Different Types of Trade Loyalty Programs
Posted by Sunder Singh on November 25th, 2019
Every company has trade partners to market their products and achieve their targets for them. Trade loyalty programs imply businesses offering bonuses, rewards and incentives to their marketeers. A variety of options exist, of which one can choose a single technique or a combination to achieve their business goals. These methods aid the business in long term growth and help maintain a close association with their loyal sellers. Go through the following techniques to know more about the types of programs:
Milestone Achievement: Do you plan to get higher numbers? On achieving huge targets such as 100s, 1000s or 10000s, depending on the product or service, the traders, retailers or sellers receive gratification in the form of bonuses. In order to motivate all categories of partners and create a healthy competition, there are larger shares for those who achieve these peaks in a shorter span of time. Higher the peaks, better the perks.
Product Based Rewarding: Which particular product or service are you the most focused on selling? In cases where a business has launched a new product and strategizes to promote it more, the same information shall be passed on to the trade loyalists. They can accordingly devise their own techniques and apply those to capture the market. Higher the number of customers, better the incentives they receive. The product or service can be modified at regular intervals to keep the game fresh.
Market Targeting: There are scenarios wherein your product or service is booming in a specific geographical location, but in another, it is not even being noticed. But for a uniform and overall business growth, it needs to reach to every corner. The best possible solution for this would encourage your channel partners to make a conscious effort to attract customers from a particular geographical location and reward them based on their statistics over a definite time period. This type of trade loyalty program can expand the business further. Conquering challenging markets, which are difficult to crack down, receive the best incentives.
Business Accomplishments: Based on the revenue or profit gain to the business from the marketeers, the bonus points can be distributed. For traders who bring a higher share of value to the business, gain more. But, getting lower shares need not necessarily mean no incentives. Alternatively, the trade loyalty program can be designed such that the lower contributors are lured to improvise their strategies and make the product or service more appealing to the client.
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About the AuthorSunder Singh
Joined: June 10th, 2016
Articles Posted: 102
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