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
- 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.