It is essential to understand what channel incentive programs are and why they are crucial to a successful company’s marketing strategy. An underdeveloped and poorly implemented program can underwhelm important channel partner incentive programs that are vital to you meeting company business objectives. It is surprising how brands fail to consider or successfully execute an indirect go-to-market approach that uses channel partnerships to help scale, expand into new markets, build brand recognition and enhance product value. Below are some essential ideas to help energize partners and increase sales. Start with the Basics What is a channel partner incentive program? A channel partner incentive program motivates your product partners, including resellers and distributors, to engage in certain behaviors by offering valuable rewards and incentives that help them grow their businesses. Channel partners often vary in shape and size depending on your market and don’t necessarily have to be in your industry to be successful. They can be affiliates, resellers, distributors, independent retailers, and even value-added providers. Anyone that sells your brand and doesn’t work directly for your business is a potential channel partner. The best way to ensure that your brand stands out above the competition is through well-executed channel partner […]
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Creating Healthier Outcomes in Health Plan Related Participatory Programs
Health and wellness incentive and rewards programs have consistently proved useful in engaging behaviors that improving health, moral, and efficiency in the workplace. However, there are legal issues that organizations must consider when planning out a Health Participatory programs. Navigating the rules and regulations of a health and wellness incentive program may seem daunting, but in most cases, a health and wellness incentive provider would tell you that the primary legal requirements can be summed up in five general rules. The five general rules for health and wellness incentive programs included: When creating a health and wellness incentive program, one of the requirements you will have to meet will be ensuring that your rewards and incentives do not exceed the maximum amount legally allowable for the participant. In other words, your rewards will have to stay below a certain percentage of coverage cost. Both the Americans With Disabilities Act (ADA) and the Health Insurance Portability and Accountability Act (HIPAA) have specific rules that are related to the maximum reward allowed. Under the Americans with Disabilities Act, the maximum reward for a health and wellness program is limited to 30% of the cost of employee-only coverage. The 30% includes both financial […]
Is Your Health and Wellness Incentive Program Compliant?
A health and wellness incentive program can significantly contribute to a healthier and more productive workplace. When designing a quality health and wellness incentive program, and thinking about utilizing rewards and incentives as part of your program, it is essential to ensure that your program is compliant with all legal requirements applicable to your particular type of health and wellness incentive program. There are four main types of health and wellness programs we are going to review in this article. Each type of health and wellness program has its unique features and various applicable laws. The four program types we will be considering include: General educational or informational programs are designed in such a way as to provide general health education and information to employees and, on occasion, their families. These voluntary programs make educational information available to employees without requiring the employee to access the information or engage in an activity. These general education programs are not individually tailored to employees, and they do not provide any medical care. Participatory programs that are not health plan-related are created with the intent of encouraging employees and occasionally family members to make healthy lifestyle choices, but they do more than merely […]
Why Prepaid Reward Cards Continue to Increase Incentive Program Engagement
There is one constant in every marketer’s toolbox when it comes to incentive rewards – Prepaid Reward Cards such as; VISA and brand named Gift Cards are a still a favorite with participants. If you need to increase engagement in a consumer promotion and if you’re not using them – you should be. Some of the benefits that prepaid cards offer include ease of delivery and use perceived value, and being universally accepted. Businesses continue to use them in their promotions to reward participants and to increase engagement. Below are some facts to consider when creating your incentive and promotional strategy and why choosing the right prepaid reward card providers are important. Business can deliver rewards in a variety of ways, either digitally or by a physical card and participants can receive their reward when and how they like it. A prepaid card is practically a cash equivalent to your participants – easy to store and use. Another awesome bonus is that prepaid cards limit fraudulent activity. VISA Prepaid Card: Users able to use the card practically anywhere to make purchases, both in store or online, just as they would with a debit or credit card. Gift Cards have numerous […]
