotions? Let’s have a conversation!