Everyone is watching every dollar they spend on marketing (or pretty much anything else) these days and that includes your promotional investment. The key is to control exposure and eliminate the possibility of any expensive surprises. And there are a number of sound ways to do that. Overall, the trick is intelligently using caps to either set a maximum budget for the entire promotion, a maximum for each unique way to win inside the promotion, or even how much any one individual can win during the duration of the promotion. Do that well and everyone will sleep better at night.
The Ultimate Calculation Machine
With all the raw data available, myriad variables and so many promotional options available to you, it’s critical that your platform provide a calculation engine capable of applying all the business rules accurately. It has to handle hundreds of options in promotion design reliably, process millions of rows of data in minutes and manage the complexity of changing underlying datasets for reasons ranging from new data not supplied earlier to changes in the qualifying audience, not to mention new products and changing catalogs, all without missing a beat.
Documentation To The Nth Detail
Like so many aspects of the most successful promotional designs, the devil is in the details. With all the money being spent, are you sure everything meets SOX compliance? Is there an electronic “paper trail” so everyone involved that is signing off on the design, execution and approval is identified? Is there one clear, concise document that conveys exactly what was built with the Promotion Builder Wizard? There are so many elements that have to be documented and visible for sponsors, administrators and participants and not all incentive management software or every platform is designed to facilitate speed and agility along with complete transparency every step of the way, so make sure you investigate this easily overlooked aspect carefully!
Workflows That Really Do Flow
If you anticipate a lot of promotional activity going on, particularly at the same time or close sequence, you’re going to want a platform that has a Workflow style of operation embedded throughout. What that means is a clear outline of steps involved to create the promotion that is presented in a logical, no surprises manner, so promotions can be created in minutes—not days or weeks. And does the platform being used expedite approval and review of promotions as they are being hatched? Even something as basic as knowing where to go in an application to see where your work queues can be presented. Are all your tasks presented in one convenient place? That’s what makes proper Workflows such a huge contributor to productivity and success in the promotional playing field.
These are just four more aspects to investigate in selecting the most productive incentive management platform. Bookmark this page because there will be still more to check out in the weeks to come.