A direct gifting strategy can be a significant investment for a small-to-mid-sized business. Thus, marketing and sales leaders need to be able to justify their investments with measurable impacts on revenue. Additionally, identifying specific KPIs is critical for optimizing your gifting strategy and using your precious budget where it will deliver the most significant impact.
The marketing team focuses on metrics such as cost per acquisition and cost per lead, while the sales team focuses on metrics like average sales cycle and conversion rates. Together, these metrics provide insight into how best to achieve shared revenue objectives.
When it comes to the bottom line, the return on investment you care about most is the impact of gifting on your sales pipeline. Are the deals influenced by gifting converting better than those that aren’t?
A Pipeline Performance Dashboard will show you where each deal is in the sales cycle, the potential revenue it represents, and the likelihood the deal with close successfully. It will help you identify whether you are on track to meet your revenue targets or if specific segments are underperforming. External factors may affect a segment, or your team may need to push a target market harder.
Drilling down in this way will help you identify opportunities for a promotional gifting strategy to maintain your pipeline. When you are confident in your persona, account, and company but opportunities aren’t converting, a thoughtful gift can help fill the gap.
Activities, Meetings, and Pipeline
To understand where your gifting strategy has the most significant impact and identify opportunities to boost outcomes, look to an Activities, Meetings, and Pipeline Dashboard. This report will reveal how your sales representatives spend their time and how gifting fits in with emails, calls, and meetings in their overall communication patterns with prospects.
Is your team doing enough to build rapport and guide clients along the buying cycle? Are they making enough calls, landing enough meetings, and how many interactions does it take to close a deal? When is gifting making the most impact – creating opportunities, re-engaging unresponsive deals, landing a meeting? If your team is underperforming, this is the first dashboard to look at.
Additionally, you will want to examine how team members are using their gifting budgets. When something works, share it with the team. Train and motivate reps to incorporate gifting when they aren’t using it enough, and their deals are suffering.
As an experienced gifting platform, Sendoso has multiple tools to help you get the most out of your gifting program. Send Tracker is a tool that allows you to track the status of your gifts so you know when they are received and redeemed by your recipients.
This allows you to schedule your outreach and follow up for precisely the right moment. You can get in touch when you are top of mind and have built goodwill with your prospects. The faster you connect with leads, the more likely they are to take action.
If you would like to learn more about corporate gifting and sales enablement, schedule a call with LTMG here.