Almonds Ai expands global footprint, opens new office in Dubai. Click Here

Category: Blogs

Categories
Blogs

5 Surprising Benefits of Retailer Loyalty Programs You Didn’t Know

Loyalty Program
Loyalty Program

In today’s retail world, businesses constantly strive to increase their customer base and retain existing customers. One way to do this is through loyalty programs. These programs offer customers rewards for their loyalty and encourage repeat business. 

Retailers are businessmen who always consider what is best for them and their customers. So, they have different requirements. These requirements differentiate them significantly. These differentiations are based on many factors. So, there are many things about retailer loyalty that brands may need to learn. This blog will discuss five things you didn’t know about the retailer loyalty program and its members.  

Likely to spend more money

Retailers in loyalty rewards programs are more likely to spend more money than non-members. According to a study by the Nielsen Company, loyalty program members spend an average of 13% more per visit than non-members. It is because loyal members feel connected to the brand and are more likely to make repeat purchases. 

In addition, loyalty programs often offer rewards for spending more money, incentivizing members to spend more.  

| “Six-in-ten retailers have used or plan to use buy now, pay later services, compared to 13% not enrolled in loyalty programs.” |  

To take advantage of this, brands should consider offering rewards encouraging retailers to spend more money. For example, brands can offer bonus points or discounts to reach a certain spending threshold. It increases revenue and strengthens the relationship between the retailers and the brand.  

Likely to Recommend Your Business  

Loyal retailers are more likely to promote your business to others. According to a study by Bond Brand Loyalty, 81% of retailers are likely to recommend the brand they are loyal to. It is because loyalty programs positively perceive the brand and are more likely to share that with others.  

To capitalize on it, brands should encourage retailers and other channel partners to refer to the loyalty program to friends and family. It can be done by offering referral rewards, such as bonus points or discounts. Brands can also use social media to encourage referrals by offering exclusive promotions to retailers who share their loyalty program with their followers.  

Engage with Your Brand

According to a study by Bond Brand Loyalty, loyal channel partners are 70% more likely to engage with a brand on social media than non-members. It is because they feel connected to the brand and are more interested in what the brand has to say.  

To take proper advantage, brands should engage with their loyal members both online and offline. It can be done by offering exclusive promotions and discounts to members based on their engagement, sales performance, and experience on social media. Brands can use events, and in-store experiences as well.  

Negligence if Minor Issues Occur   

Loyal channel partners are more forgiving regarding mistakes made by the brand. According to a study by Accenture, 77% of loyalty program members are willing to forgive a mistake made by the brand if they have a good loyalty program. It happens due to the positive perception of the brand.  

To take advantage of this, retailers should address any mistakes made by their loyalty members. It can be done by offering apologies and compensation, such as bonus points or discounts. Retailers should also communicate with their loyalty members and keep them informed about any issues that may arise.

Preference for Personalized Experiences  

Loyalty members want personalized experiences when interacting with your brand. According to a study by Accenture, 56% of loyalty program members expect personalized experiences when interacting with a brand. It is because loyal members want to feel valued and appreciated by the brand.  

| “ When cardholders receive personalized offers, issuers see up to 18% spend increase from retailer who redeem, and a 75% reduction in churn.” By Mastercard Study |  

Brands must offer personalized experiences to their loyalty program members. It can be achieved by sending personalized emails and promotions based on the member’s purchase history and preferences. Brands can also use data and analytics to offer personalized recommendations and product suggestions based on the member’s past behavior. By providing personalized experiences, brands can increase satisfaction and engagement of retailers.  

Lastly, retail loyalty programs are a powerful tool for businesses to increase customer retention and drive revenue. Loyal members are more likely to spend more money, recommend your business to others, engage with your brand, forgive mistakes, and want personalized experiences. By understanding these critical insights, brands can develop loyalty programs that cater to their channel partners’ and customers’ needs and preferences. By doing so, they can build stronger relationships with their customers, increase customer satisfaction, and drive long-term growth. 

