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Benefits of Performance Payout
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Marketers and manufacturers that use performance payout want to increase brand
awareness, create affinity with the brand on the part of competitors and fans
that watch them compete and improve customer loyalty.
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Performance payout was typically a time-consuming and manual process prone to
errors and delays.
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Promoters had to do a lot of non-productive work to support this part of the
marketing mix.
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Competitors had to wait for a long time to receive their contingency payout and
this created a negative image of the sponsor and promoter.
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Sponsors often received incomplete data on the demographics of award
recipients.
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In short, none of the parties were happy with the system.
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Understanding the Performance Payout Process
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- Marketers who use Performance Payout typically go through the following steps:
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- Define the target market of competitors (age, skills, results, events, etc.)
- Determine the events where Payouts will be offered
- Set the budget for payout and program expense
- Define the promotional campaign (if any) that will be implemented to support the Payout program.
- Choose specific events or classes of competitors
- Determine the level of Payouts
- Set payout policy (XBux or marketer-branded Stored Value Visa Debit Card, manufacturer dollars, discounts off products and services, etc.)
- Submit a request to XBux to pay out in specific events.
- XBux will determine whether there are any conflicts with existing marketers at those events.
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- Event promoter posts results in the XBux system or transfers them electronically to XBux
- Competition events automatically ratified through XBux
- XBux electronically coordinates payout to ratified competitors and provides detailed reporting to marketers
- Marketers then have the opportunity to create an ongoing relationship with competitors and continue to build that critical brand affinity.
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- Branded stored-value Visa debit cards
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- XBux offers two types of stored-value Visa debit cards
- XBux Velocity Partners can pay out cash on stored-value Visa debit cards printed under the manufacturers' brand or use the XBux branded Visa stored value card.
- There is a small fee for custom printed cards, so some XBux Velocity Partners may choose to go with the XBux branded cards.
- The cards are issued to the XBux member and can be used at any merchant that accepts Visa.
- Funds can be added to the cards by manufacturers, family, friends and the competitors themselves.
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How does XBux Fastrax help solve your
performance payout headaches?
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When you use XBux Fastrax to manage online registration for your events, you
have access to all of the information that you required competitors to submit
during event signup.
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XBux Fastrax is completely integrated with XBux ClearPay
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How does XBux Live™ improve performance
payout?
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XBux Live is our trackside solution for managing events, competitors and
results.
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When the overall event is completed or even as each individual competition is
completed, it is easy to post ratified results to the system with XBux Live.
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Since your competitors enter their own contact and demographic data through
XBux Fastrax, we are able to immediately issue the awards through XBux ClearPay
as soon as validated results of a competition are entered.
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XBux manages all the back-office headaches and lets you focus on generating
revenue and running an outstanding event that both competitors and sponsors
want to return to in the future.
- For competitors who earn cash, manufacturer dollar or merchandise discount performance payouts, XBux can pay out those awards electronically as soon as the ratified results are entered in the system.
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You save money and time
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Competitors get their rewards quickly and take away a positive impression of
the event.
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Sponsors get detailed demographic data on the competitors.
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Each of the three audiences; you the promoter, all of your sponsors and every
competitor get a tangible, valuable benefit from using XBux for performance
payout.
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