How Different Customer Loyalty Programs are Changing the Dynamics of the Industry?
For any brand the most important aspect is the customer loyalty. Without a loyal customer, a brand cannot establish itself in the market. Hence, for every brand it is necessary to have a detailed understanding and strategy of employing a customer loyalty program.
But before this, let’s understand in brief what a customer loyalty program is, and how it functions.
Customer Loyalty Program is simply an act of recognising and rewarding the loyal customers of the brand by offering them certain products and rewards. These loyalty programs ensure that the customer feels rewarded and recognised for their continuous efforts and purchases with the brand.
These rewards can be cashbacks, free gifts, vouchers or discount coupons as well. Further depending on the brand, these rewards can also include the exclusive merchandise of the brand as well, making the loyal customers a part of the family.
Benefits of Customer Loyalty Programs
While integrating a customer loyalty program one should consider the various factors such as the cost for the company and most importantly how it would make the loyal customers feel.
Apart from the fact that customer loyalty program are used to maintain the loyal customer, there are several other benefits of the program as well. Here are some of the most common benefits observed from a customer loyalty program.
- Customer Retention
Using customer loyalty program a brand can easily retain the old customers by offering them various rewards and recognition. This activity helps brands to regain the customers trust and make them stay for a longer period of time with the brand.
- Increased Sales
Integrating customer loyalty program a brand can increase their sales easily, as during these activities the loyal customers are tend to make more purchases and also refer the same to their peers. This helps the brand to increase their sales, and make more profit.
- Brand Recognition
Launching any form of promotion or loyalty program in the market will allow the brand to gain more and more recognition. This increased brand recognition will help the brand to offer more and more exciting offers for the loyal customer, hence, making them feel rewarded.
- Increased Referrals
Once a loyal customer is rewarded, they will feel valued and hence, will refer the brand to their peers as well. This increase in the referrals will allow the brand to gain new customers and increase their sales.
- Increased Revenue
Increased referral results in increased sales which in the end increases the revenue generated by the brand, hence more profit. More profit further indicates more and more loyal customers are valued and recognised
Different Customer Loyalty Program
In this cut-throat competition in the market, all the brands are fighting to grab the attention of its customers. However, the attention span of a customer is very less, and the fight is to grab the attention for those 4-5 seconds.
Each brand is coming with a different strategy and trying their best to retain their loyal customers, and hence running different campaigns. Some of the most common strategies are discussed below:
- Point-based program
For every purchase that the customer makes, they get a certain number of points which can be further redeemed on a purchase when they have a fixed number of points gathered (differs from brand to brand). This allows customers to keep making purchases for more and more points, and the final redeem of the points feels like a reward to the customers.
Here you can also browse the Freebucks by RewardPort and integrate the point-based customer loyalty program into your system.
- Tiered Program
This is also a point-based system only, but when the customer has earned a fixed number of points they are moved to a different tier with different benefits and advantages. This feels like an achievement to the customer once they are upgraded to a different tier further motivating them to make more purchases.
- Paid Program
This program is simple to understand as the customers in this category pay a certain amount of monthly or annual fee to avail the VIP benefits or become a part of the VIP club. This further offers them different benefits on their purchases such as one-day delivery, guaranteed cashbacks, easy flight bookings, etc.
- Value-based Program
This is one of the most creative loyalty programs in India. Here instead of giving points or rewards, the customers are made to become a part of a value-based initiative taken by the brand such as contributing towards girl child education, or feeding the homeless.
These gestures make a strong impression on the customer, making them remember your brand and get associated with it. Further, customers also refer the brand to their peers resulting in more brand loyalty and recognition.
- Cashbacks
This is one of the most commonly used customer loyalty program being implemented. Here customer loyalty is rewarded by giving them a certain amount of cashback on their purchase.
Loyalty program leaders such as RewardPort offer various different programs that can be implemented here such as Freebucks, Gamebucsk, etc.
Customer Loyalty Program Uplifting Businesses
Integrating customer loyalty programs in a business is one of the smartest decisions a brand can make, as this allows the brand to not only use this as a marketing strategy but also reward the loyal customers by making them feel valued, and let these loyal customers do the rest of marketing for the brand.
Using these loyalty program company are investing in a long term process and relationship between the brand and the customers that will help the brand to gain more customers and increase their sales & revenue as well.
Apart from this, customers these days don’t feel valued enough by the brand they tend to switch to a different brand, so a loyal customer will purchase a product from the brand they are loyal with even if the price is even a bit higher than others. Maintaining the customer loyalty program is a long-term investment that the brand is making today for its future.
RewardPort Customer Loyalty Program
Leading loyalty program providers such as RewardPort offer various different programs in the market to cater to the wide range of the clients and their needs. The programs by RewardPort are designed to cater to the different needs of different clients.
Some of the programs offered by RewardPort are CineRewards, Freebucks, Gamification, Scratch2Win, Sweepstakes. For more information get in touch with the experts here.
Frequently Asked Questions: -
Customer loyalty programs are integrated to recognize and reward the loyalty customers for their efforts and contributions toward the brand throughout the journey. It can be of different forms depending on the brand such as cashbacks, discount coupons, referral bonus, etc.
Customer loyalty programs allow brands to reward the loyal customers and it helps to retain the customer, increase their customer base and generate more leads as well.
Different rewards in loyalty programs include:
Cashbacks, discount coupons, point-based systems, vouchers, free memberships, official brand merchandise, etc.
How Customised Channel Loyalty Programs are benefiting the brands?
Loyalty programs is a concept that is being adopted by the majority of companies in order to provide recognition to their employees, channel partners Programs, and customers. For each of these different categories different loyalty programs are being implemented.
What are Channel Loyalty Programs?
For any company, channel partners are a crucial part of establishing and generating awareness of their business. They are the direct or indirect link between the company and its customers and hence, it is essential to reward and recognise the hard work they are putting for making the company succeed.
Channel loyalty programs can be of different types depending on the company policies. Some of the general and most common examples of channel loyalty solutions are as follows:
- Monetary benefits
- Giftcards
- Sponsored trips
- Company merchandise
- Free gifts
Why do you need Channel Loyalty Programs?
For any company that is trying to increase their customer base being in the B2B business, these channel partners are your way to achieve that. These channel partners direct or indirect will help you establish the supply chain for the company products and indirectly work as marketing for the company.
Channel loyalty programs are integrated in a company to recognise, and motivate the loyal channel partners that are helping the company grow and expand its customer base. These loyal channel partners ensure that the customers are getting the best services from the company and also work as a mediator between the company and customer.
What is customisation in channel loyalty solutions?
Companies looking out to develop a strong channel loyalty programs need to consider the most important factor “Customisation” in the concept of loyalty solutions. Loyalty and customisation are moreover two sides of a coin and are inseparable at a certain level.
If your channel loyalty programs are not customisable then they are of no use and just a waste of resources. To ensure that the channel loyalty programs are effective and are serving the purpose of motivating and building loyalty among channel partners, devise a customized loyalty program.
How to customise the loyalty program?
- Identify the Target Channel Partners
For any company the channel partners working are always in abundance. It is highly advisable to first identify the target channel partners based on location, lot size, specific products, or other concerning factors before you launch a channel loyalty program.
