Choosing the Right SaaS Platform for Loyalty Rewards: 2022 Checklist
Partnering with a SaaS platform provider for sales rewards is a great way to not only increase sales but give great offers while rewarding customers.
Channel Sales Incentives in 2022: Choices Build Channel Loyalty
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.
Merchandise & Gift Card Incentives
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.”
Business Incentives as a Sales Development Strategy
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.
Distributor Loyalty Programs To Use In 2021
Customer loyalty programs are popular strategies businesses use in rewarding their customers to encourage them to become repeated buyers. But how do small businesses serving as distributors for large brands get rewarded for their services?
How to Increase Customer Lifetime Value Using Customer Loyalty Programs
As a business owner, knowing your customers’ value and how much they tend to bring back to your business is crucial in understanding and evaluating where your business stands. It also helps you understand what you can do to increase sales. You should know that boosting your customer retention rate by only 5% increases your profits by up to 95%.
5 Ways to Do Sales Incentives During the Economic Recovery
The pandemic has had devastating effects on many businesses and corporations around the world. Today, many employees work remotely. Others have lost their jobs as a result of the pandemic. Thanks to the rapid vaccination programs around the country, the possibility of economic recovery is brewing.
The “New Normal” is Digital-First. How Do I Adjust My B2B Incentives Program?
The transition to digital was not easy for all B2B companies. Despite the affordability of online program implementation, some businesses struggle to achieve the desired level of engagement and a decent ROI of their programs due to the fragmented allocation of efforts and budgets. The implementation of an online incentive program must accompany specific changes in communication and organization of processes to be successful.
9 Best Practices for Setting a B2B Loyalty Program
Statistics obtained during the COVID-19 pandemic has shown that companies operating in B2B markets could successfully engage new customers and operate online. Other forms of transactions are also easily transferred to the online environment.
How to manage a successful B2B loyalty program in 2020
Acquiring customers is anywhere between five to twenty-five times more expensive than retaining an existing one. (Harvard Business Review) B2B Loyalty programs are an effective way to get your channel partners to sell more. It is also a great way to encourage retention. Keeping an eye on your churn and partner retention is important. Channel […]
