Building channel loyalty has always been a challenge, and the pandemic has complicated matters more. From shuttered stores to the Great Resignation, many companies are looking for new ways to incent their indirect channels. Fortunately, there are newer and better ways to keep distributors engaged.
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If you’re like most incentive program managers, you felt the pain of the pandemic. According to the Incentive Research Foundation (IRF), “there was a very large increase in merchandise and gift card program cancellations in 2021. The percentage of cancellations rose from 29% in 2020 to 44% in 2021. The percentage cancelling programs in Europe this past year was even higher than North America, with 66% of Europeans reporting cancelled programs.”
If you’re like most marketers, you’re looking for better ways to boost customer loyalty in today’s very competitive market. Shopper behavior has changed in the last two years, and your loyalty program needs to keep up. And here’s the really obvious challenge: as me-too companies have jumped on the cash-back bandwagon, cash-back is losing its appeal. It’s no longer a differentiator, and it’s practically table stakes in some industries, such as credit cards.
Employers typically compensate their salespeople with base salaries, commissions, and bonuses. They give a quota, generally a sales target like revenue or volume. In return, salespeople look for prospects, book appointments, give presentations, send proposals, and close deals. Yet, the sales process these days is not as straightforward anymore. Gone are the days when salespeople controlled the entire cycle.
Rewards play a crucial role in changing behavior. It can be a marketer encouraging customers to buy more, a researcher getting participants to join a focus group, or a health professional wanting patients to change their habits. Each one is vying for our attention. We are bombarded with messages that we have learned to filter out.
How do you move customers from one-time buyers to super fans? That is your primary job if you are part of the customer acquisition or customer retention team. To retain customers, you need to create loyalty by engaging them and upselling and cross-selling other products. And if you do not do a great job, well, your job is on the line.
Global rewards technology and incentive pioneer, Online Rewards, has earned a spot on the recently published Inc. 5000 list of fastest-growing companies in the US. This honor marks the fourteenth straight year of continuous, measured success. The Inc. 5000 list recognizes innovative companies that have demonstrated significant financial growth.
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