Five steps to strengthen Channel Partner Loyalty
Using Tier Based incentives:
Bronze, Silver, Gold, Platinum…Classic, Superior, and Elite… different names for different classes of loyalty relationships! That’s how Tier Based Loyalty Programs work. They create customer engagement and excitement right from the start and make your customers purchase more. You start off with a basic Tier such as bronze or Classic to start off loyalty engagement and offer more valuable rewards as they increase their purchasing volumes to your repeat customers.
Cashback and other rewards:
Many brands in India deal with influencers like architects, interior decorators, masons, contractors, electricians, plumbers, technicians, mechanics, etc… and loyalty programs are custom-designed to reach out and engage such key influencers and reward them for promoting their business, making them brand champions.
In many cases, Cash Back rewards are gaining popularity and help companies immensely in retaining the loyalty of their influencers and increasing sales at their retail channels.
Referral Programs:
Member Get Member of Membership referral programs is the mainstay in B2B loyalty and Channel Loyalty. Existing members get bonus points for referring their friends and acquaintances to the business and enjoying the benefits.
What’s more, the newly-referred individual can also automatically become a member of the loyalty program and can be eligible for the bonus points as well, making the program a win-win for everyone.
Easy and flexible redemptions:
We spoke about Cash Back reward being a big draw among influencers from the trade, providing various other redemption options based on the diverse likes of the members, which will ensure higher commitment to the program.
Making the rewards easily redeemable through mobile apps and websites, supporting the process through centers, ensuring the right quality and delivery of rewards on time, are factors that make a B2B loyalty program successful.
Author: Mr.G.Anand.
Title: Business Head.