What Are Strategies To Boost Your Business Via Loyalty Programs In 2020?

With the ongoing COVID-19 crisis around us, it’s critical to implement retailer-retention strategies to keep your retailers and distributors loyal beyond expectations. Digital modes of connecting with the retailers and distributors and winning their loyalty have been in the market for quite a long time, but it couldn’t spark that fire until the present time. 

Digital methods of retaining loyalty have changed the game totally and the brand owners are realizing how such programs will take over the years to come. 

According to a source, the importance of having loyal supply chain partners on your side and the necessity of utilizing platforms for digital communication are the most crucial factors that manufacturers and distributors need to succeed, especially during the COVID-19 pandemic.

Let’s have a look at the top 5 strategies to boost your business via digital loyalty programs system in 2020.

1. Decide which loyalty program to choose

Lay the foundation for your product’s success by deciding the type of loyalty program to offer to your retailers and bind them with your brand. You can choose amongst the following:

• Point-based VPP program

Your retailers can enjoy the economies of scale through a point-based VPP program. It is based on the principle: Stay loyal to get more. This program offers greater competitive advantage and is more flexible. 

• PayTM cashback

PayTM cashback is the reigning king to retain retailers. You can offer the retailers with PayTMcashback on different schemes to give them more reasons to stay loyal to your brand. 

• Raffle draw

A raffle draw not only generates sales for the business, but also spreads awareness among the respective parties. Raffles get retailers talking and stand them a chance to win something from brands. 

2. Utilization of data insights

Loyalty programs capture data insights that are equivalent to gold for brands. The generated data can help product owners identify the suitable channel partners, target market, reconnect with consumers and save costs through focused and smart marketing strategies. 

3. Improving retailers/distributors’ experience & journey

Each member in the supply chain is important. Retailers/distributors stay attached to only those brands that provide them rich experience, additional benefits and improve their journey with the brand.

4. Transformed loyalty programs

Building brand stickiness and loyalty in this hypercompetitive market isn’t a cakewalk. The only thing that can help is the implementation of digital loyalty programs. Brand owners and their marketing team can ramp up their game with some smart digital loyalty programs that contain features like gamification, frictionless touchpoints and personalization.  

5. How can Genefied help?

Your goal is to create and strengthen relationships with every party connected with your brand. They are the ones who will deliver greater lifetime value (LTV). Loyalty program management is the sure-footed solution to boost your business in 2020. 

Genefied Brand Protection Solutions can assist you in bridging the gap between your brand and its channel partners. Your brand needs it and we are here with the required solutions. Our solutions are tailored to meet the requirements of your brand and assist it in retaining loyalty of the channel partners. 

Solutions that come under our umbrella are Anti-Counterfeiting solutions, Digital Warranty system, Track and Trace and consumer loyalty programs apart from the retailer loyalty programs.  

To cement great retailer loyalty, be ready to invest in related programs. Connect NOW!