Haldiram’s promoters, JIIF invest Rs 16 crore in Almonds Ai. Click Here

Category: Blogs

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 However, some marketers still rely on outdated methods.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Grandparent tactics refer to outdated and ineffective strategies that were once used by older generations to influence their channel partners.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.

1,417 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.  

1,663 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. 

 

2,358 Post views
Categories
Blogs

Game-changing Trend Redefining Loyalty Platform in 2023: You Should Look Out

Loyalty Platform

PwC’s “Global Consumer Insight Plus Survey” report can help you boost your loyalty platform in 2023. It discloses the latest global activities and emerging trends that brought about significant changes in 2022.  

In this annual survey, 9180 people from 25 territories worldwide participated. They provide invaluable insights into consumers’ preferences, attitudes, and behaviors. So, don’t miss out on the eye-opening facts revealed in PwC’s February 2023 report! 

In this blog post, we will explore some of the key findings and observations from the pwc report. 

Inflation Deflates Sentiments Defining Channel Marketing 

As inflation soars, consumers are becoming savvier about reward programs. They’re seeking out tangible benefits and becoming less interested in loyalty programs that don’t deliver. 

Channel Marketing

It led to a shift in the focus of loyalty platforms from soft benefits such as category badges, tier upliftment to hard benefits such as access to exclusive events or experiences, cash-back rewards and discounts. 

Bumps in Supply Chain that Demotivate Channel Partners 

In 2022, the pandemic-induced supply chain disruptions kept on rattling B2B channel marketing. Numerous companies grappled to keep their inventory levels steady and had to scale back their rewards programs. 

Reward Program

However, companies that were able to adapt to the new reality by offering alternative rewards and incentives, such as virtual events and experiences, were able to maintain customer engagement and loyalty. 

Expectations of Loyalty Platforms from Phygital World  

In a world that’s constantly going digital, consumers crave an experience that smoothly blends the physical and digital worlds. And in 2022, companies are finally delivering on that demand by investing in cutting-edge technologies that create a seamless and personalized experience across all channels. 

Loyalty Platform

Looking to entice more customers to your store? Try out some fun and engaging incentive activities! One hot new trend is kiosk-based shopping, where shoppers can easily search and purchase items right in-store. Plus, there are loads of exciting rewards to be had! From personalized offers based on your customer data to digital rewards that you can redeem on the spot, you’ll never have more fun shopping! 

Pandemic Pattern Plateau Defining Customer Behavior 

While the pandemic had a significant impact on the loyalty program industry in 2020 and 2021, the report suggests that the impact of the pandemic began to plateau in 2022. Companies that were able to pivot quickly and offer new, relevant digital rewards and incentives to consumers during the pandemic are now reaping the rewards of their efforts. 

Reward

Data Privacy is Principal 

The issue of data privacy continues to be a major concern for consumers, and companies that are transparent and responsible with customer data are more likely to build trust and loyalty. In 2022, companies that were able to demonstrate their commitment to data privacy by implementing strong data protection policies and procedures saw increased customer engagement and loyalty.

Reward

Reducing Friction in Hybrid and Virtual Stores  

Hybrid and virtual stores continue to be important channels for B2B loyalty and rewards programs, but companies need to ensure that the customer experience is seamless and frictionless. In 2022, companies that invested in technologies that reduce friction, such as mobile checkout and self-service kiosks, were able to increase customer engagement and loyalty. 

Hybrid & Virtual Store

Next Step: Metaverse  

The emergence of the metaverse presents new opportunities for B2B loyalty and reward programs. In 2022, companies that experimented with metaverse-based rewards and incentives, such as virtual currency and digital collectibles, were able to engage younger and more tech-savvy consumers. 

Meta Verse

These new technological advancements are looking promising for developing nations like India and Vietnam, as these can give a much-needed boost to their economy. While developed nations are moving cautiously as they take caution very seriously.  

Personalized Loyalty Programs  

Finally, the report emphasizes the importance of creating loyalty programs that are relevant and personalized to each customer. Companies that are able to leverage customer data to create personalized rewards and incentives are more likely to build long-term loyalty and increase customer lifetime value. 