Build a Winning Loyalty Program Strategy For Your Panel
Creating a loyalty program for your panel is the foundation for increasing profitability and revenue by increasing panelist retention, survey frequency, and supporting panelist acquisition programs. Panel incentive programs, when done correctly, build brand advocacy and increases the lifetime value of the panelists. But to get to this point, you will need to have panelists to enroll and be engaged. Your program needs to capture all the necessary data because getting the critical insight into your panelist for your clients sets the stage for the goldmine of information needed for future panel projects. Let’s take a quick look at four basic building blocks of creating a great panel loyalty program strategy: objectives, gaining program support of key stakeholders, rewarding the participants, and measuring the program. Organizing the logistics of the panel is one of the most crucial steps in order to conduct a successful loyalty program. Below are a few examples of what can jump start the planning phase: Great, you planned your loyalty platform, so just find someone and prepare for launch! Unfortunately, it isn’t that easy. There are so many loyalty platform designers, ensuring you choose the right one is essential. A designer who takes shortcuts, doesn’t focus on […]
Three Millennial Spending Secrets You Never Knew
10,000 Millennials turn 21 every day in America (Time). Millennials are the largest generation on our planet and, therefore, have the highest influence over norms, expectations, and behaviors. By 2018, Millennials will have the most spending power of any generation. As marketers are chasing the attention of this influential group, money and time are wasted in the old ways of advertising. The millennials have a new and unique way of communicating, building relationships, and interacting inside the business world. Millennials are unique in their choice of products, brands, and channels of interacting with their favorite companies. Mobile websites, social connectors, and video marketing are booming, keeping their Millennial base intrigued. According to IRI, 44% of millennials say they are loyal to brands they buy, and 52% will choose quality over price. It’s not the lowest price wins anymore. Bring Millennials into your company story, give them a reason to care, and no matter the cost, they will buy. Mobile marketing, as predicted, has been taking over the world. 85% of millennials in the U.S. own smartphones. Ads are now on Facebook, Apps and littered over websites and blogs. Why? Because this is where Millennials are looking. Millennials spend roughly 15+ […]
Online Customer Engagement? It’s Simple If You Do It Smart
A total of 52% of Web traffic to retail sites currently comes via smartphones and tablets, according to IMRG and Capgemini. Over a third (36%) of online sales are now completed on a smartphone or tablet device. This signals that sales are rising online, and sales are increasing online for mobile purchases versus the traditional face-to-face or in-store payment methods. Users are reaching out in the quickest, most efficient way to make their purchases. Customer loyalty and customer engagement are necessary for businesses today to grab those online viewers’ attention and pull in new sales. But, the end goal is changing just a bit. Instead of only making that sale, businesses today must earn customer loyalty to drive recurring sales. Ultimately, customer advocacy is where the true value of your brand lies with the consumer. Are your customers recommending you via social media networks? Is your company ready to keep up? Analyzing your audience takes research, knowledge of your company base, and a full understanding of your product or service. Nobody can afford to target everyone anymore. Break your niche down. Put your time, money, and efforts towards the group with the highest chance of purchasing. By targeting your audience […]
Picture Your Amazing Loyalty Card Promotions On Top
Customer Loyalty Card Promotions have changed dramatically within the last few years. While it is obvious that innovative customer card programs help businesses drive sales and revenue, choosing those cards that are engaging enough is still a mystery. Marketers often think about questions such as, what will bring your customers in? And, what actions need to happen once they have a foot in your door? One of the top customer loyalty promotions is loyalty card incentives and payment promotions. Payment promotions are different and unique ways to pay for items. Imagine your customer quickly paying with the swipe of their mobile device or even within your site based on earned points and funds. Businesses often give coupons and money back to loyal customers. Imagine taking that digital. It would spread like wildfire. Read on for the top three loyalty promotions of 2016. Prepaid promotions are, currently, the most common customer engagement incentive used in the U.S. Businesses can put their logo on the card and hand them out as they please because this is not a credit card. Prepaid cards are loadable by the customer and help with budgeted spending and quick and easy payments. Mobile payments are the payments […]
