Sales & Channel Incentives
Today brands are trying to sell their products in an increasingly competitive market. You are bound to be one step ahead of your competition when you engage and motivate your sales team to improve their product knowledge and to up their sales to reach your targets. By rewarding the people (who keep your business going) through an incentive programme, you’re essentially unlocking their hidden potential.
The objectives of Sales & Channel Incentives are to improve sales volumes, product mix and product knowledge. Our team of experts, will assess your current business practices, drive down costs and disrupt the market by directly incentivising people to sell your products ahead of your competitors.
To reward the people whose loyalty keeps your business going, a successful incentive programme requires:
- Low Cost Rewards
- Leveraging a variety of activities off a single infrastructure
We make use of small, symbolic must-haves that are enticing and not too costly. Through years of experience we know that more people positively change their behaviours when they are given smaller rewards on a regular basis.
WOW provides efficient and auditable administration services (which include the redemption of rewards) and we are, without a doubt, the best in powerfully and personally engaging with participants. Through inspiring one-on-one communication with participants, we keep them highly motivated and involved.
These activities are database managed and provide you with tracking reports to review progress.
Benefits For You:
- WOW is cost efficient: we do not require payment when rewards are earned – only when they are ordered by participants.
- This results in a cash flow advantage for your business and you only pay for what it costs.
- Our competitors mark up their reward costs by up to 60% WOW does not apply cost mark-ups on rewards.
On the Table:
For Sales & Channel Incentives to result in better sales and customer experiences, they should have attractive and easy-to-understand offerings. WOW constructs different offerings for six core groups:
- Manufacturer / client field sales representatives
- Manufacturer / client sales management
- Channel partner / dealer sales persons
- Channel partner / dealer sales management
- Channel partner / dealer principals
- End-user consumers
WOW offers high-end financial modelled services in the form of:
- Pure Channel Programmes (chasing cross-selling and product pull-through)
- Retail Loyalty Programmes (increasing basket size and persistence)
- Card-based repeat-purchase programmes
We offer strategic insight into the design of the package, the delivery of its administrative functionality, communication and the reward fulfilment as required.
How We Do It:
- We leverage rewards through communication
- A client channel solution communicates and is visible to programme participants twice a week – and more often when sprints (targeted behaviours) and focus periods are implemented
- We understand that bigger rewards are unsustainable which is why we use a system called “saturation communication”
About Saturation Communication
To understand saturation communication consider two extremes. At the one extreme targeted participants can compete for a one-off R10 000 reward for specific behaviour change. At the other extreme is saturation communication. This is where all targeted participants receive regular, enticing reminders of a R100 reward for the same behaviour change. In the R10 000 scenario, only a few people will be incentivised to change their behaviour or outperform, but at the R100 end, where communication is more regular, and there are more winners, many more people will be motivated to outperform.
The reason we believe in saturation communication is because studies have shown that smaller rewards on a regular basis make broad sales objectives more likely to be achieved. This approach works well for groups of 100 or more people, and is even more effective with groups of more than 1000 participants. The use of cost-effective media (SMS, MMS, email and web) adds to the effectiveness of this model.
Traditional arguments for merchandise, experiential and travel rewards maintain that these prizes have a trophy value and are thus more memorable. However, the drawback is that they can be very expensive and cumbersome to deliver, and are not always preferred by the target audience. On the other hand nothing attracts attention quicker than cash, but it can’t give the same benefits as merchandise, experiential and travel rewards.
The WOW Solution
To address this dilemma we combine the best of both to achieve your business goals. Our approach ensures participant engagement because we know that a programme lives or dies by participant involvement.
Incentives can be won on a Client-Owned Channel Programme in a number of ways:
- Fortnightly prizes for proving product knowledge
- Prize upgrades if sales are registered timeously
- Base credits for each deal backed up by sales registration
- Credits are converted to points, monthly or annually
- Non-active participants who have earned credits forfeit these to the bonus pool
- Bonus pool (breakage) is shared pro-rata with active participants at the time of points conversion
- Participants can choose to swop their points for limited client product prizes, travel, adventure and pamper options, vouchers, cash (with the full tax paid by WOW), cash on reward debit cards or sweepstakes.