Automating Pricing and Volume Discount Reconciliation
This global veterinary medical supplier automatically tracks customer purchases of medical diagnostic services and supplies in order to award volume discounts to customers and distribute bonuses to the sales teams.
To increase customer loyalty, they offer price discounts to customers when purchases reach a certain threshold within a specific timeframe. Customers can select from a variety of protocols and can choose the start and end dates of the offering. Some protocols require purchases of only a single component or diagnostic procedure while others involve combinations of components that may not be managed in the same software system or recorded by the same medical device.
Customers who hit their volume targets are awarded future discounts for the same or similar products. In addition, the salesperson responsible for that customer receives a bonus. If the incremental revenue for either half of the calendar year increases during the course of this program, a second, bigger bonus is awarded to the salesperson.
Finally, the client felt that sales teams respond positively to public accolades and friendly, in-house competition. This client wanted to create a daily leaderboard to honor the salesperson who posted the newest incremental revenue within the 6-month period.
Storing data required for analysis across a dozen different sources can be a difficult task. Two systems track the sale of medical products; one for in-house diagnostics (medical analysis performed in the veterinary office) and the second for labs (medical analysis performed in a customer-run laboratory). A third system tracks the protocols for which a customer has enrolled, along with the dates and revenue targets for the enrollment period. Nine other data sources contain various pieces of customer information, pricing discounts, and sales contact data.
Read more about how this global veterinary medical supplier was able to offer sophisticated volume discounts to its best customers to increase customer loyalty and incremental revenue.