Loyalty Program

Emerging Loyalty Marketing Trends Post Corona

It is absolutely appalling how Coronavirus has changed our world dramatically in just a few months’ time. At one end people are trying to save their lives and at the other end, they are trying to save their livelihood. But if the facts are to be believed, people are bouncing back stronger than ever and so are the businesses. In fact, according to the research data by GlobalWebIndex, one in ten Indian shoppers would buy a luxury item first after the lockdown lifts.

Also according to the Valassis consumer survey, 48% consumers will continue purchasing from the same brands they always do. Seems like the pandemic is not completely upsetting the brand loyalty. Well that’s a breather isn’t it?

So let us check out what loyalty marketing trends would look like now onwards.

Data from Bazaarvoice shows that online shopping activity experienced significant y-o-y growth in April 2020 for both page views (88%) and order count (96%). Brands must be available on ecommerce platforms now more than ever. They should reward their stakeholders with online shopping vouchers for sites like Nykaa, Fynd, The Souled Store & more.

Customers would expect easy and instant redemptions through online mediums

Spending power has plummeted drastically so it is time to be easy when giving out rewards. Brands should be careful with the medium of redemption and make it online. Customers will prefer rewards that can be redeemed online, quickly.

For example, they would avoid going into crowded and closed spaces such as theatres and would prefer coupons of online streaming platforms such as Hotstar, Amazon Prime, Netflix etc. Incidentally, Netflix India has reported more than double rise in its subscriber base in the first quarter of 2020. While last year it forecasted the subscriber base to reach 10 million by the end of 2020, it has already touched 15.8 million during the first quarter of 2020. And now it is aiming to grab new 100 million Indian subscribers. So much for pandemic and chill.

Brands should aim at a rewarding system that has something for everyone in the family

As everybody is locked under one roof, brands would not want to upset a family member. They can include reward plans for kids like home activity box vouchers from Podsquad, Magic Crate etc. Plans for fitness enthusiasts which can have Home Fitness Vouchers from Cult.Fit, Shilpa Shetty App etc. Rewards for foodies with vouchers from Zomato, Swiggy etc., and so on and so forth.

Marketing in this pandemic era has empathy as its soul

So, whatever you do, do not miss out on showing empathy in your communication, processes, and all the interactions. Study from Qualtrics shows that 70% consumers trust brands who take care of their employees, customers, dealers, partners, and stakeholders. In the four levels of loyalty, trust plays a pivotal role. No amount of reward would make them more loyal to your brand than building a long term relationship with them, at the time of crisis.

RewardPort specializes in loyalty marketing programs, corporate loyalty card, dealer incentive programs, dealer loyalty, channel incentive, distributor incentive program, B2B loyalty programs, customer loyalty cards & marketing partner programs. Get a free consultation today.

Why Is Targeting Your Audience Important When Deciding Your Offers?

Target marketing is the most effective form of marketing to fulfill the end goals of each business i.e. ROI and sales. Any marketing strategy that does not keep into consideration the target audiences will always end up frozen in time with no effective results. Such vague communications never reach out to the prospective buyer and fall flat on the ground. Targeting audiences is a very important component of the marketing mix.

To understand the concept even better we have chalked out the benefits of targeting your audiences which are as follows –

Set Goals and Achieve Them

There is nothing more satisfactory than the fact that you set goals and achieve them too. Streamlining your efforts towards the designated goals can help you get great ROI. Scattered efforts in reaching out to a scattered set of audiences will not be worth your while. Talk to a designated group of audiences who share similar buying decisions and have similar buying patterns.

Gather Information and Interpret

Measure the results of the campaigns you run and interpret what worked. Divide the data into fragments and understand what percentage of your customers enjoy what offers and use them too. Experiment with a different set of audiences offering them different discounts and offers. This will help you understand your audiences and reduce wasteful efforts.

Know What works for you and Why

Understanding demographics and streamlining target audience is not an easy task. It needs consistent efforts and some experiments to understand what campaigns work and what offers work for your target audiences. Take time and understand what did not work for your business and enjoy what worked of course!

Here are a few tips of targeting to your audience –

Talk to and Benefit a Defined Set of Audiences

To save in time and effort, a business must understand that talking directly to a defined set of audiences will deeply affect them and they will feel the connection. Any offer or communication that connect with the desired audiences will hit the bullseye and make way for more orders.