- Define Your Communication Strategy
Be very specific about the communication channel. Any gap in the communication can cause chaos and will soon turn into a disaster which can lead to channel partners feeling demotivated or disappointed.
- Define the Goals
Set clear targets and goals for the channel partners to be eligible for the program. Ensure that all channel partners are engaged and it doesn’t feel partial to some. Channel partners from all the categories (direct or indirect, small or big, locations) should be involved and incentivised.
- Thorough Market Research
Learn from the market, study the competitors, and opt for the most suitable segments or ideas for creating your own channel loyalty program. This will provide you an idea of what your competitors are doing, and will let you use that to your advantage for extra competitive edge.
- Add Personalisation to Incentives
While offering incentives, keep in mind that not all channel partners need the same incentives. From the data collected analyse the behaviour and requirements of the channel partners. Design the incentives for different categories of channel partners as per their needs.
- Optimise With a Test Run
No one can be perfect in the first try. The key here is to keep optimising the loyalty program depending on the needs and requirements of the channel partners. Every cycle will offer you more ideas about the program, use this data to optimise the next cycle and keep the channel partners motivated.
- Enrol With a Loyalty Program Provider
Let the experts handle this for you and enrol with a loyalty program provider such as RewardPort and let their expert team manage the program for your company. These expert providers can help you develop a detailed and simplified channel loyalty program as per your requirements.
Benefits of customised loyalty program
Customisation in channel loyalty programs is an added advantage for the companies as it offers them an extra edge to build that loyalty and bond with the channel partners. This customisation allows the companies to make the channel partners feel more valued, and a part of the team.
However small these gestures are, the impact is huge and that is important. Here are some of the major benefits of customized loyalty program.
- Increased Brand Recognition
Ensuring that your channel partners are valued, recognised, and incentivised will provide your brand more recognition. These valued loyal channel partners will now be sharing their experience with your company and hence word-of-mouth marketing which is more effective than any other form of marketing.
- Higher Revenue Generation
Increased brand recognition means more customers and more sales which results in more revenue generation for the company and for the channel partners as well. These increased revenues will motivate the channel partners to do more, further benefiting the company and channel partners. More revenue from the channel partners results in their frequent recognition from the company in the channel loyalty program.
- Gain Competitive Edge
If your channel loyalty program is customisable as per the needs of the channel partners then channel partners won’t be looking out to switch to a different company. This allows you to maintain a higher position in the market and give you an added competitive advantage.
- Motivating Channel Partners
Customized loyalty program are devised to make the channel partners feel more valued, heard, and recognised by the company. These small initiatives by the company are sufficient to motivate the channel partners to contribute more toward the growth of the company.
- Upskilling and Trainings
Carefully drafted channel loyalty programs offer a wide range of financial benefits and resources. These resources are further utilised for upskilling and training of the associated channel partners. These training sessions will help them to approach different customers and pitch about the products and services in a more convenient manner.
RewardPort’s Channel Loyalty Programs
One of the leading loyalty programs provider, RewardPort is offering customisable channel loyalty programs. These loyalty programs are being implemented by various companies and have experienced the benefits of the loyalty program.
These loyalty programs are detailed and offer you information at each step while also maintaining transparency. Leaders like RewardPort are experts in this field and can provide you with expert advice based on the experience gained over the years.
Additionally, the highly experienced and professional team further makes it easier for you to implement these processes.
Frequently Asked Questions: -
Digital loyalty programs are similar to regular loyalty programs, the only difference is that these are especially for the digital platform.
Yes, loyalty programs are a part of CRM in a broad aspect, however, it is not always integrated as a CRM strategy only. It is used mainly for the marketing purpose of the brand.
Loyalty is when a customer sticks with a brand by their own choice due to the quality of the products being offered by the brand. However, CRM services require constant efforts from the brand’s side to persuade the customer to stay loyal with the brand by offering them several added benefits.
What modern sales incentive programs are trending?
For any business to succeed, focusing on the sales is the most crucial aspect. Sales is an integral part of any business and plays an important role in making or breaking the business. It is hence, the company’s responsibility to ensure that the sales team is working on its full potential and is motivated throughout the time.
A motivated sales team can bring more business for the company, and this motivation often comes from various sales incentive programs launched by the company. Another factor of consideration here is that these sales incentive programs should feel worthwhile and equal to all the employees.
Additionally, this should be noted that using traditional methods and offering incentives as cash or a cheque, or any form of monetary factor doesn’t work as a mode of motivation for the employees anymore.
If the incentives don’t feel justified to the employees then there is no point in running the sales incentives programs as it has failed its purpose. Before you devise sales incentive programs for your employees, consider the following points.
- Understand the Needs of the Employees
The company should understand the different needs of the employees and make the incentives program equally motivating for all. If the company can understand the needs of the sales reps, they are going to perform well as they are being valued in the system which is the biggest form of motivation one can achieve.
Consider the strengths and weaknesses of each employee, don’t keep one single parameter for analysis. Every sales rep has their own process of working. Instead of having a single parameter, make different criterias for incentive allotment.
- Equal Incentives for all Employees
Not all the sales reps are looking for a holiday package or a gift voucher for a certain brand. Some of them just want to spend some quality time with their family.
Design the sales incentive program keeping this in mind and rather than defining one specific reward, allow the employees to choose what they would like.
- Always Keep an Element of Surprise
If your sales incentive program is the same every year then it becomes predictable for the employees and they will put efforts just before the incentive program and not throughout the year.
Instead, involve an element of suspense and surprise to ensure employees give their best throughout the year.
- Customisation
Start customising the incentive programs for different teams as per their work hours, and other concerning factors. This way when customised incentive programs are implemented, employees feel valued and seen. It also creates a sense of belonging with the company.
- Creating a Balance
Find the perfect balance between motivating employees and being rigid with the work deadlines. Having a carefree environment might portray a negative image in front of the employees. The incentives being awarded should feel earned and not just a name-sake process that the company has to follow.
Creating a perfect balance among all the employees is essential to not make it partial or biassed in any form.
- Consider the Social Factor
While selecting incentives consider the digital and social factors as well. Offering rewards that the employees can share on digital platforms will not only offer them a sense of achievement but will also work as a marketing tool for the company.
No employee is going to share the cash or cheque they received on digital platforms, instead offer something more meaningful, with a positive impact.
- Develop an Incentive Planning Team
Develop a designated team that can work on allotting incentives and designing the parameter for it. This designated team can analyse the performance of the sales reps throughout and make better decisions.
Having a designated team can help you to develop different sales incentives program for distributors and sales incentive programs for customers as well. This will enhance the impact of your company and increase brand recognition among the new customers. This strategy can help your brand get new customers easily.
- Incentive Distribution as per KPI & Targets
Among different sales teams, and different departments of the company, distribute the sales incentive program as per the different KPIs, processes, and target achievements. Developing a thorough sales incentive program will have more impact rather than using a basic program that is being adopted by the majority of the companies.
Tips for Sales Incentive Programs
Before you dive deep into developing a sales incentive program for your brand, here are some tips and tricks that you should read. These points are to be considered from the brand’s perspective although it is important to keep your employees motivated, it is also essential to keep the overall finances of the brand under consideration.
