Most people know and understand the benefits of a contractor incentive program. These incentives not only help build the brand but also increase sales and engage your Dallas contractor. A well-optimized incentive program has a lot of benefits that help increase the lifespan of your program. This, therefore, makes it flexible and expansive to help boost your B2B sale strategies. Here are some of the top strategies one can use to optimize an incentive program while, on the other hand, avoiding the common mistakes that can hinder its performance.
Plan and set appropriate goals
While implementing an incentive program is always exciting, the process can easily become tedious. Creating a strategic plan that includes goals will drive sales and establish incentives that fit with those goals. This is a must-do for you. Managers must also determine how to structure and direct the incentive program to maximize its effectiveness.
Not all customers are created equal. Therefore, evaluating the customers’ individual needs who will be a part of your incentive program is essential. By separating your customers into respective categories and researching their behaviors, you can determine the best ways to motivate different categories. Assigning various incentives to those groups will make it more likely that your program will be successful.
Identify and track key performance indicators (KPIs)
Your incentive program can’t positively impact if you don’t know which tactics are being used to drive business. As a contractor, you need to know your key performance indicators, the metrics that indicate how you’re doing. From month to month, the goals you set are based on these KPIs. Each month, you set a set of goals you’ll try to achieve with your incentive program. You may set one or more objectives for each team, or all of your contractors can work together towards the same goal. Be aware that some incentives, such as credit rewards or rebates, have multiple levels of performance or benefit. Some of these levels may be linked to employee performance and incentive programs, while other levels may be tied to the goal of generating a sale.
To differentiate your program from the competition, offer an incentive program that is specifically tailored to the needs and circumstances of your business. You can set your program apart by coming up with incentives to appeal to your contractors’ specific needs and interests. For example, homeowners may need to receive their first discount on solar energy installations. At the same time, commercial property owners may be interested in a bonus for employing a particular installer.
Deliver consistent, multichannel communication
There are a few features that are often found in incentive program agreements. You’re given a substantial opportunity to communicate with potential clients and prospects in multiple formats, including online, on your phone, and in person. It’s always advisable to choose communications that take into account your target audience. However, if you’re unsure of a client’s communication preferences or what’s best for them, make sure you communicate on their preferred channel.
A common mistake is to over-communicate through your social media channels. This is especially crucial for brands with a large following on social media. If your brand enjoys strong engagement on social media, make sure you carry that online to your website, too.
Use non-cash rewards
“More is better” seems to be a mantra for any business when it comes to incentives. With so many free resources online, it’s easy to get caught up in the allure of giving away swag. Don’t forget about the importance of meeting business goals. While bonuses can help you encourage repeat business from current customers, don’t overlook how the simple act of helping your contractor members know they’re valued can help grow your customer base. The reward of a simple mention on social media or in a blog post can put a dent in your rebate incentive’s costs in the long run.
Link up with other incentive programs and offer incentive bundles
Similar to other marketing campaigns, incentive bundles are a great way to set your incentive program apart. While your contractor incentives program can be used as a standalone tool, don’t forget about the competition.
Use a reward type that suits your goals
You need to think about what incentive programs your contractors want to use and if your goals align with their goals. If you aim to get your contracts signed by the end of the year, you need to use a reward program that offers contractors who sign within the next few weeks. This should be an extended incentive period, making your campaign more valuable to contractors and more likely to qualify as a “win” for your company. The right incentive program could extend the incentive period by as much as four weeks (even if the actual period is two weeks) to cover the bulk of the contractors who sign contracts between mid-December and early January.
Utilize online claims submission and upload tools
Incentive programs that require uploading materials to your online claims submission system can be time-consuming and cumbersome. Online claims submission system providers offer robust, convenient, and simple-to-use online submissions solutions. Online claims submission can help your contractors save time by automating the submission process.
Implement an escalation process
Using an escalation process can keep your incentive program fresh and avoid costs associated with vendor churn. And while you’re at it, you can avoid some common mistakes that cause attrition. For instance, poor vendor selection, low morale, and overworking the contractors are the significant contributors to vendor attrition.