Loyalty Goes Social
by Dr. David Cox
The concept of Social Loyalty has been growing over the last five years, but we predict that 2016 is the year when it will truly take off in terms of our clients.
The first steps were taken when loyalty and channel incentive programs began creating profiles and pages on Facebook and LinkedIn for participants to follow and ‘like’. Know Your IBM’s Facebook page for example already has over 2,000 ‘likes’.
Initially many companies and incentive agencies avoided this effective medium, as they felt they could not “control” the communication or feedback. Gradually they began to realise that participants and customers will set up their own unofficial Facebook and social media forums to discuss aspects of your loyalty program, product or service. As a result many companies now realise that it’s is better to be part of the conversation with a chance to participate than be left out.
Today’s leading programs have expanded beyond a presence on Facebook, Twitter or LinkedIn and have built internal collaboration and exchange through communities within the construct of the program via general chat rooms, live chat, rating and feedback mechanisms and special interest forums.
One of the latest innovations has been to embrace Social Badging using the Open Badge platform. This platform allows companies who operate loyalty and incentive programs to issue ‘badges’ for résumé-worthy achievements such as sales performance, skills development and collaboration.
These badges can then be shared and displayed via a participant’s social media presence such as LinkedIn or Facebook thus extending the footprint of the loyalty program and harnessing recognition from a wider audience – friends, family, colleagues and prospective employers can see their success. Further, these badges can also be used to earn accelerator or bonus points as well as a proxy for status tiers within a program.
In programs where Motivforce has deployed this concept, we have seen a dramatic increase in participant performance and a return on investment.
Social media is one of the most absorbing tasks that individuals undertake on a daily basis. Indeed for Millennials, their life is built around their social media habits. Thus savvy program designers are looking to leverage this existing infrastructure to drive their own programs.
In an age where clients are talking about the need to increase engagement with program participants, the fusion of social loyalty with existing tools such as effective communications and the right reward mix, is proving to be a powerful combination.
Are you thinking; "do enablement & incentive programs build loyalty with Channel partners and resellers?"
If so then here are some key questions to consider if you're thinking about launching a B2B Loyalty Program or even how to re-engineer an existing one
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.