 

 

425 Post views
Categories
Blogs

Importance of Data and Insights to Ensure a Healthy Loyalty Program

Loyalty Program
Loyalty Program

In today’s business world, customer loyalty is essential for the long-term success of any company, and so is the channel partners’ loyalty. A loyalty program is an excellent way to cultivate partners’ loyalty, but how do you know if your loyalty program is working well? The answer lies in data and insights.

| “According to the Incentive Research Foundation (IRF), businesses that invest in channel partner reward programs see a 32% increase in revenues and a 30% increase in market share.” |  

As a brand, you have likely invested time and resources into creating a loyalty program tailored to your members. You have carefully crafted rewards that appeal to them, made special personalized offers, and sent out rewards & incentives at the right time to keep them engaged.  

But simply having a loyalty program in place isn’t enough. You need to be able to measure its success and make adjustments where necessary to ensure that it continues to meet the needs and expectations of your channel partners.  

This is where data and insights come in. By tracking and analyzing channel partners’ behavior, sales pattern, and engagement, you can gain valuable insights into what is working well and what isn’t.

This blog will explore the importance of data and insights to ensure a healthy loyalty program.

How Data and Insights Leads to a Successful Loyalty Program  

By leveraging data and insights, a loyalty program for channel partners can be a powerful tool for driving business growth and increasing revenue. Additional benefits include:  

  • Increased Engagement and Participation 

    A loyalty program backed by data and insights can help increase engagement and participation among channel partners. By analyzing past sales data and customer behavior, businesses can identify which products or services are most popular among their customers and incentivize b2b channel partners to focus on these areas.   

  • Customized Rewards

    By analyzing channel partners’ data and behavior, businesses can identify the most appealing rewards and tailor their rewards program accordingly. For example, if channel partners are more likely to respond to rewards for selling specific products, the loyalty program can offer incentives that align with those preferences.  

  • Improved Communication 

    A loyalty program backed by data and insights can also improve communication between businesses and their channel partners. By analyzing customer behavior and preferences data, companies can provide channel partners with the insights and tools they need to understand their customers better and target them more effectively.   

  • Increased Sales and Revenue 

    By incentivizing channel partners to focus on the most popular areas among customers and offering customized rewards, businesses can drive more sales and revenue. In addition, by providing channel partners with the insights and tools they need to understand their customers better, businesses can help them target customers more effectively and drive even more sales and revenue.  

The more your channel partners engage with your loyalty program, the more you can drive your overall business growth.  

It is clear that a well-designed and data-driven loyalty program can significantly boost your business growth by engaging your channel partners. Data and insights are essential for steering your loyalty program in the right direction. By leveraging the power of data, you can make informed decisions that will help you optimize your program and drive greater customer engagement and loyalty.  

At Almond, we understand the value of quality data and the insights it can provide. Our customized loyalty platform, powered by Channelverse, is designed to cater to your business and channel partners’ unique needs. With our cutting-edge technology and online engagement tactics, we ensure that your loyalty program is engaging and effective. So, if you want to take your business growth to the next level, partner with Almond and let us help you build a loyalty program that drives results.  

467 Post views
Categories
Blogs

Break Free from Grandparent Tactics to Revitalize Your Business

B2B market

As the business landscape continues to evolve, so do businesses’ tactics to reach their target customers. However, some marketers still rely on outdated methods. These are also known as “grandparent’s tactics,” to persuade their partners in the market.

But what are grandparent tactics, and why should businesses avoid using them?

Grandparent tactics refer to outdated and ineffective strategies that were once used by older generations to influence their channel partners. In the B2B market, these tactics can include:

  • Flattery:
    It is the act of giving insincere praise to gain favor, and it can lead to increased likability and cooperation in business relationships for the short term.
  • Exaggeration:
    The act of overemphasizing or overstating the truth. It leads to skepticism and the downfall of your business’s credibility.
  • Fearmongering:
    It is the display of power to make an environment of fear and anxiety, to influence the behavior and decision of others in your favor.
  • Use of Personal Contacts:
    The use of personal contacts or networks may lead to new opportunities, referrals, and collaborations. But it is limited as you depend on others.

