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:
Voluntary executive learning is an important element of many B2B loyalty and channel programs. Indeed the cost effectiveness that the digital revolution has offered to program sponsors allows for the deployment of online e-learning modules quickly, covering remote geographies and in multiple languages.
Whilst the digital revolution encompassing online platforms has heralded a new age in corporate learning, the advancement in learning structure and content has not moved at the same pace.
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.
‘Social Loyalty’ has been gaining momentum over the past five years as an effective strategy to drive engagement, enablement and sales performance. Interestingly, many companies are still slow to embrace social media into their loyalty programs due to concerns that they cannot control the conversation. However, it is now apparent that participation, as opposed to control, is the most effective way to drive participant behavior.
The odds were certainly favourable for Motivforce’s latest Loyalty Leadership Forum which took place at the historic Jockey Club Rooms in Newmarket, Suffolk, home of British horseracing. Building on the unbridled success of previous Forums, the event provided an ideal opportunity for Motivforce’s loyalty experts to showcase the latest B2B loyalty trends and share their wisdom with clients and channel marketeers
Gamification is the use of game-play mechanics for non-game applications and it has grown in popularity as a loyalty program tactic. Indeed, when used effectively digital games have achieved fantastic results.
Equally, there have been numerous examples where the gamification execution has failed to deliver. This can be extremely problematic for businesses as the financial investment and staff resources required to design and deploy gamification can be considerable.
The top three reasons why gamification tactics and campaigns failing to deliver the desired ROI have been identified as:
Loyalty and incentive programs attract, motivate and reward your best customers and there is no doubt that they can be very powerful marketing tools – their success has been well documented in industry case studies, academic literature and loyalty marketing awards programs.
Your best customers are the ones that listen to and respond to your loyalty promise. But delivering on that promise is highly dependent on structuring an effective program. All too often loyalty programs fail to deliver their promise not only to participants; they also fail to meet the high expectations of senior management.
Thus, to deliver on the ‘spectacle’ of a loyalty program, it’s vital we work on the ‘science’ behind it. Here are 8 key elements to applying this science.
Thinking of launching a loyalty program? But you don’t know where to start? Try running a pilot program!
Loyalty programs are a long-term strategy. Getting them launched requires the strategy to be embraced and signed off by the entire organization, including finance, operations, sales and marketing. Each of these departments has their own agenda and expectations as to what the loyalty program will deliver. This ongoing internal assessment can delay the launch of a program for years, and prevent the company from enjoying the benefits that a well-structured loyalty and incentive program can deliver.
When planning a destination for your incentive travel rewards program, a number of things must be considered to ensure its success. The question will be raised “How do I choose the correct destination for incentive travel reward?” This is where a professional incentive travel agency can assist by providing a wealth of knowledge and suitable options based on your program requirements budget and the target audience.
What does 2019 have in store for B2B loyalty marketing programs? Read on to see what our loyalty doctors have predicted to be the top 10 advancements in B2B loyalty programs for 2019.
Today’s program managers are conceding that the constant desire for global standardization has reached an inflection point where there still needs to be a high level of local customization. This is despite procurement and finance departments thinking that even more efficiencies can be derived from global program operations resulting in year on year cost savings.
Whilst a lot of time and money is spent creating brand and positioning, little effort is spent on developing the “loyalty avatar” that will be used to communicate to program participants, both formally and informally.
Every company needs them; re-seller top dogs. They drive success, they show others how it’s done, they collect the rewards, they stash the cash, they may come to expect the white glove treatment. At the same time, it is becoming clear that incentivizing these star business partners also has a dark side. And it is good for companies that run performance incentive programs for their channel partners to be aware of this.
It seems that the 2018 obituary for offline communications and tactics in loyalty and channel incentives programs has been premature. Indeed, we have seen an increase in program sponsors allocating budgets to offline executions during the first eight months of 2018, signaling a retreat from the sole reliance on digital communications.
One of the growing challenges facing all loyalty practitioners is how to drive higher levels of engagement. Traditional methods such as bonus points and bespoke communications, whilst still effective, are losing their impact, particularly when competitor loyalty programs are also engaging in these tactics.
Just in case you might have missed it; a wind of change has started to blow in the loyalty marketing landscape. In Europe the General Data Protection Regulation (GDPR) is about to go live and it marks a heightened privacy consciousness among businesses and their customers. And ultimately, we expect that the principles of GDPR will go global.
Even if you are not operating from the EU, it is not a bad idea to start reflecting on what the new model of data protection will mean for you and your program. Almost certainly, the bar will be raised and your program members will expect you to take your protection of their data to a whole new level.
So, are you GDPR ready? Read on
This variation on an old Queen song came to mind when we asked ourselves a question that challenges one of the fundamental aspects of loyalty programs. Are those hierarchical program tier structures that group customers in different levels, depending on spending or selling pre-specified amounts, really the most effective design feature? Tiers foster feelings of status, depict various degrees of member loyalty, motivate people to keep their status and can easily be extended.
We’ve been pioneering the fusion of digital games with e-learning since 2006 so it’s good to see that we’ve been ranked among the top 10 gamification technology providers by APAC CIO Outlook Magazine
The development of online education modules continues to be a growth market for Motivforce. While we keep expanding our enablement portfolio with some of our accounts in conjunction with the latest social loyalty tools (such as gamification), others are simply all about business partner learning. We often get asked to come up with a convincing business case that outlines how clients will start earning by learning.
We think there are four key benefits, all with direct important bottom-line implications.
There has been a lot of debate in recent months about the most effective metrics to use when assessing the performance of a loyalty or incentive program.
To see the real effect of the power of loyalty and incentive program it is also recommended to use Confrere Analysis.