In the first post of the series we discussed the key operational benefits of running a professionally managed trade loyalty program. In this post we will cover the benefits of relying on experts who run loyalty programs for multiple companies.
1. Leveraging Expertise
While an organization might have incomparable knowledge and expertise on its sales channels and trade partners, running loyalty programs calls for many other skills which the agencies are best equipped with. Structuring a loyalty program, providing differential treatment to preferred partners, dealing with multitude of external vendors and handling logistics of rewards are best left to experts in the loyalty domain. The organization would also be better served if internal employees are handling their core responsibilities instead of getting caught up in issues like these.
2. Usage of Technology
Keeping abreast with latest technology trends and utilising them in the improvement of loyalty program offerings are what agencies are supposed to do. We at Channelplay take great pride in utilising technology to its maximum level. It’s really important to keep up with times and have someone dedicated to exploring these options. Using ecommerce platforms, card based payments, WhatsApp and other messaging platforms for handling queries and grievances would come naturally as a process if there is a professional firm handling a loyalty program.
3. Economies of Scale
Sourcing of rewards by each individual organization is not the most efficient way to get the benefit of the discounts that might be available. Appointing a central party who would be dealing in multiple other programs can lead to higher discounts owing to economies of scale leading to better perceived value of rewards.
In the next & final post of this series we will look at the additional value that can be provided by the right agency apart from handling the regular operations of a loyalty program.