No matter how popular or on-trend your product is, if you can’t create an incentive reward program in a cost-effective manner, then you just won’t make a good return on your investment. When your manufacturing facility is not producing the profit margins that you desire, you’ll need to seek out some options that make sense and make your channel sales partners and accountants happy. As incentive and reward management systems evolve, brands and partners are continuing to modify business models, which serves as a catalyst for the change needed 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. -Compensation programs build up a focused separation for your channel program. Giving your channel guide access to brand dollars expels the biggest boundary to a section for channel showcasing. -Reward programs […]
Category: Loyalty Management
Understanding the Pros and Cons of Different Types of Loyalty Program Vendors
The hunt for the right loyalty program vendor can be a tough one. You want to find a provider who will be able to work with your budget, meet your needs, and get real results. It is important to understand the most critical criteria considerations when evaluating a loyalty program vendor. Start your vendor evaluation by acknowledging your desired outcome(s): acquire new customers, improve retention, increase lifetime value, maximize AOV, or another goal that fits your needs. As you assess incentive solution vendors, specific criteria may help your business achieve these objectives. Consider the following as you evaluate: There are two main types of vendors on the market: pure-play loyalty platform providers and loyalty managed services providers. To start evaluating your vendor, review the results you want. Attract new customers, improve retention, increase lifetime value, maximize AOV, engage existing customers or other goals that meet your needs. When evaluating incentive solution providers, certain criteria help organizations achieve these goals. Consider the following when making an evaluation: There are two main types of vendors on the market: pure-play loyalty platform providers and loyalty managed services providers. A pure-play vendor provides organizations with the technology to manage and build incentive programs. This […]
The Building Blocks of a Successful Panel Loyalty Program
Panel loyalty programs increase research firms’ panelist retention, survey frequency, and panelist acquisition programs, making them foundational in increasing your research firm’s profitability and revenue. An effective panel incentive program can build brand advocacy and increase the lifetime value of the panelists. The four basic building blocks when creating an effective panel loyalty program strategy include objectives, gaining program support, rewarding participants and measuring the program. Objectives There are a few steps you must take when creating your panel loyalty program. Gaining the support of key stakeholders When preparing for a panel incentive initiative, panel managers often face roadblocks in the approval phase of their proposal. Be prepared to show upper management that you have a sound business case, including measurable and accurate metrics. Loyalty incentive programs have proven vital in cultivating and rewarding repeat panelists. You must ensure your loyalty program will be valuable to your key stakeholders. With a strong plan in place with clear financial objectives, management is more likely to understand the benefits of your program and see that it warrants their support. When in the program design phase, take the following steps: Rewarding The Participants There are several types of incentives to select from, including: […]
Resources For Successful Loyalty Marketing Programs
Resources for Success Loyalty Marketing Programs focus on buyer retention and reward customers for their loyalty. Effective customer incentive programs combined with the right reward management system and the help of loyalty service providers can generate strong financial returns. There are several resources that can increase the effectiveness of Loyalty Marketing Programs. Prepaid Cards Prepaid cards are a favorite among participants in customer incentive programs. Prepaid cards are viewed like cash and can be spent almost anywhere. Loyalty service providers will commonly offer both virtual prepaid cards and physical prepaid cards as rewards for customer incentive programs. Real-Time Triggered Loyalty Messaging Loyalty technology can provide participants with instant, personalized, real-time messages during their participation with your consumer incentive program. These messages can create a highly personalized and improved experience when engaging with your loyalty program. Digital Rewards Digital rewards allow your customers to receive instant recognition for their participation in your customer incentive programs. Compared to physical rewards, which must often be shipped to participants, digital rewards allow customers to enjoy instant gratification. Digital reward vendors, like All Digital Rewards, can outfit your loyalty marketing programs with a wide range of digital rewards from recognized brands for your loyal customers […]
Include a Prepaid Reward Card as the Incentive When Creating an Award-Winning Consumer Promotion
Consumer sales promotions are a great way to entice consumers to purchase a product – does your incentive reward provider offer Prepaid Rewards Cards? Did you know that prepaid Rewards Cards are known to be one of the top preferred reward types for consumer incentive programs? There are lots of reasons why consumers love prepaid cards and a quality prepaid reward card provider can help take your next consumer promotion to award-winning levels! But what are the real benefits of using VISA prepaid incentive reward card in you consumer promotions? The main benefit of a Prepaid Card is that the branding of the card can mirror your company. Why is this such an important factor as a business? It’s simple! This is a fantastic brand awareness tool and also encourages your consumers to keep coming back for more! While Prepaid Cards may be a great option for your Loyalty Program, there are several important details to consider, for example: These cards are super simple to become accustomed to, but it’s important that the cards are loaded and ready to activate the second your customer opens it. People want instant gratification. This also ensures that the customer will not have to deal […]
Prepaid Rewards Cards – Is Virtual or Physical Better?
