26 MAY, 2017

How User Information Improves ROI in Incentives Programs

incentive program

Setting up your Incentive Program

You’re decided to invest in a channel sales incentives program. You’ve done the research and have purchased in a solution, but now that you’re in the process of setting up, you’re not sure of all the steps such as what kind of information you should gather from your users when they sign up for the program.

Did you know the information about your users is incredibly valuable? Not only can you learn who is using your program, but also what they’re selling, where they’re selling it, and gleam trends and patterns you might not have seen otherwise.

Now, I’ll just take a moment here and say that CRM programs can do many of these things that I’m about to mention. Please note that we’re not trying to say incentive programs can replace CRM programs. In fact, if you integrate your incentive program with your CRM, you will see greater insight and understanding, allowing you to make even better marketing choices.

That being said, let’s jump into the pieces of information that can be learned from a channel incentives program, and how you can use the information.

Personal Information

Name

This one is pretty self-explanatory. You need to know who you are working with. A name also helps to verify the account, and helps personalize communication. No one likes to receive an email that says “Dear Participant.”

Gender

Having the person’s gender on file helps personalize communication. If you wanted to make your emails more formal, you could say “Dear Mr. (Name)” or “Dear Ms. (Name).”

Phone Number

You can ask for both an office and mobile number. This is helpful for contacting the user if needed, as well as for account security. If you get an office number, you can use it to validate the account in your system.

Email

A personal email should be optional unless the user does not have a work email. With a work email, you can validate the user. Of course, whether the email is personal or professional, you can use it to alert the user of promotions and awards. Not to mention, an email address can be used for account security in case they forgot their password.

Home Address

This may come in handy if you plan on shipping awards to your users, however also this gives you more information about the demographic of your users and who they are selling to. Perhaps many of your users live in the Adirondacks and like hiking. Use the information you appeal to your users and the customer.

Position Information

Job Title, Manager, and Years in Position

With a job title, you can learn a lot about who the person is, and which promotions will apply to them. Are they a sales person on the floor of a retail location selling your product to a consumer? Or are they a reseller to other businesses? Are they an entry-level employee with no experience, or are they an executive manager who has been around for years? The types of promotions you want to use for each user depends on their job role.

Further, you are able to build a hierarchy of users for both validation and communication purposes.

Company Name

If you have multiple companies selling your product, you might not necessarily want them to see the progress and involvement of another company, especially if they are competitors. You should be able to configure your program so different companies cannot interact with each other on the same platform.

Additionally, the company name gives you great insight to which company is performing better. Using the incentives program, you can see a correlation between how much Market Development Funds (MDF) were allotted to that seller and how many sales were made by them.

Work Address or Store Number

This first is used to verify the store when a user is created. After that, you can gain deep insight to where exactly your product is sold. In an extension of the Company Name, you can see the parallel between the amount of MDF you allot to that seller, and the return of investment through rewards. This allows you to gain a better idea of where your money is going, the customers who are buying your product, and how incentives directly relates to it all.

Review

Many components are used for account verification to decrease fraud. However, the use of the information does not necessarily stop at account creation. When it comes to rewarding your indirect channel sales people, you will want to be as aware of your trends as possible to calculate ROI. Being more informed about your users can drastically increase the insight you can learn from your incentive program. The more information you have tied to your incentive program, the more value you get.

As I said above, many of the capabilities here cross over with a CRM program. If you have a CRM program, you can integrate it with your channel sales incentive program. If you do this, you gain even more insight to your program and see clearer patterns and correlation with your incentive initiatives. If you do not have a CRM program that gathers information like I mentioned before, using your incentive program can give you a far better idea of the environment you are working in.

When it comes to rewarding your indirect channel sales people, you will want to be as aware of your trends as possible in order to calculate ROI. Being more informed about your users can drastically increase the insight you can learn from your incentive program. So if you look at the information I mentioned here today, and other insightful information such as participation statistics, you can make extremely educated decisions in your marketing efforts.


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