The importance of analytics for incentive programs
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Many B2B companies operate through a multi-tier distribution channel, involving distributors, resellers, dealers, agents and more, making it difficult to monitor the behaviors and successes of their selling partners throughout the channel.
Savvy incentive program professionals combine sales and customer data to understand the intrinsic factors driving success, and use those factors as a feedback mechanism into designing future incentive programs. Channel-oriented B2B companies can then use real-time data to:
- Measure the effectiveness of their incentive strategy
- Communicate successes to their seller base
- Provide training around areas which require improvement
They can also reward their channel partners for positive behaviors like high sales and brand advocacy, creating a positive cycle of increased loyalty and commitment to the brand.
Analytics-tooled companies harness data to understand what drives sales success, who is selling well, which products are popular, and which incentive programs function most effectively.