- Choose the Right Partner
There are various loyalty program providers available in the industry that can help you integrate a sales incentive program. But not all providers are right for every company.
Choose the right partner based on what your requirements are and how well they can provide you the desired services. Partners such as RewardPort having years of experience can help you develop and integrate a sales incentive program depending on your needs.
Additionally, choosing partners such as RewardPort and integrating their sales incentives programs that are customised as per the customer needs can help you boost your sales and allow more brand recognition. You can here choose from a variety of options such as CineRewards, Scratch2Win, DigiFlix and others.
- Thorough Market Research
There are various brands similar to your brand available in the market, study them properly and identify the key features of their program that can be adopted in your program, if any. This will help you get an extra edge over the competitors and provide more confidence to your employees in your brand.
- Affordability of Rewards
Keep a check on your brand’s financial stability as well before deciding on the incentives. This should not be the case that due to a high amount of incentives being rolled out, the brand is facing financial uncertainty.
- Right Technology for Analysis
Leverage the advanced technology for employee assessment programs while deciding on the incentive program. This will make the incentive program justified and transparent for all the employees.
Sales Incentive Program by RewardPort
Over the years the experience gained by RewardPort has made it one of the leading loyalty program providers in India. Implementing the experience, they have been able to integrate successful sales incentive program for various clients.
The sales incentive program by RewardPort is highly effective and caters to all the needs of the brand. These programs are customisable and can be adjusted as per the changing requirements of the brand.
For more details about the loyalty programs by RewardPort get in touch with the experts and design the sales incentive program for your brand.
Frequently Asked Questions: -
A sales incentive program will help the brand to provide more brand awareness in the market, and expand its customer base to the unexplored market.
For implementing an incentive program in your organization, understand the needs and requirements of your employees, their KRAs, targets achieved, and other criteria. After thorough analysis you can strategize your sales incentive program.
There is no specific structure for incentive programs. It can be modified as per the requirements and needs of your organization and the budget as well. You can get in touch with a loyalty program that provides for a customized incentives program.
5 Loyalty Marketing Strategies to Attract More Customers.
In the current scenario there are numerous brands available in the market, all fighting for the customer’s attention and loyalty. But not all brands can get the attention of every customer, however, building customer loyalty is something that a brand can plan to achieve.
Different brands adopt different marketing strategies to build customer loyalty program, some succeed, whereas others fail. Customer loyalty can be gained if a few points are considered while developing your marketing strategy.
Customer Loyalty Program
For a brand its entire target audience and customer base is important but the most important are the regular customers. These are called the loyal customers, depending on the brand the size of these loyal customers can be small or large.
These customers are the ones to make purchases regularly even if there is no special discount or sale going on. They are also going to recommend the brand to their friends and family and indirectly contribute to the increased sales of the brand.
Customer loyalty program are developed to recognise and reward such customers. Without digital technology it was a complex to figure out the loyal customer but with the digital technology integrated, it is readily available.
Brands can devise their marketing strategies to target these regular customers and offer them better deals to ensure their loyalty for the brand. Furthermore, these loyalty program are also to create awareness for the brand among the audience. Running marketing campaigns will also enable the new customers to get involved to get benefit of the loyalty program.
Follow the pointers listed below and develop a customer loyalty program.
- Focus on Customer Behaviour
World is changing everyday and so is the customer behaviour. For a successful loyalty program, brands need to follow the rapidly changing customer behaviour and devise their strategies accordingly.
- Consider Customer Needs
Before devising any marketing strategy consider the needs and requirements of the customer. If your products and brand is targeted to the needs of the customers it becomes easy for the customers to become loyal to the brand.
- Strong Customer Service
Once a customer has made a purchase from your brand, ensure that you have a strong customer service department as it is one of the most important aspects of the customer experience. In case of any issues, the customer should feel valued by the customer services.
This will create a bond between the customer and the brand, making them a loyal customer.
- Offer Rewards
By recognising the loyal customers and offering them certain rewards is one of the most trending and successful strategies.
Sending free gifts or discount coupons along with the orders makes the customers feel special, and valued. This further works as a referral as well, as the loyal customer will now be recommending the brand to their friends and family as well.
Integrate different programs by RewardPort such as DigiFlix, GameBucks, Gamification, Subscription Nation, and CineRewards for better customer loyalty marketing program.
- Engage Customers on Digital Platforms
In the digital age, customers are present on all the digital platforms and hence, it becomes easy to engage the customers on a regular basis. This everyday engagement will keep the customers attached to the brand and maintain loyalty throughout.
These engagements can be personalised notifications based on the purchase history, or discount coupons.
Tips for Successful Loyalty Program
A successful loyalty program can benefit a brand at a large scale. It can help the brand to re-create its image and even explore the audience beyond.
- Personalisation
Customers, be it loyal or a new one is a human being only, and loves to feel valued. The small touch of personalisation added in the loyalty program can help you gain the trust of them.
Send them a personalised offer, email, or message on their birthdays to make them feel special based on their details.
- Offers on Frequent Purchases
On most online stores, it keeps a track of your frequent purchases and items that you look out for most. Offering a cashback or discount on those specific products can encourage the customers to keep making purchases.
This not only allows the customers to become a loyal customer but also refer the brand to their peers as well, and this does a small marketing for your brand.
- Leverage the technology (autofill address, and preferred payment modes)
Integrating advanced technology and using it for your own benefit should be considered by brands. With the AI technology, customer purchase patterns, and other details can be stored in the application.
These stored details can be used at the time of finishing up a purchase on the online store, making it convenient for the customer to finish the purchase. This helps them to make a quick purchase and have a seamless experience.
- Create a Memorable Experience
As discussed already, for a customer experience matters the most. How you made them feel is going to decide if they are going to be a loyal customer or not. Ensure that the customer experience is good, and they are happy with the services being offered.
- Encourage Feedbacks
If a customer is providing feedback, accept the feedback, and take some serious action on it. Brand’s actions on customer feedback will eventually make them feel valued and heard, offering a sense of belonging with the brand.
Most Common Loyalty Programs
Different companies have different strategies and loyalty program running for their customers. These loyalty program ideas can vary as per the needs and requirements of the brand and the customer size as well.
However, some of the most common loyalty program in marketing are as follows:
- Point Based System
In the point based system, customers earn a certain amount of points at the end of each purchase which can be redeemed on the next purchase. These points ensure that the customer will come back for more purchase and hence, the cycle keeps going on.
- Subscriptions
By asking customers to subscribe to your brand and get a premium account you offer them certain added benefits which are not available for regular customers. This makes the customers feel valued and special as they have added advantages.
Subscription Nation by RewardPort being integrated with your brand can help you offer better programs to your customers.
- Referral Rewards
Ensuring that not only one customer but even their peers become loyal to your brand, you implement a referral loyalty program. When a friend whom the customer referred to makes a purchase, the customer will get extra benefits such as a discount or gift card, motivating the customers to refer to their peers.
Integrating My Choice of Gift by RewardPort to offer customers free gifts of their choice on referrals. This will make customers associate themselves with the brand in a personal manner.
- Cashbacks
Offering a small amount of cashback on purchase of a certain amount or product creates excitement among the customers, motivating them to make more purchases for more cashback offers.