Be Effective and Earn Customers Loyalty

Offers are lucrative and the higher the gratification the better. Ease of using discounts and discount coupons can help you as a brand to stay in memory retention resulting in getting customer loyalty. Bring effective in communication is the key too.

Opt for a Focus Centric Approach

As a business streamlining your focus can help you outshine your competitors and help you earn customers. Focus driven efforts are always fruitful in reducing errors and winning a loyal customer base.

Keep an Eye on Changing Trends

The market around is evolving each second and keeping pace with the change is the key. Keep a check on the latest trends ruling the charts and offer what you have at the right time, at the right place. This way you will hit the target audiences and offer what they want.

Putting effective efforts in decoding on how to target your audiences will eventually help in deciding offers for them. Keep in sight and stay together with the changing marketing trends will help you win business. Segregating your target audiences will help you offer them with the offers that best suit their needs. Like in the case of a company, one can easily opt for loyalty points for the audiences through loyalty program management tools.

Rewardport is an initiative that provides an end-to-end solution for any corporate in reward program management. Whether working separately or together. Through research and our collective expertise, we guide our clients with choices to help them motivate their people.

Role of Rewards in Driving “Value Sharing”

“I do not love rewards!”, said nobody. Rewards are always exciting and free vouchers always boost the motivation of the customers. Also, customer loyalty programs are the best way to drive value sharing in the business either by helping in buying decisions or keeping employees motivated to achieve a certain goal. The end goal of every business has to be to achieve the buyer trust and a brand name of its own which only can happen with the help of high sales and motivated employees. Both the driving forces can be kept happy with free goodies that come as a reward to them. Value Sharing is an extensive subject that includes not only building on buying decisions but also include other intangible good a customer can do to a brand in terms of helping in word of mouth or act as a repeat customer. In short, a reward will make a customer happy and a happy customer will help in adding to the value share for the business.

Here are certain points to help you understand the role of rewards in driving Value Sharing.

Satisfied Customer Base

Buying and purchasing is a daily activity a customer does but when the target audience shops he adds on to the credibility of the brand as a whole. On top of the quality products you promise, if the customer also gets a good discount or a buy one get one free option it will help in saving more and bring a purchase satisfaction to your customers. This will help you in retaining more customers.

Win Customer Trust

Winning a customer is one thing and retaining the existing customers is another. Most of the times major brands also indulge in a plan to do a lucky draw and only one winner wins which in fact makes a lot of people disappointed and sad who do not win the draw resulting in a reduction in sales and unhappy buyers. Winning customer trust is important.

Add More Customers

loyalty reward management programs in terms of discounts and sales often add on more footfall in your store or website and help in adding more customers to your database. Discounts and other rewards act as a driving force for the customers to invest more money in you than your competitor.

All in all, rewards are a win-win for both the buyers and the sellers where they gain in terms of a customer or retaining customer and the customer gets brands at reasonable prices. For more end to end reward program solutions, one can visit rewardport.in. Through research and collective expertise, we guide our clients with choices to help them motivate their people. Be its sales force, channel partners or employees. We motivate to enable people to do things differently, by developing their strengths, knowledge, and confidence. They care and focus to build a relationship with people… Forever.

Great sales promotion ideas to win New Customers

Nurturing relationships with the customers is a significant aspect to shape a brand. Sales promotion strategies can do wonders for your brand through retention and engagement. Sales promotion is the process of persuading a potential customer to engage with the brand and eventually buy the product or service. A good sale promotion strategy can be effective at achieving a quick boost in sales but this “boost in sales” is mostly short-term. Many customers come back expecting or anticipating further promotions which is why brands have to continue coming up with different strategies to comply with the market behavior.

Here are some sales promotion ideas to make your campaigns successful:

Give away rewards

A compelling way to engage with consumers and motivate them to keep coming back to you is by giving them rewards. Offering the customers free credits or coupons on their next purchase is the perfect way to make them come back. It helps in increasing sales and also in improving the bottom line of your brand. So having a reward program in your sales promotion strategy is significant.