While these tactics may have worked in the past, they are no longer effective and can harm a business’s reputation and relationships with its clients.

In this blog, we will explore why using these tactics in B2B channel marketing harms your business and how to overcome it by implementing modern strategies, such as loyalty rewards programs and channel engagement.

Why avoid using grandparents’ tactics?

Using these tactics in the B2B market can be harmful to your business in several ways. Some of them are as follows:

  • Damage Reputation
    Using these tactics can make you appear desperate, unprofessional, and manipulative. It can harm your reputation and create a trust issue within your clients.
  • Damage Relationships with Clients
    If clients feel that they are being manipulated or pressured into making a decision, they may become resentful and lose trust in your business. It harms your relationship with them, making it challenging to develop long-term partnerships.
  • Hinder Sales Efforts
    These tactics can make it more difficult to close deals, as clients may be wary of doing business with someone using outdated and manipulative tactics.

What are the Options?

Businesses must implement modern strategies that build genuine and meaningful relationships with their clients. Here are some strategies that companies should use instead of grandparents’ tactics:

  • Implement Loyalty Rewards Programs
    Loyalty and rewards programs can help businesses build strong relationships with their channel partners by giving them incentives and rewards for their sales and engagement. It allows companies to establish trust with their channel partners and create a sense of loyalty that goes beyond a single transaction.
  • Use channel marketing Effectively
    Channel marketing involves working with partners, such as distributors or retailers, to reach new customers and markets. It expands businesses’ reach and establishes a strong presence in the market.
  • Focus on Value and Personalized Experience
    Instead of using traditional tactics to persuade clients, businesses should focus on providing value by offering insights, resources, and solutions that address their client’s needs and pain points. It builds trust, and businesses establish themselves as trusted advisors and thought leaders.
  • Build genuine relationships
    Businesses must build genuine connections based on trust and mutual respect to build successful relationships with their partners. It means being transparent, honest, and authentic in all their interactions with clients.
  • Utilizing technology
    Technology can play a crucial role in helping businesses overcome grandparents’ tactics and build successful relationships with their clients. Tools such as customer relationship management (CRM) software can help businesses manage their relationships with clients more effectively and provide them with the insights they need to make informed decisions.

In The End…

Using old and basic tactics in the B2B market can harm your business’s reputation, relationships with clients, and sales efforts. Instead, businesses should focus on implementing modern strategies, such as loyalty programs, channel marketing, and providing value to build successful relationships with their partners.

Moreover, businesses should utilize technology to their advantage, whether it be through CRM software, marketing automation, or other tools that can help streamline their sales and marketing efforts. It allows for more efficient operations and provides businesses with the data and insights they need to make informed decisions and optimize their strategies.

541 Post views
Categories
Blogs

Top 3 Trends Reshaping the Landscape of Loyalty Programs

Loyalty Programs

In today’s fiercely competitive market, customer loyalty has become an essential aspect of any successful business. With a plethora of options available to customers, businesses must find ways to keep them engaged and satisfied. As a result, loyalty programs have emerged as an effective strategy for building channel partners and customer loyalty.

Loyalty programs have become a standard part of the channel partner and customer experience across multiple industries. With increasing competition and changing buyers’ behaviors, companies are exploring new ways to build and maintain customer loyalty.   

However, like any industry, loyalty programs have evolved over time, and new trends have emerged. In recent years, we have seen several trends shaping the loyalty industry.

In this blog, you will learn about each of these trends and how they are impacting the loyalty industry.

Strategic Partnership Redefining Loyalty Platform Terrain 

It is an effective way for businesses to increase the value of their loyalty programs, where one business partners up with another. It makes loyalty programs able to offer a wider range of rewards and benefits to customers, creating a more attractive program. This trend has gained momentum in recent years, with many businesses forming partnerships to offer more value to their customers.  

