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Business-to-Business Incentive Marketing – By Small Business Resource

Business-to-Business Incentive Marketing – By Small Business Resource. What’s in this presentation. What’s required in setting up an incentive program Pit falls to look out for. External programs: Improve sales Increase market share Reduce turnover Increase loyalty. Internal programs:

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Business-to-Business Incentive Marketing – By Small Business Resource

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  1. Business-to-BusinessIncentive Marketing – By Small Business Resource

  2. What’s in this presentation • What’s required in setting up an incentive program • Pit falls to look out for

  3. External programs: Improve sales Increase market share Reduce turnover Increase loyalty Internal programs: Raise productivity Lift morale Foster teamwork Improve work habits Ensure safety Decrease absenteeism Why use incentives ?

  4. Incentive target groups • Incentives can influence people at every level of your organization and distribution channel: • dealers, distributors, resellers • salespeople • clerical workers • plant workers • middle managers • administrative staff

  5. 8 Steps to planning yourincentive program 1. Define your objectives 2. Plot your strategy 3. Build your budget 4. Devise a measurement system 5. Choose the awards 6. Spread the word 7. Run the program 8. Evaluate your results

  6. 1. Define your objectives • Preliminary research: • Analyze strengths & weaknesses of yourself and competitors • Look at your competitors • What are critical issues facing my industry • Define target group • Define your products or services and determine which ones will be included • Set fair objectives • Keep it simple, attainable and measurable • Well-timed

  7. 2. Plot Your Strategy • Rules that are simple • Evaluation system that clearly measures desired objectives • Quotas that challenge top and average achievers • Awards that speak directly to the audience • Length of qualification period

  8. 3a. Build Your Budget • Open-ended budgets : • there is no limit to the number of points or awards participants can earn • Closed-ended budget : • budgets are fixed and there is a guaranteed number of winners!

  9. 3b. Budget Allocation • Costs: • Awards 60% • Communication/Promotion 30% • Administration 10% • Training/Research • Partner funding (maybe up to 20%) • Awards • Communication

  10. Sales measurements: Sales Market share Units purchased Percentage of achieved goal Number of call/contacts Number of new clients Profits from sales Non-sales measurements: Decrease absenteeism Team spirit Integrity Leadership Documented paperwork 4. Devise a Measurement System

  11. 5. Choose the Awards • You are not shopping for yourself ! • Look at: • Demographics & psychographics • Lifestyles • What would get them really excited? • What other incentives have they participated in? • Examples: • Travel, merchandise, cash, events, financial aid for undertaking marketing activities.

  12. 6. Spread the Word • Develop a slogan & program logo • keep it clear and simple, mirror of your objectives, a bit of humor • Pre-announcement teaser: • something really special is coming your way • Announcement piece including enrollment card: • outline program objective, rules, structure, measurement system, promote awards • Kickoff: • special launch I.e. during a lunch, sales meeting, etc.

  13. 6. Spread the Word • Mailers/statements : • update individuals’ progress towards their goals • newsletters • Research & evaluation reports : • surveys, telemarketing, focus groups • Congratulatory/qualification : • communicate final results

  14. 7. Run the Program • The basics: • Enrollment services • Participant database • Promotional mailings • Award tracking • Performance statements • Management reports • Earning/tax reporting • Post-program evaluation

  15. 8. Evaluate Your Results • Pre-plan that tracking of results is possible within your existing IT/Accountancy system while setting up your objectives and program structure • Two key questions: • Were the objectives met ? • Did the program and awards meet the expectations and desires of the participants ?

  16. Pit falls to avoid • Most often seen blunders: • Lack of pre-research • Allocation of budget is wrong • Insufficient communication/promotion • Awards not exciting enough or too vague • Insufficient staff backup • No database maintenance • Rules are too complicated • Unreachable targets • Not enough support from management • No long-term planning

  17. Reasons to join To get FREE marketing content To get free downloads To get discounts on our services To get access to our resource centre Many other Powerpoints in this series in the members area

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