Personalize your brand

If your company is a massive faceless corporation, there’s a high chance that the customers would shy away from your brand. Giving a friendly face to your brand can help people connect to your product or service. It’s important for businesses to introduce themselves and share their story with the people. This is a simple yet effective technique to stand out and engage with the audience. Give your brand a voice, tell your story, add a character to your business if you can.

Create an urgency

Driving a ‘flash sale’ promotion is a great way to create urgency among the people and make them buy a product or a service, sooner rather than later. You can start with a teaser of the promotion and let people know about the upcoming sales. And when the timing is right, release your flash sales promotion.

Upgrade instead of price cuts

Upgrading your product is a better way to keeping your sales up rather than cutting down the prices. Giving some extra service or a product on the same price can appeal to potential consumers in a better way.

Momentum, scarcity, and credibility

Creating a momentum or anxiety before the sale, then making sure that in the middle of the sale the promotion becomes scarce, and ending the sale promotion at the promised time. These three things are very significant. Ending the promotion at the given time gives something for people to regret.

Free trials

Free trials are popular at attracting attention. Let’s take an example of Netflix and other streaming services who give out 1-month free trial before the customer has to pay. This one-month free trial creates addiction in the free trial period and when that addiction is taken away, the consumer is forced to pay for the service.

Videos

Using videos to make product demonstration is a very effective way to attract consumers. Offering special discounts and other offers in your video will also get your customers excited to make a purchase

Use social media

Using social media to give out coupons and discounts which are only applicable through social media is another way of engaging customers.

Volume discounts

Offering volume discounts is a great way of encouraging individuals and businesses to purchase goods in multiple units or in large quantities. Shoppers love volume discounts, so we often find business owners offering them to encourage sales.

Follow leads

Track your customers from the first contact to sale within the sales pipeline. Send and track emails, and alerts to help follow up with potential clients.

Gamification of your loyalty program – Is it possible?

What is the first thing that comes to your mind when you hear the word ‘Gamification’? Though it is seen as a game-changing tool for brand promotions, there is more to it. Yes. Gamification, as we know is an emerging trend and some of the brands have already been using consumer loyalty programs as a part of their marketing strategies. In the context of brand promotion, gamification has become an integral part of the marketing structure with an increasing number of reward programs.

Gamification is not complex as it may sound. It only intensifies the value to an existing marketing program by using data-oriented engagement techniques to capture a customer’s attention.

Before we look at the possibilities of gamification in loyalty programs, let us go through the types of Gamification.

1. Progress tracking

This is undertaken to make people stay loyal to the brand by helping them keep a track of their performance in loyalty programs.

For example, an online program which has users to sign up for a course includes a system to track their progress until their final objective is completed. This encourages their potential leads and customers to use more content.

2. Reward level

This is an advanced version of a basic reward program. For instance, users can earn stars to win rewards at different levels of the program. Once a customer gets a specific number of stars, they become part of a special membership program where they are entitled to receive benefits throughout the year.

Now, this brings us to the possibilities of using gamification in loyalty programs and its subsequent benefits.

This is an advanced version of a basic reward program. For instance, users can earn stars to win rewards at different levels of the program. Once a customer gets a specific number of stars, they become part of a special membership program where they are entitled to receive benefits throughout the year.

Now, this brings us to the possibilities of using gamification in loyalty programs and its subsequent benefits.

• Firstly, it increases sign-ups for a program
• It increases product sales and revenue with continuous participation
• It encourages a customer’s willingness to be a part of loyalty rewards
• It brings more brand advocates who eventually become influential marketers

There is more possibility of bringing gamification to the loyalty programs as general human behaviour is tied to motivational factors. In other words, the user gains extensively through repeated efforts. If you want to retain your customers, gamification can help al it adds excitement to improve your brand’s marketing strategy.

Gamification in loyalty programs acts as catalysts to make users spend more time and effort to reach higher levels.  This is probably one of the reasons why repeated discounted sales are often considered as the primary objective of a loyalty program. It makes it easier for users to express their appreciation, aiding the brand’s marketing goal. The extended reach will amplify your brand’s social worthiness along with the online ad spends.

Hence, yes gamification is possible. In fact, it brings a brand closer to its sales goals.

Whether a brand’s consumer wins a prize or gains maximum out of it, the game design inputs put in a marketing strategy brings positive feedback looping new customers. When a brand offers more than just amazing products and services with a sense of gamification in their loyalty programs, customers are sure to love the experience and be willing to come back.