FreeBucks by RewardPort can be integrated with any loyalty program and can help customers get rewards and redeem points or get cash prizes as well.
RewardPort Loyalty Program
Among the various players in the industry RewardPort is the leading loyalty programs in India, offering various different solutions for your brand. The experience team, and the broad spectrum of clients has enabled RewardPort to offer the best loyalty program.
For more information, get in touch with our expert team and enhance your business today with our loyalty program.
Digital technology transforming the channel loyalty solutions
Today’s modern world is ruled by modern technologies and trends. No business or industry at this time is keeping itself away from this digital transformation. Digital technology has made it very convenient for businesses to boost their sales, and launch marketing campaigns for their products.
Even the customers or channel partners are updated on the digital trends being followed in the industry. The availability of digital technology to each and every one has changed the dynamics of the marketing industry completely.
Not just the B2C, but the B2B industry is also following the digital transformation and has updated their channel loyalty solutions. Have a look at how involvement of digital technology has altered the channel loyalty solutions.
Channel Loyalty Solutions
In the B2B industry, products are made available to the customers via a complex string of various channel partners being involved. These channel partners play a crucial role in establishing the supply chain for the business. They are the direct link between the manufacturer and customer.
Just as businesses are rewarding and recognising the loyal customers, a similar trend is being followed with the channel partners. As these channel partners are the direct link for a customer for any business.
Here are some of the most common channel loyalty solutions being implemented over the time:
- Discount Coupons
Distributing discount coupons to the highest contributing retailer or channel partner is one of the most common practices being followed by companies. These discount coupons allow the channel partners to make purchases from either the same company or from a different one as a part of reward.
You can integrate My Choice of Gift from RewardPort and introduce online vouchers with a wide range of options to choose from and exciting deals.
- Free Gifts
Most common approach observed in the FMCG industry is distribution of free gifts to the loyal channel partners as a part of the channel loyalty solutions. These free gifts are usually merchandise from the company to further enhance their marketing and create brand awareness.
- Recognition Programs
Leveraging the digital channels, companies have started this trend to provide recognition on their digital platforms for the loyal channel partners and motivate them to give their best.
- Incentive
Offering incentives as a part of channel loyalty solutions is one of the traditional approaches that is being used even today.
Why use Channel Loyalty Solutions
One of the most common questions is why should a company invest in channel loyalty programs. The answer is quite simple here- to boost the sales and motivate the channel partners to make more sales.
Channel partners are one of the most important parts of the B2B businesses as they are the face of the company to their customers. They represent the companies, and can highly influence the buying habits of the customers by recommending them a different product.
Here are some of the most common benefits of using a channel loyalty solutions:
- Increased customer base
When a channel loyalty program is executed it provides an extra boost for the channel partners to increase their sales and hence they try to expand the customer base by recommending the specific brand to any new or old customer.
This indirect approach of increasing the customer base is quite effective as generally customers get influenced by these channel partners and tend to buy the products suggested by them.
- More product sale
To get the recognition or any other form of incentives from the company, channel partners try their best to make more and more sales by recommending the product to a large number of customers which increases the sale of the company and helps these channel partners to get their boost.
- Increased revenue
Expanded customer base leads to higher sales which results in increased revenue for the company. If the company is getting some amount of profit, the same is reflected for the channel partners.
Hence, having a strategic channel partner solution is crucial for the company.
- Brand awareness
When channel partners are motivated to make more sales and in return are getting some form of rewards or recognition it allows them to generate awareness about the brand and start putting some extra efforts to ensure higher sales.
- Motivation to channel partners
Channel loyalty solutions allow companies to provide channel partners an extra motivation to make more sales which is then reflected in the incentives or recognition that they are being offered.
- Better Marketing
Implementing a strategic channel loyalty solution allows the company to have an extra set of hands for marketing efforts. The efforts taken by the channel partners to market the brand and the product on a verbal level creates a bigger impact rather than the marketing campaigns run by the company.
Digital Transformation Changing Dynamics
As discussed above, digital transformation has changed the face of the industry and is still renovating the traditional practices in place. Adopting the digital transformation processes, businesses are making progress and embarking upon a new journey of exploring the market from a new perspective.
This has allowed businesses to run more marketing campaigns, on-board more channel partners, and offer better loyalty programs to channel partners and even to direct customers. A simple act of recognition or motivation goes a long way for the channel partners. If you want your business to have a strong customer base, maintaining a channel loyalty program is a must.
Below are listed few methods adopted by businesses for incorporating digital transformation in their channel loyalty programs.
- Reward Points
As an act of recognition, channel partners are awarded certain reward points that are credited to their digital profile. These points can be redeemed to buy from a selected catalogue and pick their own gifts.
This allows the channel partners to feel more valued and connected as now they can pick the items which they truly need, instead of getting some random items from the company which might not be useful for them.
- Financial Rewards
The world has made its transition to the digital world, and offering any financial rewards directly to the digital wallet of the channel partners is a much better and secure way of offering recognition.
- Premium Memberships
A lot of brands require you to be a premium member to avail their services, this can allow the channel partners to feel valued, and motivated. This enhances their working capacity, pushing them to work harder.
DigiFlix by RewardPort is one such program that allows you to offer your customers memberships of 50+ OTT platforms for their entertainment and make them feel valued.
RewardPort Channel Loyalty Solutions
With advanced technology traditional methods are also required to be updated as per the trends. This transition that this whole world is making from using the conventional approaches to now incorporating the digital portals and methods is changing the world.
This transition has not only made it simpler for brands to run their marketing campaigns but also allowed customers, and channel partners to have easy access to resources. To successfully complete this transformation, choosing the right partner for your business campaigns is necessary.
RewardPort is one of the leading loyalty programs solution providers to offer you channel or digital customer loyalty programs and increase the sales and revenue of your company. Get in touch with our experts today to integrate the best and customisable channel loyalty solutions in your business.
Top 10 Loyalty Programs in India in 2022 vs. 2023
Attracting customers and retaining them is not an easy task, especially in such a competitive market. Every brand is trying to offer its customers something better than the competitors in order to retain its loyal customers. Businesses are doing this through loyalty programs that are aimed at retaining customers by rewarding them for every purchase they make. Running and managing a loyalty program is not as easy as it might seem to be. From choosing the right program to running it effectively, you need to take every step carefully.
Most of the successful brands are running a loyalty program in India. Looking at some best types of programs can help you understand how different programs work and what can work for your customers.
What is a Loyalty Program?
A loyalty program is a marketing and promotional strategy businesses use to attract new customers and retain existing ones. Under a loyalty program, brands offer rewards, incentives, or other type of benefits to their customers in return for their loyalty. The more a customer purchases, the more rewards they earn. Businesses run many different types of customer loyalty programs based on their objectives and requirements. The primary goal of a loyalty program is to boost repeat business by retaining loyal customers. Its secondary goals include attracting new customers, improving brand reputation, and increasing customer satisfaction.
With every passing year, brands are coming up with new innovative ideas to run effective loyalty programs. The way loyalty programs used to be a few decades ago is too different from the programs that work today. Now, you cannot cheer up your customers just with warm greetings, but they expect a lot more in return for their loyalty.
