Effective channel loyalty programs between a brand and its retailers go much beyond discounts and schemes!
It is a crucial element for transforming company-partners relationships from transactional level to emotional one. Building relationships is even more significant in this competitive market than ever before. There are thousands of brands trying to put better offers on the table, and guess what? Your trade partner is going to take the profitable offer.
So, where does your company stand when it comes to relationship depth with your trade channel partners? Are your sales strategies only focused on onboarding new retailers/partners or it also accounts for valuing the existing customers?
Benefits of running successful channel loyalty
Running a successful Reward Loyalty Program is a vital aspect where you can engage with your trade partners like retailers, partners, or influencers. The main motto of a channel partner loyalty program strategy is to influence the willingness and motivation of your partners to be advocates of your brand. Which generates new opportunities for sales and increases revenue.
More than 37% of retailers confirmed that the opportunity to get rewards from the company is a critical factor in their purchase decision.
Why most loyalty and reward programs don’t succeed?
Your company might be using channel loyalty programs but are they efficient enough? Are these adding value to your company with the major benefits listed in the above sections? If not, then you need to revamp your loyalty program for channel partners. Before diving into the solution, let’s see what are the typical problems B2B customer reward programs face!
- Suffer from a low adoption rate
Most of the brands introduce an app for operating customer loyalty programs. In this scenario, each retailer has to be encouraged to install apps. More than valuing the customer, it looks like an added burden to them. Hence, we see a huge dropout in login authentication. Resulting in app uninstallation.
- Inflexible Sales purchase validation
The sales purchase authentication is restricted to QR codes or barcodes by many companies. In the case of bulk purchases, barcode scans are a big hassle. Showing purchase proof through limited methods does not consider the situation adversaries that could arise.
- Redemption is a nightmare
In general, companies grant points to the retailers as a reward for their loyalty. These credit notes had a less emotional value of gratitude. They give out reward points which are hard to redeem at times. There is a limited catalog of products for rewards and there are many back and forth movements before retailers can get the reward. In this hassle of redeeming reward points, the partner doesn’t feel rewarded.
- Loss of engagement opportunities
With no digital solution for channel loyalty programs, many engagement opportunities are lost. That’s because, when the companies do not convey the benefits of their partnership, the retailers or partners can be easily swayed.
These challenges act as gaps between your attempt to turn your trade into partnerships. Invest in your relationships and you’ll build partnerships that last.
How BeatRoute Manages Loyalty and Rewards for Your Partners?
According to Harvard Business, increasing customer retention rates by 5% increases profits by 25% to 95%. In other words, if a company focuses on making loyal customers, the profitability increases more than what acquiring new customers would bring. In present channel loyalty programs, there are many practical problems that are affecting customer retention as mentioned in the above section.
BeatRoute has a solution for it, this is an integrated loyalty program management system with your SFA and DMS which makes a comprehensive solution for retaining retailers, dealers, and influencers.
Here is how we make difference:
- Reward Point Rules
While running a reward program, it is essential to have a scheme engine that enables you to set rules based on values you desire. In the FMCG industry, you can set rewards for specific sales performance. Next, you can set up complex rules based on volume and value for rewarding influencers and retailers. As a reward you don’t only get coupons and QR but many vouchers and experience.
- Interface for customers
Innovative WhatsApp and Viber Bot is a great interface to communicate with your customers. It allows two-way communication with nudges. The user can directly choose the option of loyalty program and view their reward points and know more about how to redeem it. In a nutshell, one need not install any app which increases the adoption rate and boosts the scope of opportunities to engage.
- Ensuring Sales Data Authenticity
In the industry, it is required to have authentic records of sales. Many companies struggle with the data to ensure that the invoice produced is not forged. Our solution gives versatile methods to authenticate sales of the retailers. Customers can scan a barcode, QR code, serial number or simply upload a bill in case of larger volume purchases.
- Redeem from a Catalog of Global Items and Experience
For customers to feel rewarded, companies need to give worthy gifts. Here, we have a global catalog of physical gifts and experience listed within BeatRoute. We have integrated with the reward engine, Xoxoday Plum Store which supports hundreds of voucher options in more than 50 countries. The reward recipient can avail vouchers of Amazon, Flipkart, known din-out, dominos, etc. It offers an excellent reward point system that intelligently includes different emotional components of the customers to reward them rightfully with no hassle in redeeming. Through this solution, the user gets redemption details on completing the target. Hence, redemption of rewards is no more a nightmare.
Loyalty Management helps you to better engage with your partners, retailers, influencers, or distributors. It is better if there are some customized incentive programs that reward them for repeat sales from the same brand. As you know, presently there are a number of issues while trying to retain customers. That’s why, to get ahead, you need an innovative and adaptable solution for better chances of gaining loyal customers. If you have a business need for loyalty management programs that will not disappoint you, you can book your demo.