7 ways to Improve the Channel Loyalty Program
1. Plans for Effective Channel Loyalty Program. Understanding the target audience goals and aspiration of your specific stakeholder (distributor, wholesaler, retailer etc), here are some key things which you will need to incorporate into your loyalty program to ensure its success.
2. Understand Channel Partner Intentions. Make sure that segment the audience based on their goals and offer them individual, personalized goals and rewards. If the Channel loyalty program is not in sync with the channel partners’ strategic goals it can lead to lower adoption and uptake will suffer.
3. Digital Rewards & Redemption via microsite/ mobile app. Whether it’s a digital gift card, a holiday or an appliance, make it easy for your partners to claim their rewards, otherwise, the program will slowly fizzle out. The best way is to set up a dedicated microsite or an app, where your partners can sign in and choose from multiple incentives on a single platform.
4. Organise Member Engagements. Frequent partner engagement is a critical element for the success of the channel loyalty program. If not a physical event can arrange for localized digital events and meet/greet sessions where businesses can communicate with individual channel partners. It's a great way to create enduring partnerships.
5. Personalization & Segmentation. No two partners’ motivations and goals are alike. They may come from very different backgrounds, therefore it’s important to offer tailor-made goals and incentives. Make sure you set clear rule structures for each partner centred around their performance that consistently produces business results. The personalization aspect should also flow into your communication strategy. For instance, language barriers and other geo-specific cultural nuances need to be taken into consideration for effective reach and engagement.
6. Hierarchy/Tier-based Incentives. Tier-based incentives have been successful in the consumer loyalty space works very well for Channel loyalty as well. This composition essentially aligns with the ambitious mindset that is core to human behaviour. Starting from a base tier for signups and offering higher incentives as the partner moves up the tier based on their sales/purchase volumes or the intended behaviour.
7. Advantage Gamification. Gamification concepts like Leaderboards, Spinwheels, Engagement Trackers and sporting event (IPL, Cricket World Cup) related activities can help boost engagement levels of your loyalty program. For this to be successful, it must sync with the user journey, your business goals, and be communicated clearly to the channel partners through multiple channels like emailers, app notifications, SMS and on-ground visits.
We at Qwikcilver has been working with top companies across various industry types like FMCG, BFSI, FMCD, Infra ancillary, Agritech providing channel loyalty solutions that engage the stockists, dealers, influencers, resellers, and retail partners. Qwikcilver has successfully achieved various business challenges like "Improving Efficiencies", "Increasing stakeholders satisfaction levels", "Bolstering Trust Levels" along with quantifiable results.
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