Top Loyalty Programs of 2022
Here is the list of some top customer loyalty programs that were most effective in the year 2022 and are expected to remain effective for more coming years:
1. Community-Based Loyalty Programs
Community-based loyalty programs, as you can understand from the name, are programs that focus on creating an online community for people who share similar interests. Along with rewarding customers for their purchases and loyalty, a community-based loyalty program aims to retain customers by making them feel like they are a part of the brand’s community. Sephora’s Beauty Insider program is one of the greatest examples of this type of loyalty program.
2. Rewards-Based Loyalty Programs
Be it 2022 or 2023, rewards-based loyalty programs have always been in trend. These are among the most widely used programs where customers earn some sort of reward points after every purchase they make. These points are also known as loyalty points. Customers can redeem these points against a host of options offered by the respective brand. However, a rewards-based program is only effective when the points you offer are valuable and are redeemable against some useful options. Running a rewards program without understanding the interests of your customers can be quite risky.
3. Mission-Based Loyalty Programs
With Mission-Based loyalty programs, brands provide their customers with an opportunity to give back to the community without paying anything extra from their pocket. Many companies run these types of loyalty marketing programs that are not just unique but are also very effective in making customers feel good about a brand and retaining them. Mission-based loyalty programs are similar to rewards programs, where customers earn rewards after every purchase and redeem the earned points for charity.
For example, suppose a customer has earned 10,000 points with the monetary value of each point being Re. 0.25. Now, the customer can choose a charity option to redeem the points and an equivalent amount, i.e. Re. 2,500 gets donated to the selected charity in the customer’s name.
4. Subscription-Based Loyalty Programs
Subscription-based programs are quite different as customers need to pay a fee in order to participate in the program. Many top brands run paid loyalty programs, where customers can get exclusive benefits by paying a nominal annual or monthly fee. These programs can be designed in many different ways. Some subscription-based loyalty programs have different levels with every level having a different fee and different benefits. A level with the highest subscription fee has the most premium benefits and the one with low or no fee has basic benefits. These programs can be considered as the paid version of tiered loyalty programs.
5. Cashback-Based Loyalty Programs
Cashback-based programs are loyalty marketing programs where customers earn some percentage of cashback after every purchase they make. The cashback percentage may be the same for every purchase or may vary based on the amount of purchase. Some brands offer a fixed percentage of cashback to every customer irrespective of the amount they spend. On the other hand, other brands offer cashback on the basis of the amount spent by a customer. The more a customer spends, the higher the percentage of cashback he/she earns.
Top Trending Loyalty Programs in 2023
The programs that were run by brands earlier in 2022 are still running effectively. However, the following are some best loyalty programs in India in 2023 that you can consider if you are planning to run a new program for your customers:
1. Tiered Loyalty Programs
Tier-based or level-based programs are among the most popular retail loyalty programs in 2023. In a tiered loyalty program, there are multiple tiers with different rewards and benefits. With each higher tier come better rewards and incentives. These are quite different from subscription-based programs as subscription-based programs allow customers to choose a level by paying the respective fee. On the other hand, tier-based programs promote customers to higher levels as they make more and more purchases. These types of programs encourage customers to make purchases more often in order to earn better rewards.
2. Coalition Programs
Coalition programs are loyalty programs that a brand runs in partnership with other businesses. As a brand owner, you can partner with a loyalty program company, which runs and manages the loyalty program for your customers. RewardPort is one of the best loyalty solution providers to consider. Based on your business requirements, goals, and your customers’ interests, RewardPort can run a loyalty program that works effectively for your customer base.
3. Gamified Loyalty Programs
The concept of combining loyalty programs with gamification strategies has become quite popular these days. Most of the successful retail loyalty programs in 2023 have some sort of gamification that makes it interesting for the customers. Some best examples of gamified loyalty programs include ‘Scratch to Win’ contests, top spenders leaderboards, badge-based programs, referral contests, etc. Gamification is a great way to build healthy competition among your customers and encourage them to spend more on your brand.
4. Hybrid Loyalty Programs
Many companies also run hybrid loyalty programs, where customers can earn regular rewards as well as some additional benefits. In simple words, it is a combination of multiple loyalty programs with different types of rewards and benefits. Running a hybrid program is a great way to stand out from the competition and attract more customers by offering multiple benefits. Though these programs can be quite expensive, you can retain most of your loyal customers if you implement the program in the right manner.
5. Store Credit-Based Loyalty Programs
Store credit-based loyalty programs are similar to cashback-based programs, where customers earn store-specific rewards. For every purchase a customer makes, he/she earns some sort of points that can only be redeemed against future purchases from the same brand. Instead of offering multiple redemption options, these programs allow customers to redeem their points against the brand they have purchased from. When customers have some rewards to redeem against a particular brand, there are high chance that they will return back to the brand and make a purchase.
Why Choose RewardPort as Your Loyalty Program Partner?
To run an effective loyalty program aligning with your business objectives, you must have a thorough understanding of how these programs work and what can make your customers come back. Many top brands that are running the best loyalty programs in India already trust RewardPort. This is what RewardPort’s marketing experts team can do for you. They analyze every small detail of your business and look at your customers’ interests to find out what works best for your brand. With rewards starting from as low as Rs. 10, you can start a loyalty program that is affordable yet effective.
Frequently Asked Questions: -
First, you will have to define the goal that you want to achieve with a loyalty program. Once you identify the goal, you can choose a type of program that you want to run and partner with loyalty solution providers like RewardPort to run and manage it.
Customer loyalty can be defined as a customer’s willingness to return to a store or brand after making a purchase from it. You can understand it as a behavior where a customer makes repeat purchases from a brand and chooses the brand over and over again.
A loyalty program helps a brand retain loyal customers, boost repeat business, increase customer satisfaction levels, and stay ahead of the competition.
7 Gamification Ideas for Your Loyalty Programs to Excite Your Audience
A loyalty program is a powerful tool in itself as it helps companies in attracting and retaining customers. When combined with gamification strategies, a loyalty program becomes even more effective and exciting for the customers. As per a study, consumers engage with only half of the loyalty programs they enroll in. This is major because the loyalty programs are not interesting enough to keep the customers engaged for a long period of time.
This is where gamification acts as a powerful tool. By incorporating gamification strategies in your loyalty program, you can keep your customers engaged and boost loyalty. The following are some most effective gamification ideas for your loyalty programs:
1. Streaks & Milestones
Loyalty programs based on streaks and milestones are different from the regular rewards programs. In these programs, customers receive rewards or benefits after achieving certain milestones and not for performing a single task. For example, you can offer a discount coupon to your customers for logging in to your website/app for 30 or 60 days in a row. If they skip even one day, they lose the reward. Similarly, you can offer a free gift on completing a certain number of purchases with your brand.
Through milestone-based loyalty programs, you can ensure that your customers do not forget about your brand even when they are not making a purchase. This also helps in boosting customer engagement. As your customers engage more, they are more likely to stay loyal and purchase frequently from your brand.
