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.
In many industries, Trade Loyalty Programs have been functional for years now and their execution is more or less taken for granted. Programs are launched, announced and executed almost on an autopilot mode. But there is one very important action that many companies fail to take which can have the most impact on the success of the program. It is integrating the program into the Sales Call being made by the Salesman to collect orders from the outlets.
Post demonetization, one area that has definitely witnessed all round progress is the promotion of cashless instruments in the country. In the domain of loyalty programs which involve lot of payouts to partners, this is going to have many implications.
Payouts for retailer and distributor loyalty programs are currently handled primarily through rewards as the scale of such programs is usually lower and the payout size is higher. But when it comes to influencer programs for target audience such as electricians, plumbers, carpenters, etc. the scale is much higher and the payout size is usually lower. Moreover, target groups like these will look for instant gratification and wouldn’t want to wait for longer period for the points to accumulate before redemption. As of now different organizations are trying to handle this complexity in different ways.
The biggest make-or-break parameter of any campaign is the perception of the rewards. Not selecting proper rewards will be a sufficient condition for the failure of any program. The following are a few pointers that should be kept in mind while selecting the rewards that go with any campaign. They are listed in the order of importance with the first being the most important.
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.