5 Power Moves to Retain Your Customers

Retaining your current customers isn’t going to be easy anymore unless businesses are flexible to bring innovative changes with the design or delivery of their loyalty programs. Hence, we bring you five power moves that will help you to retain your existing customers base.

1. Surprise with a reward

Holding your customers’ hands through their buying journey makes them feel appreciated. Surprise rewards bring added joy to your customers. Plus this element of surprise will encourage your regular product purchasers to keep an eye on your new offerings. It helps to deepen the relationship with your customers. Tap your existing customer’s data to draw beneficial insights into their ever-changing preferences. Targeting those specific needs and surprising them at an opportune moment with the right reward can aid in retaining them.

2. Segregate loyalty program

You have to be smart and agile to devise your loyalty programs based on the customer type. For instance, a firm selling makeup products can redesign its program for novice users, regular users or master make up artists/professionals. This differentiation helps to reach the targeted audience. Customers are likely to appreciate this move and want to purchase more.

3. Improve online user experience

It goes without saying that customers want to have the best buying experience online. Hence, it should be accessible on all devices and must be optimized accordingly. The rewards redemption process should be easy for customers. This power move will not just enhance the customer’s online experience such as swift navigation or gamified content and help companies boost their sales.

4. Give time-bound promotions

Firms can offer festive time-limited promotions that will keep their customers wanting for more. These promotions increase the conversion rate as customers act quickly to grab the best deals. Just remember to keep refreshing the discounted items as per the customer click insights and product preferences.

5. Add an extra touch of care

An additional touch of kindness or care exhibits your brighter side to your customers and shows that you care about their safety or health. To quote an example,  a pizza shop updated their customers to feel free to take shelter in their shop in case they feel threatened. This touched the customers at a personal level and there was an increased engagement with the existing customers. This helped them to increase their sales and build a trust bond with existing customers.

The point of any brand’s loyalty programs is to drive more sales and increase the number of loyal customers. These points are sure to help you create better customer retention for your brand.

A Guide to the Ultimate Loyalty Program

What is a customer loyalty program? It is a full-fledged marketing plan to retain a brand’s loyal customer base.  A company which uses customer loyalty programs benefits more at any point of time than a company which doesn’t use it. Moreover, it is likely to cost a brand more to acquire a new customer than it does to retain an existing one.

Did you know? Your existing customers spend about 70% more than the new customers.

It is time you incorporate success-driven customer loyalty programs in your brand’s marketing plan.

Today we have an impressive list of technologies to get customer attention and direct them in buying a product or service. Nowadays, customer loyalty programs have become increasingly important and gain a bigger potential to retain existing customers. Chances are some of them become active members.

Customer loyalty programs should be included in all companies that value its buyer base. Buyers who stay true and loyal to the brand help spread the word and encourage their families, friends and others to know more about the brand. This, in turn, increases free referrals.

If you are running a company and looking to maximize your customer base, the following inputs will make the process smoother.

How to make a customer stay with your brand?

• Analyze your target audience with their expectations and tastes. Then, work on a strategy that helps you achieve your customer acquisition goal
• It is important to maintain consistency in your product quality  while you try different ways to promote the same
• Whenever and wherever it is required, attend to your customer feedback and reviews
• Always keep a tab on your sales performance and listen to what your buyer says
• Your loyalty program should be designed in a way that gives the maximum value to your customers

A detailed and customized loyalty program will make your buyers feel valued and important for the business that you do. This excites them to be a part of your brand today and in the future. Appreciate your customers by including fun and surprise elements whenever they make a purchase.

By learning what they like and see in your product//service, you will be in a better position to evaluate your plan and make necessary adjustments which will then increase their brand loyalty. They would love coming back to you. Use the present opportunity to learn about your customer touch points. How often do you meet your customers to interact with them? Learn more ways to improve your customer loyalty both online and offline. Research about the key metrics that help determine your customer value. Chart out plans for reward points and recognition. Find out different methods to motivate them. These will guide you to design the ultimate customer loyalty program for your brand’s success.

A sales promotion checklist: Do’s and don’t for running a successful campaign.