First example of a strategic partnership is the partnership between American Express and Uber. In this partnership, American Express cardholders can earn reward points when they use their card to pay for their Uber rides. This partnership has proven to be successful, with both companies benefiting from increased exposure and customer engagement.

The other example is the partnership between Starbucks and Spotify. In this partnership, Starbucks Rewards members can earn reward points by listening to music on Spotify. This partnership has proven to be successful in driving customer engagement and loyalty, as well as increasing sales for both companies.  

Card Linking to Simplify Redeem Rewards 

It is another trend that is shaping the loyalty industry. It involves linking a customer’s payment card to a loyalty program to enable the automatic earning of rewards.  

  • This trend is driven by the desire to simplify the reward redemption process and increase channel partners engagement.  
  • It eliminates the need to enter loyalty program codes or scan receipts manually. Instead, rewards are automatically earned when the customer makes a qualifying purchase using their linked payment card.  
  • It saves time and effort for customers, making it more likely that they will continue to engage with the loyalty program.

 Example: OpenTable’s dining rewards program allows customers to link their payment card to the program to automatically earn points when they dine at participating restaurants. It makes earning rewards easier for customers and encourages them to dine at participating restaurants more frequently. 

Card linking can also benefit companies by providing them with valuable customer data.  

  • By tracking customers’ spending habits, companies can gain insights into customer preferences and tailor their loyalty programs accordingly. It can also be used for targeted marketing campaigns, further increasing engagement and loyalty.  

Another Example of card linking is the partnership between Mastercard and Rakuten. In this partnership, Mastercard cardholders can link their card to their Rakuten account and earn reward points automatically when they make purchases at participating merchants. This partnership has proven to be successful in driving customer engagement and loyalty, as well as increasing sales for both companies.  

Supporting ESG Causes to Increase Channel Partner Engagement  

Supporting the ESG cause is a trend that is gaining momentum in loyalty platforms. ESG stands for environmental, social, and governance and refers to a company’s commitment to sustainability, ethical business practices, and corporate governance.

  • It is driven by the growing demand for responsible business practices and the desire to align loyalty programs with these values.
  • Many companies are incorporating ESG causes into their loyalty programs by allowing customers to donate rewards points to charitable organizations or support environmentally friendly initiatives.  
  • This approach provides customers with a way to make a positive impact while also increasing engagement with the customer loyalty program.

Example: Marriott’s Bonvoy loyalty program allows customers to donate points to various charitable organizations, such as the American Red Cross or UNICEF. This approach not only supports important causes but also aligns with Marriott’s commitment to sustainability and responsible business practices.  

  • Supporting ESG causes can also benefit companies by enhancing their reputation and attracting socially conscious customers.  
  • By demonstrating a commitment to responsible business practices, companies can differentiate themselves from competitors and build stronger relationships with customers who share these values.  

Another example is the Toms’ Passport Rewards program. Toms is committed to supporting social causes, and this commitment is reflected in its loyalty program. Toms’ Passport Rewards members earn reward points when they make purchases, and a portion of their purchases goes towards supporting social causes.  

| “While the bottom line of any company is to make a profit, it’s essential for them to contribute to society in order to increase their profitability.” | 

Blog’s Diagnosis 

The loyalty industry is constantly evolving, with new trends and approaches emerging to meet changing consumer demands. By partnering with other companies, offering seamless loyalty experiences, and supporting sustainability initiatives, businesses can attract and retain customers who are increasingly demanding more from the brands they choose to support. These practices incorporated into loyalty programs can enhance the customer experience, increase engagement, and drive long-term loyalty.  

609 Post views
Categories
Blogs

Use Conversational Marketing to Increase Engagement through Loyalty Platform

Customer Engagement

Do you know 91% of business owners and 86% of customers prefer organizational experience as important as its product and services?  

