Is a loyalty program right for your business?
Like any marketing strategy, loyalty programs have a place and an ideal environment in which they should be deployed and managed. So, it is important for firms to undertake a detailed diagnostic assessment to see whether a loyalty program is the best marketing strategy for their product or service, as opposed to rushing to set up a program in the hope that it will solve all your business challenges.
Here are 3 reasons why a loyalty program may not be right for your product or industry:
Try these 3 tactics to accelerate the journey from enrollment to engagement in your loyalty program and thus minimize the period that a newly enrolled participant spends in the chasm of disengagement and go into "Walking Dead" status.
Many loyalty and incentives programs have built status tiers to segment and reward their most active, profitable, engaged and loyal participants.
However there are a number of pit falls that destroy the integrity and motivational pull of loyalty programs if the tier strategy is not properly planned. Here are our 5 tactics to manage downgrading participant tier status...
‘Double dipping’ coalition programs have been popular in B2C loyalty programs for some time – how many of us have paid for a flight on a credit card and earned air miles for both transactions?
From a business perspective, coalition programs offer these key benefits:
Motivforce recently undertook a study looking at the most appropriate and effective way to respond to a B2B Loyalty Program participant’s feedback – particularly in the social media environment but with direct implications to contained environments. The results revealed that the most effective response is when help desk employees put themselves in the shoes of the customer before they respond.
How does your company approach enablement with your resellers and is your incentive strategy driving the right performance behaviours?
Business Partner Loyalty. 10 questions you need to consider.
Think of yourself and your company as a Sherpa and the role you play when it comes to ensuring your business partners achieve their goals:
- Are you prepared to help your partners navigate through challenging business conditions?
- Do you understand their strengths and weaknesses?
How do we attract members to our loyalty program without having to invest hugely? How do we boost the business from acquired members that justifies the generous spend on those mid-tier members in our program? These are questions that keep C-suite executives awake at night. At Motivforce R&D we are introducing a new approach that we call loyalty hacking. What’s with the hacking you may ask?......
Getting the balance right between the hard and soft benefits of your channel loyalty program can be the key to its effectiveness. Dr. David Cox - CEO writes why soft benefits are the key to keeping participants loyal to your program.
Our Loyalty Doctors have drawn up their list of Top 10 B2B Loyalty Program Trends for 2017. Augmented reality, Chatbots and cognitive computing will all enter the channel loyalty program arena; so too will sales incentives and the Internet of Things. For the full list read on..
Have you ever wondered why points used in a loyalty program? and how many points should you award your B2B loyalty program participants?
Check out our Five Point Plan for setting the value of a reward point:
Motivforce has rounded off 2016 by scooping a hat trick of accolades at the recent B2B Marketing Awards in London in recognition of our work with the Lenovo LEAP channel loyalty marketing program.
In January 2016 we predicted the top 10 trends that B2B loyalty marketing would witness during the course of the year. But did we get it right? Let’s take a look back ….
Personal development is recognised as the most effective way in which business relationships with channel partners can be nurtured. And while business schools are having trouble to keep pace with these developments, this is presenting a very bright business future for online enablement. It is proven that certified business partners sell more...
Most companies have come to realise that offering online education modules continues to be an important driving force in establishing successful channel partner relationships. At Motivforce R&D, we often are asked to come up with a convincing business case that outlines how clients will start earning by learning, simply by making the switch to online enablement. These are the four key benefits on which we think such a case can be built:
In today’s markets, your company’s success depends hugely on the motivation and abilities of your business partners. Willingness is often fuelled by elaborate incentive structures, but ability is a different cookie. More and more firms are experimenting with online modules across multiple (mobile) platforms, so there are ample and innovative opportunities to work on your business partners’ tech, marketing and sales skills. Yet, we often see that the message cannot keep up with the medium. In other words, content is offered that is out of line or, at best, loosely coupled to strategic channel objectives.
Follow our 5 step process:
Thinking of or running an Employee Recognition Program?
The exponential growth of Big Data now makes it possible to predict the performance of teams on the basis of laws and patterns in social interactions.
The research highlighted the traits of the ideal team player and also successful teams.
“Winning a Brandon Hall Group Excellence Award means an organization is an elite innovator within Human Capital Management."
Motivforce has struck gold again this year at the coveted Brandon Hall Group Awards for Excellence in Learning and Development, winning a Gold Award in the Best Sales Training Program for Extended Enterprise category for the Know Your IBM (KYI) program and another Gold Award in the same category with the Lenovo LEAP channel sales program.
Most loyalty marketers focus on rewarding customer or business partner behaviour. Yet, there is another important side to the loyalty coin and that is recognizing the performance of employees. There is a so-called profit chain that links employee motivation and behaviour with customer loyalty. We have witnessed an important shift when it comes to employee recognition programs; the focus is no longer on incentivizing individual employees, but on rewarding the performance of teams.
In designing employee recognition programs, it is imperative to be very specific about the kind of behaviours that you want your associates to display (and get rewarded for). Many of our clients make the mistake of relating their incentives to broad and generic corporate values. Instead, the specs are important, as they make for easier and more transparent reward criteria. Also, do consider recognizing your operational managers. For many customer-facing employees, their supervisor, team leader or store manager is a role model who they look to for guidance on good practice.