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.
In the first post of the series we discussed the key operational benefits of running a professionally managed trade loyalty program. In this post we will cover the benefits of relying on experts who run loyalty programs for multiple companies.
1. Leveraging Expertise
While an organization might have incomparable knowledge and expertise on its sales channels and trade partners, running loyalty programs calls for many other skills which the agencies are best equipped with. Structuring a loyalty program, providing differential treatment to preferred partners, dealing with multitude of external vendors and handling logistics of rewards are best left to experts in the loyalty domain. The organization would also be better served if internal employees are handling their core responsibilities instead of getting caught up in issues like these.
Loyalty Programs by definition are as old as trade itself. The first tradesman who sold goods to customers would have added some bonus to ensure repeat business which is the core definition of loyalty programs if one sees past the frills. Convincing business professionals on the need for a loyalty program is akin to preaching to the choir. This series however lists the benefits of running a professionally managed centralised loyalty program to trade partners.
For brands that are sold through retail, retail stores are not merely demand fulfillment points. They also serve as brand building and demand generation centres. In Indian context, where a large volume of business happens through unorganized retail, variations in shopping experience are higher, which might lead to good or bad news for your brand.