A smart way to speed up Trade Credit usage in your business

Posted by KImberly Armstrong on Sep 11, 2013 4:40:00 PM

As our customers seek to close the 2nd half of 2013 with a bang, many are seeking ways to spend their Trade Credits faster in order to make room for another Corporate Trade.

Placing incentives behind Trade Credit usage is a proven way of accelerating the speed of your ROI. It helps to keep the Corporate Trade partnership top of mind across the business, and measurably connect that greater good to an individual or team performance.

Incentives don’t have to be centralized or financial. In fact, it is just as effective to connect incentives to preexisting company activities. You likely have an internal rewards and recognition program already, why not use it for this purpose, and rewards individuals or teams with high Trade Credit usage rates each quarter

It could even mean creating a new role or set of KPIs. For example, in addition to an incentive program, one of our customers felt justified in expanding the role of an individual who was tasked with managing Trade Credits across the business. Results were seen almost immediately.

Another consideration: if the financial upside of your Corporate Trade partnership is put directly to the bottom line, be sure not to inadvertently penalize the departments who are using them most effectively.

For example, let’s say your marketing team has saved $150,000 on their $1MM digital media spend this year with Trade Credits. Has your marketing team “lost” that $150K or are they able to use it to extend the reach of their next campaign to drive incremental product sales?

There are many ways of accelerating your ROI by keeping Trade Credit currency top of mind across the business. Be sure to connect with your Active account manager, or request a free Corporate Trade assessment to discuss options best suited to your business. Our goal is to help you reach yours.

 

Topics: Corporate Trade Industry Report, Corporate Trade 101, Case Studies, Trade Credits, Corporate Trade Best Practices

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