If you are looking to amplify the product sales for your brand, it calls for a structured sales promotion campaign. Many businesses in the market are always looking forward to attracting their old and new customers in different ways to promote their products. At the same time increase profits for their business. From a customer’s point of view, it is about finding, analysing something new in the market and the benefits it brings them in the long run. Their ultimate aim is to feel satisfied with their purchase. There should be a value owned for their money. A brand can gain a lot when it is able to pull off a successful sales campaign. But there are many hiccups in the process and that’s when it fails.

First, let’s find out the Dos of running a successful sales promotion campaign. And then move on to the Don’ts which will be the crucial steps for implementing the campaign.

Do’s:

• Set an objective for your sales promotion campaign. It could be a short or long term objective. You should be able to state, measure and analyze the goals set
• It is important to know your target market. Ask this question to yourself.  Will the sales promotion appeal to the target group? Each group comes up with its unique behavioural action. Their needs and tastes are different from one another. Find out the right type of sales promotional campaign that suits your target audience
• Work on the type of messaging, voice, offer content appeal, format and duration. Brainstorm with your team to extract a lot of ideas. You can execute it better if you have a solid plan in place
• Examine and evaluate your promotional budget. The process involves knowing the cost breakdown,  expenditures and balances. Allocate the funds to determine the profit margin

While designing a sales promotional campaign for your brand, including a sense of scarcity as and when you know the time is right. This situation of urgency can increase the demand and value for your products.

The Dont’s:

• Understand your customers. A lot of factors influence a buyer’s purchasing decision. There are many reasons behind their approval and disapproval of your product when they purchase. Do not include actions that will affect your plan in the future
• There is an overload of information in the digital age. Your customers read many online reviews which may impact the sales. Do not assume that the influential message on the sales campaign will run on a smooth road.  Keep a sharp eye on customer feedback and the message that is being circulated on social media
• Make sure that your campaign is not hard to follow. Include a simple set of an action plan with workable backup programs
• Avoid stress and confusion. Find the loopholes from the current campaign and work on the solutions

Finally, evaluate the performance of your campaign – understand and summarize the key learnings. Find out whether your campaign met its objectives. Learn from the summary and use the information to design new campaigns in the future.

5 Festival Marketing Tips to Increase the Attention of Your Customers Online

Festivals are a joyous occasion for most people. More so, for loyalty program companies. It’s the perfect time to set in your marketing communication to grab more attention of your target audience and promote your incentive programs. A smart and tactful marketing campaign is key to nurture and expand your business converting regular customers to loyal ones.

Any festival is an invitation to purchase. This is when the shopping frenzy starts on full mode for most customers. Statistically, festival or the holiday seasons makes for the perfect platform to pitch in new campaigns and expect a fair share of response; in this case, sales of loyalty programs. Of course, it all boils down to you doing it right!

Festival marketing campaigns might knock at your door in any disguise or venue. Some of the best ways to guise your loyalty program as are as follows:

1. Emote well

Irrespective of what type of service or product you sell, make sure to sell it with all your heart. Or at least, your promotion techniques must reach the hearts. This simply implies that your promotional activities must have an element of emotions, it may leverage elements of sharing, kindness, etc. Such elements enable you to create more tangible and experiential memories for your audiences.

2. Mark up

Nothing screams intelligence and efficiency than a loyalty program promotion that utilizes the festivity to the optimum. The simplest but most savvy way of doing so is by hiking up the value of the services and products you offer. It might sound contradictory to common assumption but it’s a trick! The trick is “creating a sense of urgency” amongst customers.

3. Making every click count

Yet another tactic to leverage is by maximizing the pay-per-click spends ever so slightly. It is likely to make a world of difference for your brand by generating more potential customers. They could be further converted into faithful customers.

4. Goodwill matters

Do your brand charitable favour: partner with a nearby influential charity foundation or an NGO that works for a cause that your brand connects or relates with. This reflects the goodwill of your brand which most often connects with customers. That’s sure to add value to your brand image and subsequently increase your sales.

5. No stale mails

Email campaigns are one of the most recurrent modes of promotions especially during festivals or holiday occasions. Strategy, innovation and adept marketing skills are what a good email promotional campaign banks on.

The evolution of customers is constant and a necessity for the industry. This also adds to the demand and supply of innovative, quirky and motivating promotional activities. Every strategy executed upon by loyalty program company must be intended to create recurring customers whose faith lies with you and your rewards in the offering.