These types of cards have become a popular method of loyalty marketing and employee engagement solutions due to their success in engaging businesses and consumers alike. They allow customers to secure their funds, keeping them in one place, and they give businesses access to revenue before a purchase has even been made. Loyalty programs evolve as technology evolves, and prepaid cards are no exception. They began as plastic gift cards to specific merchants, and have since grown to be universally accepted worldwide. However, unlike gift cards, they can be reloaded and do not expire, making them more reliable and versatile. As e-commerce becomes the preferred shopping method for many customers, companies are offering more virtual solutions for online purchasing. With partners like Visa and Mastercard, they are accepted by most vendors, making them easy to integrate into customers’ shopping routines. From the convenience of reloading value to the benefits of budgeting, prepaid cards are popular amongst a variety of customers. Both virtual and physical prepaid cards have numerous benefits with very few drawbacks, which makes them perfect for everything from corporate incentives and sales motivation to performance rewards and customer retention strategies. Virtual cards offer better security, for example, and […]
A Rewarding Experience – The Building Blocks of a Successful Panel Loyalty Program
Panel loyalty programs increase research firm’s panelist retention, survey frequency, and panelist acquisition programs, making them foundational in increasing your research firm’s profitability and revenue. An effective panel incentive program can build brand advocacy and increase the lifetime value of the panelists. The four basic building blocks when creating an effective panel loyalty program strategy include objectives, gaining program support, rewarding participants and measuring the program. There are a few steps you must take when creating your panel loyalty program. When preparing for a panel incentive initiative, panel managers often face roadblocks in the approval phase of their proposal. Be prepared to show upper management that you have a sound business case, including measurable and accurate metrics. Loyalty incentive programs have proven vital in cultivating and rewarding repeat panelists. You must ensure your loyalty program will be valuable to your key stakeholders. With a strong plan in place with clear financial objectives, management is more likely to understand the benefits of your program and see that it warrants their support. When in the program design phase, take the following steps: There are several types of incentives to select from, including: Pick incentives that fit your budget and will motivate your […]
Unlock the Power of Loyalty Management Systems
Enhancing Customer Engagement and Retention Strategies Loyalty management systems have evolved beyond mere earn-and-redeem processes in the fast-paced digital landscape. Today, they are pivotal in driving customer engagement, encouraging brand loyalty, and offering valuable insights into customer behavior. It is important to understand the need for modern loyalty software to provide maximum flexibility and intuitive user interfaces, ultimately empowering businesses to achieve their engagement targets and strategic objectives effortlessly. Why Loyalty Management Systems Matter To create successful loyalty programs, businesses require feature-rich and flexible loyalty software. This software should facilitate quick program setup, effective management, and seamless customer engagement. The system’s key features are essential in achieving these goals, including member account management, targeted promotions, status levels, benefits, and support for multiple currencies. Understanding the Core Features Now that we have established the importance of an ideal loyalty management system let’s delve into the essential top-tier features that should be included. At All Digital Rewards (ADR), we provide comprehensive digital rewards and incentives recommendations, ensuring mutual benefits for your customers and your business. User Management: Look for a platform that provides robust user management capabilities, including member profiles that allow you to gather and track important customer information. With role-based […]
How to Calculate Loyalty Program Return