2. Levels and Tiers
Including different tiers in your loyalty program is an effective way to constantly encourage your customers to purchase more. With each upper level or tier, customers get better rewards and benefits. You would have seen rewards programs where companies have two or three tiers, including bronze, silver, and gold tiers. You can also run similar loyalty gamification programs for your customers. As soon as they make their first purchase, they enter the first, i.e. the lowest tier, which has the most basic benefits.
After making a specific number of purchases or spending a certain amount on your brand, they move to the next tier and become eligible for higher rewards and benefits. This is how tiered loyalty programs work. When customers get basic rewards after entering a tier, they are automatically encouraged to purchase more often in order to get promoted to the upper tiers and receive higher rewards.
3. Code Words
This is quite a unique yet effective loyalty program idea that can help you retain most of your customers and turn one-time buyers into brand loyalists. You can convert online engagement of customers into sales by providing them with access to a rewarding ‘code word.’ By applying this code word, your customers can get a discount or rewards on making a purchase from your brand. For customer retention and loyalty, you can make this ‘code word’ accessible only to the registered users of your website/app. With this, you can not only motivate more customers to register on your website but also boost sales by offering rewards and discounts.
4. Referral Challenges
Referral loyalty programs have also gained very much popularity and are considered an effective way to expand the customer base of a brand. By running ‘refer a friend’ challenges, you can encourage your customers to recommend your brand to more and more people. This enables you to get access to many potential customers that you would have never known without running a referral contest. Different brands run referral contests in different ways. For example, you can offer a 50% discount coupon on five successful sign-ups or offer a free gift on the first successful purchase made by your customer’s friend.
5. Scratch-to-Win Games
These types of loyalty gamification programs are very effective in retaining customers and keeping them engaged with your brand. You can add a ‘scratch-to-win’ feature on your website or app and encourage your customers to log in every day in order to get a chance to scratch. Make sure that you offer valuable rewards/gifts in scratch cards so that your customers don’t lose interest in the contest. You can include different options, such as a certain number of reward points, a discount coupon, or a free gift. Make sure that your customers get at least some reward points every day that they can accumulate over time and redeem for some discount coupon or free gift.
6. Seasonal Challenges
To ensure that your customers don’t lose interest in your loyalty program, you can come up with seasonal challenges. Keep launching different contests or reward programs for a certain period of time. If the challenges are really exciting and you offer valuable benefits under them, your customers will see each challenge as an opportunity to win a reward. You can make the challenges more interesting by including qualification criteria. For example, a customer becomes eligible to participate in a challenge only if he/she makes a purchase after its launch.
7. Quizzes and Leaderboards
You can even run quiz challenges on your website, app, or social media platforms, and give a shoutout to the winners through leaderboards. You can add questions related to your products, services, or your industry, and update the leaderboard on a daily/weekly basis. This type of loyalty programs helps keep customers engaged and encourages them to learn more about your brand. Make sure that you keep the quiz interesting and engaging for your customers
Include Gamification in Loyalty Programs with RewardPort
RewardPort is one of the top loyalty solution providers in India and is trusted by a number of businesses. If you want to make your loyalty program more engaging by combining it with gamification strategies, RewardPort is the right company to partner with. The team of marketing experts at RewardPort analyzes your business requirements deeply and comes up with an effective gamified loyalty program that works for your brand.
Frequently Asked Questions: -
An example of a gamified loyalty program is a ‘Spin to Win’ program through which brands encourage their customers to log in to their website/app every day in order to Spin the Wheel and earn some reward.
Combining gamification strategies with loyalty programs makes them more interesting for the customers to participate in. Along with boosting customer loyalty, gamified loyalty programs help you improve customer engagement and satisfaction.
By incorporating the right gamification strategies in your loyalty programs, you can see a boost in customer loyalty and retention rates for your brand.
9 Types of Channel Partner Programs for Rapid Business Growth
Most of the successful B2B companies are investing more time, money, and effort in running and leveraging channel partner incentive programs. Some top companies even run multiple-layer channel partner programs to encourage different channel partners. As per a study, more than two-thirds of channel partners have reported that they have more choices in rewards and incentives than ever before. By running the right channel partner program for your partners, you can take your B2B business to the next level.
Apart from boosting sales, effective channel incentive programs also focus on improving partner satisfaction, boosting brand awareness, and achieving other business goals. If you are planning to start some effective channel partner programs for the growth of your company, you can consider the following programs:
1. Sales Performance Incentive Funds
SPIFs (Sales Performance Incentive Funds) are the funds that you offer your channel partners to encourage their sales teams. Your channel partner can use these funds to offer performance-based incentives to their sales team members when they achieve a specific target or perform extraordinarily. Offering SPIFs under your channel partner program can be extremely effective in boosting sales, achieving short-term goals, and driving sales during the off-season.
Some key benefits of offering performance incentives include staying ahead of the competitors, increasing sales momentum, and boosting sales for particular products/services. To make a SPIFs-based channel incentive program successful, you need to ensure that your channel partner’s sales team understands the incentives and the incentives are valuable for them.
2. Value-Added Incentives for Resellers
Value-added Reseller Incentives are the rewards or benefits that you offer your channel partners when they add some value to your existing product. The value addition can be done by the channel partner in any form. Anything that they do to enhance your existing product, such as adding an extra feature, integration, or offering additional warranty, etc, comes under value-addition.
As per a study, value-added channel incentive programs can help you increase the overall sales of your business by 6% to 9%. Running channel partner programs based on value-added incentives can have dual advantages for your business. Along with improving the value of your existing products or services, these programs help you boost your brand’s market penetration
3. Market Development Funds
Companies or manufacturers provide their channel partners with MDFs (Market Development Funds) to help them improve their marketing efforts. By offering MDFs, you can encourage your channel partners to run better marketing campaigns for your brand. This also allows them to put more effort into boosting your brand awareness. You can offer MDFs to increase the overall sales or to boost the sales for a particular range of products.
Marketing development funds, if used wisely, can be very effective in improving your brand reputation and staying ahead of your competition. For example, channel partners can use this fund to purchase radio advertisements, run offline/online marketing campaigns, organize webinars, and participate in trade shows.
4. Channel rebates
Rebates are a type of refund or cashback that the channel partners receive after achieving specific sales targets. Offering rebates under your channel partner program is one of the most effective ways to encourage your partners. When you offer some refund or cashback on achieving certain targets, they will definitely try to achieve the target by influencing their buyers and putting more effort into boosting your sales. The rebates percentage is not the same for every channel partner but it is decided on the basis of order frequency and other factors. They can earn the benefits and even transfer the same to their customers.
5. Deal Registration Incentives
Deal registration incentives are the rewards and benefits offered by vendors to their channel partners for bringing new leads. The channel partners need to close the deal before a pre-specified time period in order to receive the incentives. The more registrations they bring in, the more rewards and incentives they earn. Through a deal registration-based channel incentive program, you can reward your channel partners who play an important role in the success of your business and increase partner satisfaction.
6. Cooperative Incentives
Cooperative Incentives or Co-Op funding is another effective strategy used by businesses to motivate their channel partners. With these incentives, companies aim to encourage their channel partners to achieve their own objectives. You can offer cooperative incentives to your channel partners for their loyalty and regular purchases. All the actions performed by the channel partners that help you achieve your business objectives should be incentivized under a cooperative incentives-based channel partner program.
