Insights

Building Deeper Relationships Through New Age Rewards in Loyalty Programs



One of the biggest opportunities created by running a loyalty program to trade/channel partners is the one to grow deeper and more meaningful relationship. Numerous methods can be devised and features can be built which will improve the relationship from a purely transactional one to something in a more emotional space. This is why it is important to see beyond the traditional discounts, cash or physical rewards.

One important pointer in devising such rewards/benefits is, at the risk of being clich├ęd, start with the customer. In this case one needs to analyse what would be valued the most by the trade or channel partners. One space which is underused is rewards which would come to the aid of customers when they are in the need of some benefits or assistance. It is basic human psychology that help and assistance received when one is in need is valued much more than one received when it is not needed. Here we look at such examples which serve this purpose.

  • Insurance
    • This all-encompassing includes many different kinds but is the prime example of reward which can assist someone explicitly when they need assistance. By its nature, insurance products are a good way to amplify the benefit at lower costs and generating enormous good will when they are claimed. Few different kinds are listed below.
      • Accidental Insurance/Life cover
      • Group Mediclaim policy
      • Vehicle/Asset Insurance
      • Shop/Office Insurance
      • Employee Insurance
    • There is a case where a major Telecom player had provided Shop/Office Insurance as part of its program. During 2013 North Indian floods, lot of partners were terribly affected and this insurance provided as part of the program was the only saviour to many of them. The amount of good will earned during those times would never be matched by giving any other standard rewards.
  • Medical services
    • There are lot of new age Startups in Health and allied services which provide useful services and can be of invaluable help in emergencies or serious conditions. There are many firms which provide services though medical consultation, diagnostics, emergency services, nursing and wellness space. Trade and channel partners in many lines of business tend to not be aware of such services or consider themselves equipped to use them. By offering them those services and assisting them to use them, a lot of good will can be generated.
  • Road-Side Assistance/Automobile services
    • Commercial transport vehicles are an integral part of operations of many businesses and comprise a considerable part of both the investment and the risk of many trade and channel partners. Offering services which would go towards maintenance or insurance of these vehicles is a measure which can go a long way in gaining better association with the partners.
  • Concierge Services
    • General concierge services which aid people in miscellaneous activities such as bill payments, ticket booking, courier services, gifting, door delivery, etc are the next big thing in terms of experiential benefits. Especially for senior citizens and businessmen with blocked calendars these kind of services are extremely useful.

It is important to consider these benefits and include them to at least a subset of the target partners. If you need our assistance in coming up with such programs and leverage of partnerships with many such service providers, please contact us through the form in https://www.channelplay.in/india/loyalty-programs

Topics: Channel / Influencer Loyalty