This post covers the additional value that can be provided by the right agency apart from handling the regular operations of a loyalty program.
1. Data Analysis
Loyalty programs deal with the data of the most preferred trade partners of an organization and each program would be backed with a warehouse of highly critical data. Providing actionable dashboards basis the data and keeping all stakeholders updated through them is a very good value addition that can be provided through loyalty programs. Data analysis and dashboards are quickly becoming must haves in any loyalty program worth its salt and their importance would only rise with time and increasing acceptance of technology.
2. Emotional Connect
We at Channelplay ensure that all the programs we run are supported by a strong emotional connect program which is customised and personalised for each individual partner. Providing benefits like wishes and outings on birthdays and anniversaries, gift boxes on important festivals, insurance and scholarship programs are some of the things that can go a long way in transforming the relationship with the trade partners from a transactional one to an emotional one. These kind of activities are best left for professional experts to run as these need different set of skills altogether.
3. Signalling Effect
Running a well-designed and professionally managed loyalty program also sends out a signal to the trade partners of the kind of organization they are dealing with. In highly competitive sectors such as FMCG and mobile phones, running professional loyalty programs has become a hygiene factor. In lesser competitive sectors, a professionally managed loyalty program acts as a great differentiator from competition. Having a good image in the market and among the trade partners can make or break an organization’s fortunes.
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