Conversational marketing is an easy way to display your brand’s work and experiences. So, if you are not using a personalized conversational strategy in loyalty platform to increase engagement and revenue, you are missing a great opportunity.

What Conversational Marketing Means?

Conversational marketing is a customer-centric approach focusing on channel partner engagement and real-time conversations through various channels, such as chatbots, live chat, and messaging apps. It creates an environment where potential channel partners and customers are connected with the brand and build a buzz about it in the market.   

In this article, we will explore the benefits of conversational marketing, how to implement it in your b2b loyalty program platform, and some best practices to keep in mind.  

Benefits of Conversational Marketing in a Loyalty Platform

It has a lot of benefits in the loyalty platform. As it can attract a bunch of potential clients and customers. Here are some of the key benefits:  

  • Increased Engagement: It allows brands to engage with their channel partners and customers in real-time conversations. So, it makes it easier to understand their needs and provide personalized solutions.  
  • Improved Lead Generation: You can acquire leads directly from your website or social media channels with the help of conversational marketing. It gives you a better chance to convert these potential customers into regular paying ones.  
  • Higher Conversion Rates: It enables you to resolve queries by clients and consumers while providing the information they may need to make a purchase decision, resulting in higher conversion rates.  
  • Enhanced Customer Experience: It allows you to provide a seamless customer experience by answering their questions, resolving their issues, and providing personalized solutions.  

How to Implement It in B2B Customer Engagement Platform?  

After knowing the importance of conversational marketing, the next step is how to implement it in your customer loyalty program requires a strategic approach. Here are some steps to follow:  

  • Identify Your Target Audience: The first step is to identify your target audience and understand their pain points and communication preferences.  
  • Choose Your Channels: The next step is to choose the right channels to communicate with your potential clients and customers. As per your target audience, you can choose whether to use chatbots, live chat, messaging apps, or a combination of these.  
  • Create a Conversation Strategy: After target audience identification and communication channel selection, you need to create a strategy describing the tone of the messages and its ultimate goal to be achieved.  
  • Train Your Team: It’s important to train your team on how to engage in this medium. It includes teaching and training them to communicate effectively, handle objections and queries, and provide personalized solutions.  
  • Measure Your Results: Finally, it’s important to measure the effectiveness of your conversational marketing strategy. It involves tracking metrics such as engagement, conversion, and customer satisfaction scores.  

Best Practices in B2B Loyalty Program Platform  

To maximize the effectiveness of your conversational marketing in your loyalty platform, you can follow some of the best practices:  

  • Be Human: It is about real-time conversations with your channel partners and potential customers. Therefore, having a human-like tone and approach in your communication is important.  
  • Personalize Your Messages: Personalization is key to a successful loyalty marketing campaign. Personalizing your messages in omnichannel communication channels can make your customers feel valued and understood.  
  • Use Automation Wisely: While Automation can be helpful in loyalty marketing, it’s important to use it wisely. You should not rely too heavily on chatbots or automated messaging services, as automated messages can make recipients feel frustrated or disconnected.  
  • Focus on Customer Needs: Every message should be customer-centric, like how they are getting profited and getting query resolutions, as it keeps their attention on your messages. So, all you have to do is, focus on your customers’ needs and provide personalized solutions that address their pain points.  
  • Continuously Improve: Finally, it’s important to improve your messages continuously. You can analyze your metrics and listen to customer feedback to know the areas of improvement. After which, you have to take steps accordingly to resolve the issues.  

Conclusion  

Conversational marketing is vital for B2B brands looking to grow their channel partner engagement and increase revenue. By following these steps and best practices, you can effectively leverage conversational marketing to achieve your goals and stay ahead of the competition.  

You have noticed that conversational marketing can create an environment of omnichannel communication and generate revenue in long time. So, embrace the power of conversational marketing which will clearly define hierarchy, increase engagement and conversion rate. 

 

460 Post views