Having a process to consistently collect and manage channel data can be a big differentiator in today’s B2B markets. According to Forrester channel expert Jay McBain, collecting and effectively using channel data can help vendors improve speed-to-market, develop actionable insights and better location intelligence, open up data accessibility to reduce payment errors, and quantify the return on invested capital (ROIC) in the channel. B2B incentive programs provide unique opportunities to collect more B2B sales and customer data. The high personal value of incentive rewards means you can collect information that channel partners and end users might otherwise be unwilling to provide. Here are the strategies I recommend for leveraging B2B incentive programs and rewards:
Gather information using open enrollment sign-ups or kick-off raffle entries.
With an open enrollment feature, you can offer free-for-all registration into your B2B incentive program. Contractors or end-users you previously had no knowledge of or contact with can sign up to join sales promotions and earn rewards. Through the open enrollment form, you can collect program participant information automatically. This strategy not makes end-users visible to you, you can configure the form to capture the channel data that’s most beneficial to your sales and marketing.
Use online sales claims submission and claims verification tools.
Incentive program sales promotions require documentation to validate sales claims and prevent fraud. This has historically been a hindrance to B2B incentive programs, as program administrators wait for channel partners to submit claims, then channel partners wait for administrators to validate claims then deliver rewards. Not so with online claims submission and verification tools! Use them to speed up the process, allowing you to collect and verify claims immediately for instant reward delivery. When you combine these tools with mobile-optimization, distributors can upload their claims such as receipts, invoices, or warranty registrations directly from the field, during a sale.
Reward channel partners for submitting feedback.
Often, all it takes is a simple form submission from your distributors, contractors, or sales reps to acquire channel data that dramatically enhances your sales and marketing strategies. Deliver custom feedback surveys and forms designed to collect purchase data, channel partner needs, customer interests, and end-user information. With this flexible, easily-updated incentive program tool in your pocket, you can regularly collect information that helps you meet and anticipate the demands of your distribution channel.
Collect channel data with incentive marketing campaigns.
Marketing messages related to B2B incentive programs have higher engagement rates than standard marketing campaigns. Click-through rates for incentive-related emails, for instance, can be up to 400% higher than other marketing emails. This presents a golden opportunity to collect more info from channel partners while you have their attention. Your channel partners are more likely to supply a little extra information when they’re already having a positive experience with your brand.
Your channel partners and end-users are often too busy or reluctant to give up information for nothing, or all at once. B2B incentive programs are great tools for capturing channel data, since they specifically provide personal and professional value to participants. In exchange for the data channel partners give you, they jump on the chance to earn rewards. Incentive technology allows you track, update, and adjust your program’s capabilities so you’re always positioned to collect additional channel data in a way that’s positive and convenient for your channel partners and customers.