3 Ways You Could Be Losing Out on Revenue from Promotions

3 Ways You Could Be Losing Out on Revenue from Promotions

Promotions can help your business achieve important goals by incentivizing specific buying behaviors that align with your needs. If you’re looking to boost a new product category, centralize shipping operations in a certain region or accomplish almost any other objective, designing specific promotions that reward your customers for desired behaviors can be a very efficient approach.

However, using promotions to their full potential can be challenging, especially as they grow in number and complexity. If your business regularly leverages multiple incentive programs, it’s essential that your team has the tools they need to create complex deals with ease and manage them effectively – or you risk losing out on a wealth of potential revenue.

There are several common difficulties when it comes to managing complex promotions that can result in lost, reduced or delayed promotion revenues:

Your Team Can’t Easily View Accurate, Detailed and Up-to-Date Data

If your team can’t easily view how your promotions perform at a granular level, you’re likely missing out on crucial details and perspectives that could inform your decisions and improve your overall strategy. Imagine attempting to diagnose a problem with your car while standing across the street from it: the whole car may look fine at a glance, but you can only find and fix issues when you get under the hood and examine individual parts. Lacking this thorough level of detail could result in significant blind spots in your team’s data.

Your team can run into a slew of additional problems if the data they have access to is incomplete, inaccurate or out-of-date. Information silos, manual data import processes, insufficient collaborative functionality and the general inflexibility of many promotion management systems (including spreadsheets) can all contribute to a lack of clarity or cohesion in your promotions data.

Working from the same set of current and correct data is essential to your team’s ability to collaborate efficiently. Lacking a single source of truth and centralized visibility of all your deals can mire your team in a constant game of catch-up. At the rapid pace of modern digital commerce, staying on the same page is crucial to maximizing revenue and growing your business.

With Enable, you can:

• Create, manage and track the performance of all your promotions in one place

• View current, clear and complete data at any level of granularity

• Utilize the Agreement Tracking feature to keep an eye on your contracts at every step of the process

• Easily collaborate with your partners in real time

Your Approval Process is Manual and Time-Consuming

Many teams collaborating on complex deals often face difficulties with cross-team visibility and collaboration, with a significant amount of time lost during the approval process in particular. Ensuring the accuracy of your approvals is important and should be undertaken with care, but a manual sign-off process can lead to significant delays, increased admin work, unnecessary overhead and preventable confusion.

Delays during sign-off can make it difficult to launch promotions fast enough to capitalize on fast-moving trends and campaigns, causing you to miss out on potential revenue. Automating your approval process and other manual tasks is a great way to save your team crucial time and effort without increasing the risk of error.

With Enable, you can:

• Streamline your sign-off process with built-in approval workflows

• Secure your approvals with legally binding signatures on all agreements

• Save your team time and effort that they could be using to grow your business

Your Deals Are “One-Size-Fits-Most”

Some businesses aim to cut down on complexity by creating promotions that are non-specialized, or “one-size-fits-most.” This approach has proven to be an inefficient strategy for driving incentive utilization. These promotions are often inflexible, blunt and ineffective; instead of benefitting from the simplicity of a wider net, this approach can actually cost your team deals and decrease your negotiating power.

Many companies would like to craft bespoke deals to maximize the benefits for their customers and themselves but lack the time or manpower to manage additional layers of complexity. With increasing complexity comes additional overhead and admin time, as well as a growing risk of human error. More targets, more deadlines and more agreements mean more work for your team – and more opportunities for revenue to slip through the cracks.

With Enable, you can:

• Manage and track the performance of more complex deals with ease

• Instantly view payment history, so you always know when rebates are due

• Check the progress of different incentive tiers

• Expand your deal-tracking capabilities with automation

Streamline Specialized Promotions with Enable

Promotions from Enable provides a clear and collaborative view of your deals with enhanced data visibility, ensuring that your whole team has access to the information they need and that no one can misinterpret a contract. Gone are the days of managing promotions in massive spreadsheets that are never quite up to date. Enable’s centralized and automated platform allows you to streamline many of your essential processes, from tracking deal performance to approving agreements.

Enable supports a wide range of promotion types, including (but not limited to):

• Free samples

• Trial offers

• Free shipping

• Early access deals

• Buy One, Get Two sales

• Clear-out inventory

Our software automates tracking and reporting, giving every team visibility into the types of promotions they create and how they perform. Get improved visibility and a holistic view of customers’ profitability to maximize margins, improve negotiating power and drive positive buying behaviors with Enable.

Want to learn more about Promotions or see the feature in action? Schedule your demo today.

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