How To Drive Customer Behavior Better Than Anyone Else
It is difficult to implement loyalty programs to inspire customer loyalty and retention. Loyalty programs that reward participants (customers, end users, members, consumers, or respondents) for behaviors and attitudes can build deep participant advocacy and a sustainable competitive advantage. Today’s consumers need to feel empowered; the customer has to know what is in it for them, not just for the company, and we (the company) drive that empowerment to advocacy. People who have tried to define loyalty usually approach it from one of two different directions- attitudinal and behavioral. Attitudinal loyalty implies that loyalty is a state of mind. This means that a participant is “loyal” to a brand or an organization if they have a positive, preferential attitude toward it. In terms of attitudes, increasing a participant’s loyalty is virtually equivalent to increasing the participant’s preference toward your brand. It is closely tied to satisfaction, and any organization wanting to increase loyalty should concentrate on improving its product, its image, or other elements of the customers’ experience. On the other hand, the behavioral definition of loyalty relies on a customer’s actual actions, regardless of the attitudes or preferences underlying that specific behavior. Loyalty is concerned with the “re-purchase” activity, […]
The Ultimate Secret Of Top Prepaid Card Promotions
A promotion is defined as an activity that supports or provides active encouragement for any type of idea, product, or business in general. Roughly 83% of consumers enjoy receiving a promotional product with an advertising message. There are hundreds of different types of promotions. These promotions range from consumer rebate incentives to corporate recognition incentives, all the way to consumer reward promotions. Promotions thrive in engaging customers, providing higher exposure, and helping your customers feel a sense of belonging to your business. 89% of consumers can recall the name of the advertiser on a promotional product they received in the past year. Pre-paid cards are the top promotion of 2016. Read on for tips to implement prepaid cards into your promotional content. Prepaid cards are the most popular promotional item in 2015 and are only predicted to grow into a bigger business in 2016. However, there are different types of prepaid card products. There are physical plastic prepaid cards which are nearly like a credit card but allow users to put their own money onto the card, helping with money management. Virtual card codes allow users to use the card in a closed-loop format, a type of promotion used within a company […]
How To Make Your Product Stand Out With Rebate Processing
Rebate sales promotions are commonly known as marketing tactics of the past. However, in the last year, rebates have made a comeback. Drawing in customers and helping them save money through digital rebates and giving back virtually in future credit or other types of savings incentives. Not only is it a detailed process for your customers, but also for your employees. Many people think that rebates are costly with training and for payment processing, but they can be highly prosperous for you and your company. Follow this guide for the top 5 trends coming your way for 2016 year. Rebates are one of the oldest tricks in the marketing books. Therefore, there are already guidelines for typical rebate campaigns. Do your research before beginning your rebate processing promotions and don’t rewrite the rules. When dealing with customers, be sure to use clear instructions. Make it easier for your consumers, and do not throw them for a loop. You will find much of your information in the federal trade commission guidelines. However, you need to be timely when returning the rebate. 30 days is recommended by the commission, however, with this digital day and age, 30 days is too long. Remember, […]
Are You Embarrassed By Your E-Gift Code Rewards? We can help
Incentive programs drive customer behaviors and ultimately drive your sales revenue. Incentive programs are not what they used to be. Instead of coupons and extra savings when you purchase in-store, prepaid cards and gift codes offered online are bringing in customers to purchase more than they ever have in the past. Millennials are digital entrepreneurs and use technology to build their brand identities. The millennial generation is projected to have $18 Trillion in spending money by 2018. Online business is booming and is only going to grow from here. Buying online is easier to redeem and compare thousands of products in minimal time with only minimal effort on the consumer’s end. Prepaid and physical gift cards effectively attract customers to products and brands. However, could we possibly go to only e-gift codes with the millennials? Electronic gift cards, also known as e-gift cards, digital gift cards, mobile gift cards, and virtual gift cards, all refer to gift codes that are delivered using technology like email, SMS text, social media and smartphone apps. Physical prepaid cards are just that. Prepaid cards are the actual hard debit or credit cards you can swipe in-store. Read on for more differences and better qualities […]