Building Loyalty

Conclusion 

In 2022, B2B loyalty rewards program underwent a major transformation. Acute companies that embraced change and invested in cutting-edge technologies to elevate the customer experience reaped the benefits of stronger customer relationships and increased loyalty. But the game’s not over yet! As we look to the future, businesses must keep up the innovation and experimentation with fresh rewards and incentives to stay ahead of the pack. 

 

 

1,641 Post views
Categories
Blogs

Use Nostalgia to Increase Engagement in Loyalty Program

Engagement in Loyalty Program

Now a days, everyone is using loyalty programs to increase loyalty partner engagement. So, brands must use every possible potent technique to make their loyalty platform engaging. Using Nostalgia and emotions related to it can be very helpful.   

We will answer why and how to use Nostalgia in a loyalty rewards program. Before that, let’s understand what Nostalgia is to know its full potential in b2b channel marketing.  

What is Nostalgia?

It is a sentimental longing or reminiscence of affection for the past, generally for a period or place with happy personal associations. It is a powerful emotion that has been shown to impact everyone positively. It has the potential to reduce stress, improve mood, and create feelings of warmth and comfort and a sense of belonging.  

Why use Nostalgia?  

It can be a powerful tool from a b2b channel marketing perspective. By tapping into memories of the past, brands can create emotional connections with their channel partners, leading to an increased loyal customer base who repeat purchases.

Nostalgia can also create a sense of authenticity and belonging, which can be important in the digital world, like social media platforms.  

Now the question arises of how to use Nostalgia in loyalty platforms. So, let’s dive into which tactics should increase engagement in a loyalty rewards program.  

Adding Connections in the Loyalty Platform  

Brands must first understand their target audience. This way, they can presume the information, like which memories, experiences, and cultural touchpoints may resonate with them. Once they have identified these touchpoints, they can use them to create channel marketing campaigns and products that tap into these emotions and associations.  

For example, a brand that sells retro-style clothing might create a campaign that plays on the fashion trends of the 60s and 70s. They could use imagery and language that evokes memories of that era, such as tie-dye patterns, bell-bottom pants, and flower power slogans.

A fast-food or fast-moving consumer goods (FMCG) chain can resume its favorite discontinued product. Bringing back discontinued products can be a great source of Nostalgia as many people have fond memories of that specific product from childhood. 

By bringing back those products, brands create an opportunity to tap into the emotions associated with memories and create a sense of excitement and Nostalgia.

Create a Sense of Community in the Loyalty Program 

Brands can also use the sense of community building among their partners. It can be done through social media, events, and other marketing initiatives. Through these activities, they can connect communities of like-minded people, developing a sense of belonging and ultimately deepening loyalty towards the brand.

Social media presence helps greatly in this process, as social media encourages customers and partners to engage. It can be achieved through contests, polls, memes, and other interactive initiatives encouraging them to share their memories and experiences.

Hosting events that bring customers together can be a very effective way to build community. For example, brands in vintage records could host a listening party or a record swap meet. These events create a sense of community among customers and provide an opportunity for businesses to connect with their customers on a more personal level.

Create Lasting Memories from the Loyalty Program 

Finally, brands can use Nostalgia to create lasting memories from their brand loyalty program. By tapping into the emotions associated with positive memories, they can create experiences channel partners will remember for years. It can lead to increased engagement and repetitive sales.  

For example, a hotel can introduce themed rooms that evoke memories of a particular classical favorite movie, era, or cultural touchpoint. It will create an immersive experience showing the brand cares about its loyal customer base. 

It can also lead to increased word-of-mouth marketing, which is always good and very effective.  

Conclusion

Nostalgia and emotional connections can be powerful tools for businesses looking to drive customer loyalty. It can lead to increased loyalty, repetitive sales, and positive word-of-mouth marketing. When used effectively, Nostalgia can help businesses create lasting memories for their customers and deepen their emotional connection with brands.

It’s important to note that Nostalgia can be a delicate and personal emotion. When using Nostalgia in marketing campaigns or initiatives, it’s important to be authentic and respectful. If customers feel like brands are exploiting their memories or trivializing their experiences, it can have the opposite effect and lead to a loss of trust and loyalty.  

1,215 Post views