Avoid these 5 common mistakes in 2019 if you want to run a successful loyalty program

2019 has just arrived and every brand or organization is already prepped up to create and build loyalty programs that are not just interesting but engaging and utilitarian in nature. Times have changed and are likely to keep changing at a fast pace and all you need to do as a brand is to get with it! Old-school ways have ought to go and newer ways and strategies must be embraced to cater to the evolved set of customers you have.

Here are the top 5 common mistakes that you must avoid if you wish to run a very successful loyalty program:

1. Cut the complications

2019 should be all about being apt and adept. The basic rule to this is to do away with any kind of complicated rules. The simpler, the better. It is one thing to create exciting offers and incentive programs and it’s another to complicate it through multiple tiers and rules. The point is to be straightforward and prominent. The reason you need to keep the complicated rules to the bare minimum is that you want to gain your customer’s attention by offering them valuable loyalty programs and not have them occupied in figuring out or calculating their gains.
For instance, if your loyalty program need points to be converted into monetary value then make the who process simpler by denoting each point to a certain value of money. Eg: 10 points = 10 Rupees

2. Being generous with the validity

This is a must-have condition for any loyalty program at this point in time. If you are looking for customers to reflect their emotions and trust towards your brand for a long time, then it is necessary that you stick to your words; in this case, the rules you assign to the program. People will bestow you with their loyalty if your program offers them a large window of redemption of the loyalty program they have. Even better would be to stake out any form of validity period at all! Shorter periods for the redemption of these incentives or rewards might project your brand as a petty or cheap brand.

3. Don’t bore it

One of the main reasons why a loyalty program is offered in the first place is because you want to create loyal customers out of your target audience. If your loyalty programs offer you the straight-out-of-the-mill type of incentives then you’re clearly not doing great! Boring needs and has to go out. A BOGO offer is acceptable only if your company has five other offers that are sure to knock your customers out of the park. Creating new, interactive and creative ways to get your customer’s attention or loyalty is of utmost importance.

4. Few Amends Only

Take a loyalty program live to the public only if you have complete faith and confidence in it. Should you feel that there are bugs or smaller errors to be amended before going live, it is imperative that you make sure to get it changed prior to making it available to your audience. Frequent changes in your loyalty or incentive program can directly affect the faith of your customers on your products and services. It also tends to distract them easily.

5. One-tier rewards are a No-no

As it is earlier mentioned, it is important to create reward programs that make your customers want to stick with your brand for longer. To initiate such long-term behavior, it is important that you develop loyalty programs that are manifold and offer more in each segment and not be static in any way. Multi-tiered reward systems engage your customers and encourage them subtly to get back to you in the hopes of getting onto the next tier of the program.

With such simple yet significant changes, you are sure to make the most of 2019 with your loyalty programs. Remember to gauge your audience at all times and work around their expectations to reduce discouraged behaviour from your customers. If you can let go of these 5 major mistakes while structuring your loyalty programs, then your program is set to be a hit!

The Secret Sauce For a Successful Sales Promotion Campaign For Special Days

Be it the New year, Valentine’s Day, Republic Day or any celebratory day and most marketing teams would hound on the opportunity as soon as possible! The hounding does not stop there, in case you were wondering; it is further extended through several tactical strategies deployed by loyalty program companies in order to increase their sales. Companies often bank on these special occasions such as so and so days, international observatory days, etc to pump up their sales and build a connection with the clients. It’s also a great time when loyalty companies generate higher sales and convert potential buyers into loyal customers.

Just like you can’t repeat a dress to every fancy event, every occasion must have different sales promotions planned accordingly. “One size fits all” does not quite settle in, in such cases!

We’re sharing insight on the secret sauce for a successful sales promotion campaign for special days.

1. Keep it personal

The more you personalize your loyalty program, the easier it is to get a customer’s attention. The attention of your customer must not sustain only for a short span and to increase the same, your loyalty programs must deploy rewards and incentives that are specific to the special day it’s being launched on. The use of artificial intelligence can help with predicting your target audience’s preferences and choices.