Loyalty programs can generate strong financial returns by engaging guests by creating powerful incentives that encourage an increase in the frequency of visits, spending, and advocacy. But before you set out to develop a loyalty program that will help you improve your incentive program customer spending and visit frequency rate, you need to ask yourself several questions: How will the benefits offset the program costs? What costs and revenue do I include when calculating my return? Revenue More units bought More visits Promotions Costs Loyalty management technology Services of a loyalty program provider Product costs Reward costs Once you find the correct balance between your cost structure and your customer’s preferences, you can achieve success and improve upon your program’s return and only then will you be able to understand how to manage your program indicators, including the applicable costs and revenues. Understanding the indicators involved in the return aspect of your loyalty program ROI will assist you in creating a plan to maximize that return. A well-designed loyalty program will motivate customers to visit frequently and spend more with you during each visit. In addition to revenue generated from a core program, with the data collected, you will be […]
Top Technology Trends in Loyalty Program Development For 2018
Good news for program managers – loyalty technology continues to evolve making their jobs more convenient, but are they considering technology enhancements that keep pace with today’s customers’ expectations? Loyalty program development innovation is more critical than ever, and finding new ways for brands to focus on delivering seamless experiences and the when and where their best customers want them will always present challenges. In a recent webinar, Creating the Right Loyalty Technology Solution, Kathryn Felke, CEO of All Digital Rewards, spoke of the innovative ways loyalty technology can be developed to collect and analyze loyalty data to create long-lasting experiential moments, and to keep loyalty members engaged in real-time driving a better more profound relationship and consumer value. Consumer behavior continues to shift between the ever-evolving online and offline channels, placing marketers under increasing pressure to establish long-term relationships based on customers behavior and preferences – and then to leverage the acquired member data to drive a personalized experience. Think of this process as a closed loop cycle that the member engagement produces more than enough data that will yield insights enabling a brand to create experiential moments and interactions that hopefully will trigger more member engagement, advocacy, and […]
Start The New Year With a Winning Wellness Program
It’s that time, setting better intentions for ourselves to get healthy. Whether it be going to the gym more or eating better, which are literally the top two resolutions the general public gravitates towards, and we’ve got the research to prove it (see the infographic below)! But let’s get to the nitty-gritty of why 2018 is the year to cultivate a winning wellness program. Source: Accelerant Research As the wellness industry continues to evolve (now grossing a whopping $6 billion), it’s becoming more transparent, and providing more information that is readily available for the general population, we can see now how important health and wellness plays in our daily lives, not only for current state of well being, but there is proven research that shows increase in work productivity/performance, less stress-more happiness, and life longevity. So many wonderful benefits and a better quality of life can be achieved with a simple health and wellness program, and the working men and women are taking notice. “More than three-quarters of job seekers say benefits are “very important” when considering a job offer, and 69% say they might choose one job over another if it offered better benefits.”-Source: Spring Buk. Which is why […]
Top 2018 Corporate Wellness Trends
It’s that time – we are all gearing up for the new year already, getting through the holiday madness and planning for Q1. With all the busyness of the holiday season, health and wellness program participation tends to have a little bit of a decline, which is why staying up with the trends to entice your participants to get off to a good start next year is so important. When managing a successful corporate health and wellness program, it’s necessary to take ABE approach (Always Be Evolving) and work with a health and wellness incentive provider that understands services you are offering to assist them, and the appropriate incentives needed to modify the behavior to lift program uptake over last year. ABE is key to participation because they continuously need your active interest in their influencing motivation! Key considerations need to be reviewed every year to keep your workplace wellness program on track. Listed below is a handful of the top corporate wellness trends to incorporate into your program for 2018. This one’s a biggie. When presenting a more flexible work environment in exchange for program participation, you can bet that participants will be willing to engage. Offering teleworking or […]
