Given the variety of channels in the digital age, it’s becoming more and more challenging for brand marketers to manage the distribution and redemption of their digital offers. However, an offer management platform (OMP) can address these challenges, enabling organizations to gain better control of offer redemption, capture measurable campaign insights, and significantly increase cost savings.
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Marketers sometimes waste thousands or even millions of dollars on unsecured offers that unintentionally go viral. With an OMP, marketers can focus on delivering personalized offers to the right customer at the right time.
Here are seven signs to look for that suggest you need an offer management platform:
1. You’ve tried to execute a digital offer and it went viral.
The most common reason to harness the power of an offer management platform is to contain offers before they go viral. These offers can skew demographic and redemption data. Marketers need to ensure their data is reliable when planning for future campaigns. An OMP enables marketers to securely control and track offers to guarantee offers no longer go viral.
2. You need something more sophisticated than generic vanity coupon codes.
Email marketing campaigns are susceptible to coupon fraud as they often utilize generic vanity codes. These offers can easily be forwarded to family and friends, enabling everyone to participate in the offer. However, businesses lose out as they are giving away products and services at a reduced cost, and not getting useful data in return. With an OMP, marketers can protect email offers with exclusive single-use codes that can be voided if forwarded. This protection ensures that only the recipient can redeem the offer, helping businesses build a 1:1 relationship with customers.
3. Your finance team is limiting scale.
Budget overruns can cripple marketing efforts. Often, a company’s finance department won’t accommodate offers over a specific value due to budget overruns. Low-value offers make it challenging to compete in the marketplace. Wouldn’t it be nice to have control over high-value offers so you don’t have to stress about overruns? An offer management platform gives marketers greater control of both organic and paid media channels. Marketers can now promote high-value offers while conducting price optimization exercises to find the ideal offer value to maximize campaign ROI.
4. You need to balance marketing budget and promotional offer usage.
When an enterprise business plans its marketing budget, it likely has a portion of that dedicated to promotions. However, unsecured offers can cause the promotional budget to spiral out of control. An OMP helps regulate budgets through enhanced security measures that limit redemption to individual users or devices.
5. You’d like to enhance customer segmentation with more detail.
Without the right technology, customer segmentation for offer distribution can be a tedious and time-consuming process. Marketers would have to manually sort through contact lists and databases to find the ideal candidates for relevant offers. Using an offer management platform, marketers can enhance customer segmentation with greater control and efficiently distribute offers to desired segments that meet specific criteria.
6. Your goal is to execute multivariate testing strategies.
Do your current tools lack capabilities for hyper offer variations? Testing different promotional offers and messaging can be a great way to find out if your marketing campaigns are effective. An offer management platform simplifies the process, enabling brand marketers to create many different variations to achieve optimal results.
7. You can’t connect marketing channels to in-store purchases.
Often, marketers will distribute offers across several different marketing channels. Optimizing channels based on purchase level data is ideal but it can prove difficult to connect with in-store purchases. Investing in an offer management platform can help your business connect all marketing channels to in-store purchases for greater insights to shape future marketing strategy.
The RevTrax Offer Management Platform is a modern solution designed to help brand marketers distribute secure offers at scale while adding enhanced control, measurable campaign analytics, and significant cost savings. To learn more about maximizing ROI of your marketing campaigns with an OMP, contact RevTrax today.
Jonathan Treiber is the CEO & Co-founder of RevTrax