2. To the point

Introducing a point system is a perfect strategy to utilize during festivals or special days. Encouraging your customers to buy during a specific celebratory day would fetch them a specific number of points. Each point represents a certain percentage of discount. These points are then rewarded to the customer in order to motivate them to shop again from your brand during the span of the special day’s offer. An accumulation of these reward points helps them purchase more by paying lesser. This point-wise reward system works great during Valentine’s day, Mother’s day, etc.

3. Exclusivity

A great way to ensure that you have a successful loyalty program that guarantees you with immediate sales hike and long-term customers is to please the existing ones. Offering your existing customers helps in getting traction and an increase in your sales. This also adds to the word-of-mouth marketing. When you market your loyalty programs exclusively to the members, it ties in a sense of exclusivity and allows them to feel special. Knowing that some offers are exclusive to member creates a positive feeling amongst them.

4. Time is ticking

Making your customers believe that the time is ticking encourages them to act on an urgency. Validating your offers to a specific time plays an important role in making them feel the need to utilize the opportunity before the time runs out. It automatically aids in the sales growing manifold.

5. Charming non-members

One fantastic way to rope in customers during special occasions is by projecting the benefits that members receive when they enroll in specific loyalty programs. Enticing offers showcased for non-members drives more attention home. Inquisitive buyers will enquire and subsequently enroll in the program if the incentives match their requirements.

Loyalty programs must evolve and customize itself in order to stay in tandem with what the customer wants. The simplest way of boosting your loyalty program is by utilizing the frenzy that naturally occurs during any celebratory day and package it in a way that lures target audiences with ease. Value-added loyalty programs are one such way to capture buyers who return for more.

Effective Channel Incentive Ideas for 2019

Driving indirect or external sales teams can be quite tedious and difficult. The difficulty lies in holding your employee’s attention and with being constantly flooded with products and programs from other parties, it gets tougher especially when it comes to making your agenda align with their requirements! To capture their engagement, vendors offer a variety of channel partner incentive programs. Why does it work? It’s because incentives have always been a driving force for the generation of results in every field. Based on research from the Incentive Research Foundation, it was found that incentives can heighten performance by up to 44 percent. Actual incentives are most commonly performance-based and aim to improve productivity or yield your partner base. Channel incentives are used to reward partners for modifying their behavior and are likely to be null once the behavior is modified or changed.

This blog is intended to provide a new structure for considering sales incentives that can help you with a tangible improvement and the efficiency of your incentive investment can pose to create a competitive advantage. To further explain effective channel incentive ideas, it is necessary to understand what a channel incentive denotes. A channel incentive campaign is an offering made to channel partners which motivates, promotes, and encourages a desired or specific type of behavior. It is most often focused on a specific product based on a specific period. The form of such an incentive is usually a bonus or reward that is offered in the form of monetary or some other kind of medium.

Here below are some of the most effective channel incentive ideas to deploy in 2019 for a successful brand:

1. Channel loyalty through layered incentives

The advantage of tiers and thresholds is their prime focus which is always on growth. The agenda is to track not only how a reseller has performed with a single product in a single transaction, but how they have performed with it through a quarter, months, or years for a better understanding. Ultimately, once a firm reaches a particular threshold, it can become a reliable partner and can leverage that status to increase its rewards.

2. Alignment

A channel incentive program is referred to as an extension of your business’s sales and marketing strategy. It is meant to reflect and drive the venture, communication, and performance that you initially set out to achieve. There are different requirements for every channel loyalty program and a channel referral program must project the qualification criteria which may be applicable.

3. Automation

It is essential to make sure to approve claims and issue rewards promptly. Your channel partners are likely to have a stringent eye on how quickly you respond and initiate matters, so considering making your schemes automated can aid in the seamless and fast flow of data in both ways.

4. Marketing Development funds

It is essential to make sure to approve claims and issue rewards promptly. Your channel partners are likely to have a stringent eye on how quickly you respond and initiate matters, so considering making your schemes automated can aid in the seamless and fast flow of data in both ways.

5. Insight and ROI

It is important to understand that every channel incentive scheme has to be designed in a way that garners detailed customer information which can further help in improving your marketing strategy at large.

It is hence, important to realize that design and launch are very essential for the success of your channel sales incentive scheme as it is responsible for defining your ability to run it productively and enabling you to learn and understand what may work for you and what might not!