Brands today are tasked with running many different marketing campaigns to reach diverse audiences, increasing the need to distribute offers at scale. However, too often marketers leave offers unprotected and susceptible to over-redemption; ultimately costing their business revenue. As a result, marketers are finding it increasingly frustrating to manage the distribution and redemption of the digital offers they deploy in the marketplace.
Many of these high-value offers (usually designated for customer acquisition tactics), end up going viral across the Internet in unintended ways. These security and control risks put pressure on marketing budgets that become stretched too thin.
Offer Management Explained
To tackle this challenge, new technologies allow marketers to control offer distribution, measure campaign analytics, and save money by optimizing offer values to maximize the effectiveness of marketing campaigns. An offer management platform (OMP) solves this issue as it enables both promotional and direct marketers to manage digital offer distribution in tandem with their existing marketing stack – DMP, ESP, CRM, or other marketing partners – while improving security and control, reducing unnecessary offer spend, and increasing offer ROI.
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Distribute Offers Across Channels Using an Offer Management Platform
Historically, offers were sent in print through direct mail formats like circulars and flyers, limiting the scope of coupon fraud to one area. Today’s digital offers pose an entirely new challenge as consumers can easily duplicate offers or forward them via email to family and friends prompting marketers to seek out new technology that can protect offers.
Using an OMP, brand marketers can securely distribute offers on digital marketing channels such as email, display, search, social, and affiliate networks without fear of fraudulent redemption and lost revenue. Beyond security features like single-use links, geofencing, and customizable print limits, fraudulent offers are blocked at the point of sale and cannot be redeemed. Offline, marketers can send personalized direct mail offers using offline retargeting, protected with unique redemption codes that are limited to single-use.
The Benefits of an Offer Management Platform
While an offer management platform quashes marketers’ worry about viral offers, it has many other advantages that make it the ideal solution for offer distribution.
Control Offer Distribution: Ensure that only targeted consumers can access their offers. Gain control at the individual, device, and flow level to ensure that consumers treat your offers like currency.
Measure Campaign Analytics: Grow your business with actionable insights about the path-to-purchase across all channels. Redemption data connects offers to conversions online, in-store, or to phone.
Save Money: Use offer-value testing to find the minimum ideal offer value. Conversion data can inform your media targeting to eliminate wasted spend.
Other OMP considerations include a marketer’s desire to leverage multiple versions of an offer simultaneously in a single marketing channel or across channels. Executing multiple versions within a channel is time-consuming enough for most marketers. It is an almost impossible task to ensure that the right versions of an offer are distributed through multiple channels to the same customer. If marketers are currently using different solutions within their marketing stack to deliver offers, the inconsistency and lack of safeguards will amount to a major series of headaches for ambitious promotional marketers.
Maintaining control and consistency with an offer management platform also allows marketers to capture valuable first-party data that can’t be acquired anywhere else. Marketers that lack an offer management platform are often left without the valuable consumer data and insights that first-party data can provide.
Free Whitepaper: The Overlooked Gold Mine of First-Party Purchase Data
Enhance Customer Segmentation
Beyond the ability to control, measure, and save using an OMP, the new technology helps brand marketers enhance customer segmentation. Now, these organizations can leverage data and insights to create unique campaigns for products or services that target specific demographics through email marketing initiatives. Recipients will be more inclined to open and redeem exclusive offers that include personalization.
Without an offer management platform, tracking personalized email delivery is not always easy. However, using an OMP, marketers can streamline management, strategy, and execution guaranteeing that specific offers are only delivered to the designated recipients.
Related Reading: How an Offer Management Platform Can Enhance Customer Segmentation
Brand marketers who switch to an offer management platform stand to benefit significantly. The new technology gives organizations more control of offer distribution and redemption. Additionally, marketers can better understand how customers are engaging with offers, what interests them, and how to earn their business in the future. These insights result in cost savings, as brands can determine the minimum offer value and eliminate wasted campaign spend targeting the wrong audience.
Offer Management With Revtrax’s Offer Management Platform
The RevTrax Offer Management Platform is a modern solution designed to secure offer distribution while giving marketers more insights into offer redemption and future marketing initiatives. To learn more about this new technology that integrates seamlessly with your existing marketing stack, contact a member of our team today.
Jonathan Treiber is the CEO & Co-founder of RevTrax