7. Loyalty Rewards for Partner Retention
Loyalty rewards, as the term suggests, are offered to loyal channel partners and are aimed at boosting channel partner loyalty. The aim of channel partner loyalty programs is to build and sustain long-term relationships with channel partners and encourage them to stay loyal. Under such programs, you can offer continuous rewards and incentives that are valuable enough to make your channel partners feel encouraged.
8. Training Incentives
You can offer training incentives to your channel partners in the form of subscriptions to learning programs, access to the tools they need for sales, etc. Everyone wants to grow their personal skills while doing a job. If you provide your partners’ sales team with an opportunity to learn more and more about their field, you can make them feel valued while encouraging them to increase sales. Provide them access to learning and certification programs, tools, etc, and reward them on completion of the training.
9. Referral Incentives
Referral incentives are also one of the most widely used strategies under channel partner programs. Under these programs, you incentivize your channel partners to bring more potential channel partners on board. B2B referral programs for channel partners work similarly to the programs that B2C brands run to attract more customers through referral contests.
Why Choose RewardPort as Your Channel Partner Program Manager?
RewardPort is one of India’s top reward and loyalty solutions companies. With low-cost rewards starting at as low as Rs. 10 and a team of experienced marketing professionals, RewardPort becomes the first choice for many businesses when it comes to choosing the right channel incentive management company. They have a wide range of reward options suitable for every business type. After understanding your business objectives and channel partners’ requirements, RewardPort can help you run the most effective channel partner program.
Frequently Asked Questions: -
Channel partners are the resellers, agents, vendors, retailers, or service providers that tie up with a company to sell their products and services. They help businesses in increasing their market reach and boost the overall sales.
Channel partners are paid on a commission basis. The more revenue they generate for a company, the higher commissions they receive.
Having potential channel partners can benefit your business in many ways. They can help you expand your customer base, boost sales, promote your products, and make your marketing campaigns more successful.
15 Sales Promotion Ideas & What You Should Understand About Them
Consumers sales promotions have become an essential component of every business as these are the strategies that help a brand attract new customers, retain the existing ones, and boost the overall sales. If you want to boost sales or build a larger customer base for your business, an effective sales promotion program is what can help you achieve these goals. To get the best out of a sales promotion program, you need to plan and implement it wisely keeping in mind all your business requirements. Here are some great sales promotion ideas that work for almost every business:
1. Discount Coupons
Discount coupons are one of the most common sales promotion strategies used by businesses these days. Don’t confuse discount coupons with general discount offers here. Discount offers are the general offers that all shoppers can avail of. But, discount coupons create a sense of exclusivity. Only the customer having a discount coupon can access the offer and get the respective product at a discounted price. You can either offer discount coupons after a customer makes a purchase or get the coupons distributed by your partner brands. Using both these strategies can help you attract new customers and encourage the existing ones to make repeat purchases.
2. Flash Sales
In flash sales, brands offer their products or services at heavily discounted prices. You can run flash sales to boost the sales for selected items, clear out old inventory, or simply increase your overall sales. For the best results, flash sales should be run only for limited periods of time. When a great discount offer is valid for a limited period, it creates a sense of urgency among your customers. If the items under sale are relevant to your customers’ interests, they will definitely try to make a purchase before such a good deal ends.
3. Rebates
Rebates are just like cashback offers and work amazingly well when it comes to customer satisfaction and retention. It is a form of refund that you offer to your customers after they make an eligible purchase. For example, suppose a brand is offering a 12% rebate on all purchases worth Rs. 10,000 or more. Now, if a customer makes a purchase worth Rs. 20,000, he/she gets a cashback or cheque, or refund of Rs. 2400. This is how rebates work. When customers receive such a great deal after making a purchase, they are highly encouraged to come back to your store again.
4. Gift Vouchers
Gift vouchers are physical or digital cards that a customer can exchange with a product or service of the respective brand. You can offer gift vouchers for discounts or for your products or services. These vouchers are valid for a limited period and to avail of their benefits, customers need to make a purchase before they expire. Now, if you are trying to understand the difference between a voucher and a discount coupon, here it is.
Vouchers often allow customers to get a product without paying even a single rupee. On the other hand, discount coupons can be used by customers only to reduce the bill amount and not to get a product for free. For example, if you offer a voucher worth Rs. 1,000, your customer can get any product worth up to Rs. 1,000 free using it. On the other hand, using a 50% discount coupon, a customer can purchase a product worth Rs. 1,000 for Rs. 500.
5. Free Samples & Trials
By offering free samples or trial products, you can attract many potential customers who would have never looked at your product otherwise. The best way to introduce a new product in the market is to distribute its free samples to your target customers. If you have an offline store, you can also offer free trials instead of distributing sample products. Customers are often afraid of spending on something that they are not very sure about. You can eliminate this risk by offering free samples and allowing your customers to buy a product only if they like it.
6. Bundles
The strategy of selling bundle products also works amazingly well and hence can be listed among the top consumer sales promotions. Under a bundle product offer, you provide your customers with a combined discount on purchasing a bundle of multiple products. The products in the bundle can be the same or different based on the type of your brand. For example, if you run a beauty brand, you can offer a combo pack of 5 different makeup products at a discounted price. If you run a clothing brand, you can offer a combo pack of three t-shirts at a lower price than the actual combined price of the three.
7. BOGO Deals
‘Buy One Get One’ deals are also among the great sales promotion ideas of all time. From a survey conducted on various consumers, it was found that most customers prefer a ‘BOGO’ deal over a 50% discount offer, though both are the same. To boost sales for some specific products or to clear out old inventory fast, a BOGO offer is the best strategy you can use. Customers get tempted to make a purchase when they get two products for the price of one.
8. Exclusive Offers (‘Only For You’ Offers)
If you want to make your customers feel special, the exclusive ‘only for you’ offers can work the best. Instead of running a general discount offer or flash sales that everyone can access, provide your customers with exclusive offers that are only valid for selected consumers. You can randomly choose any consumers and offer them a 50% discount on all products they purchase within 24 hours. In another 24 hours, you can choose other random customers and offer them a BOGO deal. This is how exclusive offers work and encourage customers to make a purchase.
9. Referral Discounts
Referral discount offers are a great way to attract new customers while improving the experience of existing ones. If you want to expand your customer base without spending much on advertising and marketing campaigns, you can simply go for referral discounts. Provide your existing customers with a good discount when they refer a friend and the friend becomes your customer. Word of Mouth marketing works more effectively than other types of marketing. A consumer is more likely to purchase a product recommended by his/her friend than the one they have seen in an advertisement.
10. Seasonal Sales
Both seasonal and end-of-season offers are great marketing strategies used by businesses to boost their sales. You can run discount offers or sales based on the current season. For example, a clothing brand can offer a 30% discount on the new summer arrivals at the beginning of the summer season, a beauty brand can offer summer skincare products at a discounted price, and so on. Similarly, at the end of a season, you can offer discounts to clear out the inventory.
11. Social Media Giveaways
As the number of internet users is constantly increasing, social media has become a powerful platform for marketing and advertising. To boost customer engagement, you can run giveaway contests on your social media accounts. You can even run a top spenders offer and giveaway some free products to the top spenders of the week or month or the specific offer period. Such offers trigger the customers’ wish to get listed in the top spenders’ list and win a free gift.
