Insights

Changing Trends In Loyalty Programs

Loyalty Programs allow marketers to avoid competing on price, making it much harder for competitors to copy what they are doing. They can copy the product, the discount, but not the soft benefits value that is unique to a company brand.

Brand loyalty will be truly achieved when you’re the only one in your category that people will recall and associate with. For e.g. Photocopy = Xerox / Search Engine = Google / Shaving = Gillette amongst others. If a brand is not making efforts to truly change or develop the category that it belongs to, then it is under a high risk of being another me-too in that category.

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How to Measure the Success of a Loyalty Program?

One of the biggest conundrums facing any brand when it comes to Loyalty Program is how to measure the success and effectiveness of it. We at Channelplay follow a process defined by Key Performance Indicators (KPIs). It is important to identify appropriate KPIs for each program and constantly measure them and attempt to improve them. After all, as the old adage in Business – “What gets measured, gets done.”

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Importance of Tiering and Approaches to it in Loyalty Programs

One Size doesn’t fit All is an age-old adage that holds true in many different contexts including the structures of Trade Loyalty Programs. Exactly same incentive structures for every partner in a program would lead to many issues which we will cover in more detail below.

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4 Kinds of Privileges in Loyalty Programs

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.

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Personalized Rewards in Loyalty Programs

Most of the Trade and Channel Loyalty programs follow the standard structures of points based redemption or slab based achievement. But in competitive markets where the trade is exposed to loyalty programs from multiple brands, these aren’t enough anymore. Especially when the trade partners are high net worth individuals. What can cut through the clutter and grab their attention however are personalized rewards.

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