The basic level of Trade Loyalty Programs involves the trade partners earning points for their transactions and redeeming those points against various rewards. But in competitive sectors where all brands have loyalty programs, the basic level is just not enough. A plain vanilla program can get lost in the clutter. The next level of loyalty programs involves tiering the trade partners and rewarding them with various privileges based on their tiers. In this post we will look into the various different privileges that can be included in such programs.
Unlike rewards, privileges need to be curated in a much more rigorous way as they are much more involved experiences as compared to rewards. The classification of privileges also goes beyond just the functionality. We prefer to classify privileges by the emotion generated among the recipients and try to strike a balance there. Our classification is as follows.
- Makes your life EXCITING
- These include primarily premium travel experiences. Vacations taken along with friends or family or even solo are usually the high points in every individual’s year or lifetime. As part of loyalty programs we put together curated travel packages to domestic or international destinations which go much beyond the travel packages that one comes across on travel portals. To be classified as privileges the travel packages need to be end-to-end experience with everything taken care of. New age travel destinations or experiences such as Caribbean cruises, Far East, Scandinavia, Latin America, etc will ensure differentiation from regular holiday trip schemes.
- Makes your life FULFILLING
- These primarily include charitable activities and family engagement activities. These are the activities that appeal to individuals who derive value from contributing to society or their relationships. Various bespoke charity activities can be included in the programs which go beyond just donating on behalf of the participants. Other privileges that fall under this category are hobby classes for the participants or their families, insurance policies for participants, their families and their employees, etc.
- Makes your life MEMORABLE
- This category is all about identifying the special occasions for the participants and making them memorable. These can be their birthdays, anniversaries, family birthdays, firm anniversaries and important festivals observed by them. Activities ranging from customised gift boxes to dinners and parties organised for them can fit into these occasions. Personalised rewards covered in the previous post would also fall under this category.
- Makes your life BETTER
- This category includes privileges such as concierge services, utility bill payments, executive education programs, health diagnostics, vehicle servicing, etc. It essentially covers taking care of the regular tasks so that the participants’ time is freed up from the mundane activities and can be spent in more fulfilling activities.
Having the right balance of privileges across these categories is important for any privileges program. If you want us to help you put together the best in class privileges program for your channel, do leave you details in the form in the link below and let us get in touch with you.