12. Sweepstakes
Sweepstakes are like lucky draw offers where customers do not even need to register separately. All the customers of an offline store or an online website are considered the participants and any random winners are selected. The winners then get some free products, vouchers, or discount coupons as a gift. Along with encouraging your customers to spend more or engage more with your brand, sweepstakes contests also help you catch the attention of new potential customers.
13. Same-Day Delivery
It is an underrated but powerful sales promotion strategy that can help you take your brand to another level. You would be surely aware of how some grocery brands have come to the top by offering delivery within a few minutes after order placement, Similarly, you can make it to the top of your industry by providing same-day delivery options to your customers.
14. Free Shipping & Returns
If you do not want to miss out on thousands of potential customers, you will have to offer free shipping and returns on all your products. Many customers who like a product often change their minds when they see a shipping fee levied on it. Similarly, offering free returns becomes important to allow your customers to try your product without any risk. If they don’t like it and want to return the product, they can easily do it without any additional charges. However, very few consumers return a product after purchasing it, and that too only when the product really disappoints them. If your product is quite worthy and suitable to their needs, your customers will definitely keep it.
15. Birthday Discounts
Customized offers like birthday discounts are very effective in making your customers feel valuable. By offering special discount offers on birthdays, you can let your customers know that you really value them and appreciate their contribution towards the success of your brand. Such offers not only encourage your customers to make a purchase on their birthdays but also help you boost brand loyalty.
Gamify Your Sales Promotion Program with RewardPort
RewardPort is one of the top sales promotion companies providing its services across 6 different countries and several industries. The team of experienced marketing professionals at RewardPort analyzes all your business details and comes up with the most suitable sales promotion strategies that work for your business. By combining sales promotions programs with gamification techniques, RewardPort makes consumer sales promotions even more interesting and exciting for your customers.
Frequently Asked Questions: -
Yes, sales promotion services companies like RewardPort can also help you increase customer loyalty by implementing effective consumer promotions that encourage your customers to keep coming back for more offers.
Yes, both online and offline businesses can use sales promotions to achieve their business objectives faster. However, the planning and strategies should be different based on the type of business and customers’ interests.
The ideal duration for a sales promotion program to run is 8-12 weeks. However, that can be longer or shorter depending on the business requirements.
5 Reasons RewardPort Should Be Your Partner for Employee Rewards Programs in 2023
As per a study conducted on 3 million employees, companies that used an effective employee rewards program gained over twice the three-year median return than the ones that did not have any such program. This is evidence that employee rewards and recognition programs play a vital role in the growth and success of an organization. But, planning and implementing a rewards program for your employees is a challenging task as you need to take every small business detail into account and consider a lot of other factors to make it successful. However, there are various employee rewards program companies that you can look up to.
RewardPort is one of the top reward and loyalty solution providers to consider. Here are some most significant reasons why you should partner with RewardPort for your employee rewards program in 2023:
1. Experienced Team
RewardPort has a team of experienced marketing professionals, who have already executed over 11,000 reward programs across different categories. The team manages loyalty programs for several companies not only in India, but across 6 countries, including India, Sri Lanka, UK, Canada, UAE, and Kenya. Trusted by more than 750 clients, RewardPort becomes one of the top options to consider when it comes to choosing the right company for your employee rewards program.
Planning and running an employee rewards program requires good research and understanding of what types of rewards are suitable for a particular company. This is what RewardPort’s marketing team can do for you. With their industry expertise and years of experience, they can come up with the best rewards program for your employees.
2. Multiple Rewards & Redemption Options
With RewardPort, you can run an employee loyalty program using rewards starting from as low as Rs. 10. Being one of the top loyalty solution providers, RewardPort provides you with a host of reward options to choose from. You can always find a suitable option under your budget and start running an employee rewards program. Along with the reward points, your employees also get plenty of exciting redemption options. They can redeem their rewards across over 70,000 products or services across different categories.
To make a rewards program effective, you don’t only need to focus on offering rewards but also on redemption options. If your employees can not find any valuable redemption option, they will not be encouraged to earn reward points that are of no significance. This is why offering multiple redemption options always becomes a necessity to make your rewards program successful. RewardPort’s marketing team keeps this in mind and offers valuable rewards to cater to every employee’s interests.
3. Seamless Execution
Once you partner with RewardPort, you can leave all your employee rewards-related worries behind. From planning the rewards program to executing it with perfection, the team of marketing professionals at RewardPort gives you a seamless experience. You are given a team of experts that analyze all your business details and plan the employee rewards program accordingly. RewardPort majorly focuses on the following key points:
- Culture of Appreciation: Creating the values of appreciation and recognition in your employees.
- Celebrating Milestones: Making employees feel valuable by celebrating their achievements and promotions.
- Targeting Performance: Rewarding employees based on their performance to push them to perform better.
- Imbibing Company Values: Ensuring that a solid foundation of your organization’s culture is imbibed in your employees.
- Employee Retention: By offering continuous rewards and recognition, RewardPort focuses on boosting employee retention rates.
4. Easy-To-Use Reward Programs
One of the most important characteristics of a successful rewards program is its ease of use. An employee rewards program makes sense only if your employees understand it and are interested to earn the rewards. A complicated user interface of the rewards portal or a lengthy reward redemption process can lead to the disinterest of your employees in the program. However, this is not the case with RewardPort.
The rewards programs designed by RewardPort, one of the top employee rewards program companies, are not just easy to use but are also interesting enough to keep your employees engaged. The web interface has been designed keeping all types of employees in mind. They can conveniently earn and redeem reward points against any redemption option of their choice.
5. Customer Services
When partnering with a rewards and loyalty solution provider, it is also important to look for their customer support services. If the customer service is not good, your queries and feedback will not be considered by the rewards company. With RewardPort, you get a dedicated customer care team that is responsible for answering all your queries and handling your feedback. This is another significant reason to choose RewardPort as your employee rewards program partner.
Boost Employee Retention at Your Organization with RewardPort
Almost every organization is now adopting a culture of employee rewards and recognition. However, only a few of them are able to implement these programs effectively. A survey conducted on employees of various companies has shown that over 65% of employees received no recognition for over a year. This is the primary reason why most employees leave their organization even after receiving a decent salary.
Just running an employee rewards program is not enough but you also need to ensure that it encourages every single employee at your company. The team of marketing professionals at RewardPort keeps all these factors in mind and runs a rewards program that effectively rewards every employee while motivating them to perform better.
Frequently Asked Questions: -
Some best practices for managing an employee rewards program are as follows:
- Define the objectives and criteria clearly.
- Use multiple rewards and recognition programs.
- Ensure that the program is implemented effectively.
- Ensure that each employee is rewarded and recognized.
An employee rewards program, if implemented effectively, encourages employees to imbibe company values and build a sense of belonging to the organization. As a result, the company environment and culture are improved.
Some most popular examples of effective and successful employee rewards programs are as follows:
- Employee Loyalty Programs based on rewards programs or incentives.
- ‘Employee of the month’ programs.
- Weekly shoutouts or other gamified employee rewards programs