You may be asking yourself, “What is a Supplier Diversity program? Supplier Diversity is a program designed to promote, increase and improve the participation of businesses considered diverse within a company’s supply chain. There are many categories used to identify “Diverse Businesses,” but the more common examples are Minority-Owned Business Enterprise (MBE), Small Business Enterprise (SBE), and Woman Business Enterprise (WBE). For an organization to become a “Diverse Businesses,” they have to be certified through third-party bodies who authenticates that the company is managed, owned, and controlled by a diverse qualifying group. Most organizations commonly think Supplier Diversity is a program designed to contribute to society and has no value and adds little to the bottom line. The reality is that a competitive advantage exists and below you will find some of the benefits of choosing the right loyalty and incentive technology provider for your company. An article from The Wall Street Journal cited research by the Hackett Group who exposed that the operations costs of these organizations are frequently lower. They spend an average of 20% less on their buying processes, and the number of their procurement stuff is lower, what allows them to pass their operational cost savings […]
Category: Gift Cards
Successful Loyalty Program Delivers Channel Sales Results
Your channel sales team drives a significant portion of your company’s revenue. Their performance is important to you – and it’s important to make sure you have the best loyalty program to help ensure your sales team is happy and productive during the campaign. Participation by your partners is essential but can present challenges that can impact your bottom line. To avoid these problems a streamlined and well-organized loyalty and incentive and programs comes into play. As incentive and reward management systems evolve, brands and partners are continuing to modify business models which in turn drive the change which is necessary to work the core programs. These marketing programs are arguably the most important factors for businesses with indirect sales channels and contribute to the overall success of localized marketing strategy. Here is why: -Rewards programs drive channel revenue. Incentivizing your channel with MDF funds based on sales performance encourages branded co-marketing engagements. The more marketing funds that are dispersed through the network, the more likely the partner is to market the brand, which in turn increases foot traffic and sales. -Reward programs energize new products by giving channel sales turn-key access to center dollars and prompt control over how […]
How Incentive Promotions Drive ROI in a Loyalty Program
Does your customer acquisition marketing campaign need a little boost? Something to liven it up and add some pizzazz and excitement to your current recruitment promotion. Or perhaps you need to notify your loyal advocates of a new product and refresh the idea of current programs into a campaign that’s been ongoing for a long period. If any of these apply to you, then you will benefit from a short-term incentive promotion marketing program and drive higher ROI. You may be asking how a short-term loyalty program works. In the Market Research world, you perhaps have a good base of research participants but have just started to notice and drop off in participation. You discover that the rewards have become stale and redundant and panelists are in need of a nudge to engage or update profiles. The offering has not changed in months, and you are on a decline – you are losing your base! This would be a good time when an aggressive attempt to grow the respondent base is needed but how can you acquire new customers or engage past ones? Better yet, how can you keep the ones you already have happy and loyal? This is a […]
Reward Mix is Essential in a Successful Loyalty Program
Has your sales incentive program turned to loyalty rewards yet? Are you finding that you have good engagement from your channel partners with your current channel sales incentive program? Does your sales promotions need deeper engagement and a more personalized contact to drive loyalty? Or are you still using mass blast communications and gimmicks? If so, it’s time to look at a new way to expand on your current direct sales marketing and create a whole new way to excite and pique the interest of your sales channel. An excellent way to promote new engagement is by mixing it up with your reward program. Studies have shown that the people in your rewards programs are the ones who make the best and most profitable customers.* So, why not reward those sales’ teams that have been in the program longest or participated the most with a loyalty program that makes them happy and mixes up the rewards to provoke new interest and allegiance! A mixed arrangement regularly gives a truly necessary fit between the business prerequisites, spending plan, and reclamation strategy. Normally the way of the venture dictates if a physical offer piece or an electronic code that is dispersed […]
Loyalty Program Software Comparisons
There sits your sales team. They’re on the phone or in front of a customer, ready to land that big deal. You rely on these people to play an integral role in bringing your products and services to market through a dealer network. But how much does your team know about current offers on the products and services they sell? How do you move special offers through your partner channel to satisfy the objectives of key stakeholders and still rouse your sales team and dealer network? To start with, recognize this is a challenge for any sales channel strategy plan. A channel sales strategy should energize loyalty engagement to spur a business drive to change behavior or, if nothing else, manage them in a specific course of action from educating your partner network about your products and services to helping your sales team close more deals, with you all the while managing the results is real-time. Then again, the loyalty program additionally needs to fit inside a company’s financial constraints and not cause costs that counterbalances the advantage of the channel sales incentive program. A key question for you to consider when developing your strategy is what type of a […]
Visa® Prepaid Card Can Benefit Your Bottom Line
Visa® prepaid incentive cards can help your company drive efficiency and lower costs. If you are currently using checks to reward your customers imagine being able to save thousands of hours in processing time and lowering costs by more than 30%. You will also decrease the payment and delivery time thus making your clients happier so they will return and be your advocate. […]
Research Professionals Promote Happy Panels with Great Incentives
Are you a successful market research professional and need help with unhappy customers in panel recruitment incentive programs? Are you looking to engage your panelists with something new in your next recruitment campaign? Are your panelists tired of being issued a check after participating in a survey, and are you seeing a decline in interaction? Well, it’s time to move over to an affordable, highly responsive Visa© prepaid card reward. A prepaid card reward is what your panelist wants, and it helps you in more ways than just making your end users happy. By giving out a Visa® Prepaid card reward, you are saving money and giving your customers more freedom to do what they want and reward themselves with what they want. Avoid the dissatisfied customer and provide them with a reward that gives them freedom to choose what they want or need. You can issue a physical card, but to truly create a smooth and fast process a virtual Visa Prepaid Card can be sent via email, putting the reward in the customer’s hands in seconds. So, get the reward in their hands quick and keep ‘em happy and coming back for more. Advocacy is critical in this […]
Why eGift Cards are Making An Impact On Your Business
Incentive programs efficiently get new customers in the door and reach out to retain your loyal customers. There are roughly 2.5 billion loyalty memberships in the U.S. (Colloquy). Last year U.S. companies spent $76.9 billion on incentives and promotions, while $22.7 billion of that was spent solely on incentive and loyalty gift cards alone. It is safe to say that incentives work. However, when is the right time to implement an incentive rewards program into your marketing strategy for consumer promotions? Read on for the top incentive reward promotions. Incentives range from cards to rebates to giving physical gifts or even handing out cash. Incentives drive the customer to make a purchase, come in the store, or even share on social networking sites. Incentives drive company exposure, and that will drive your sales up. When thinking of incentives, virtual is typically better if your customers want immediate rewards and/or online fulfillment. Virtual rewards cost less and save time and confusion for the customer. Cash management is just that. Managing cash for the customer. When having an e-gift card, it is typically not reloadable. On the other hand, prepaid debit cards offer multiple options for putting more money on the card, thus, having […]
