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Business-to-Business Incentive Marketing - by Small Business Resource

This document outlines the key steps for setting up an effective business incentive program, including defining objectives, budgeting, choosing appropriate awards, effective communication strategies, running the program, and evaluating results. Some of the main points covered are determining the target groups, allocating most of the budget to awards and communication, choosing rewards that appeal to participants' demographics and interests, and ensuring goals are specific and measurable. The document also lists common pitfalls to avoid such as insufficient planning, improper budgeting, and overly complex rules.

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Munir Ahmad
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27 views

Business-to-Business Incentive Marketing - by Small Business Resource

This document outlines the key steps for setting up an effective business incentive program, including defining objectives, budgeting, choosing appropriate awards, effective communication strategies, running the program, and evaluating results. Some of the main points covered are determining the target groups, allocating most of the budget to awards and communication, choosing rewards that appeal to participants' demographics and interests, and ensuring goals are specific and measurable. The document also lists common pitfalls to avoid such as insufficient planning, improper budgeting, and overly complex rules.

Uploaded by

Munir Ahmad
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPT, PDF, TXT or read online on Scribd
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Business-to-Business Incentive Marketing By Small Business Resource

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Whats in this presentation


Whats required in setting up an incentive program Pit falls to look out for

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Why use incentives ?


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

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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

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8 Steps to planning your incentive program


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


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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

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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!

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3b. Budget Allocation


Costs:
Awards Communication/Promotion Administration Training/Research 60% 30% 10%

Partner funding (maybe up to 20%)


Awards Communication
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4. Devise a Measurement System


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

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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. Brought to you in association with

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. Brought to you in association with

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

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7. Run the Program


The basics:
Enrollment services Participant database Promotional mailings Award tracking Performance statements Management reports Earning/tax reporting Post-program evaluation
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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 ? Brought to you in association with

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 Brought to you in association with

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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