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.”
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.
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.
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.
We live in times where every enterprise we deal with as consumers or trade partners wants to communicate frequently and directly with us. Each of us is part of numerous loyalty programs, many of which we are not even aware exist. Our SMS folders and mailboxes are cluttered with business communication which has led to the emergence of priority inboxes in many mail and SMS interfaces. This in turn has made communication with consumers extremely difficult for enterprises as getting lost in this clutter of communication is pretty much the default consequence that we expect.