Sproxil’s Trade Loyalty Program to Boost Channel Partner Engagement

Sproxil launches its trade loyalty program to support business operations across all sectors. We understand the importance of trade and channel partners in today’s business world and the fundamental role they play in an organization’s business model. Their influence cannot be overlooked or ignored as they serve as the medium through which a company’s product reaches its consumers, making up the different touch points in a product supply chain.

The sales system typically goes through an intermediary, either small or big, and these intermediaries determine if your company’s product gets to the customers or not, and its availability per time. A classic example is a company that is looking to launch a new product (the company can be new or existing). Before getting to the consumers, the company needs to first introduce the product to its distributors and retailers who then introduce and promote the product to the consumers at the point of sale using marketing activation activities. Conversely, a company needing to boost sales of existing products and increase market share would also need to connect and engage with its channel and trade partners.

Sproxil’s Trade Loyalty program offers businesses a convenient way to connect and engage channel partners at every touch point. Our solution will:

Support marketing and sales efforts to boost revenue performance
Provide an end-to-end means for businesses to engage and reward their trade partners
Provide data on trade and channel partners for companies to make more informed and impactful decisions
Monitor trade activities conveniently without the need to be physically present in the market
Run targeted trade campaigns and loyalty reward programs.

The Trade Loyalty Program is a new offering within Sproxil’s award-winning product portfolio – Sproxil Champion which has helped brands – both multinational and indigenous, record significant marketing and sales success. The Sproxil Trade Loyalty Program is designed towards achieving high impact sales and revenue growth for businesses.

Are you considering a loyalty program to connect, engage and reward your channel partners? Contact us today.

DRIVE SALES WITH AN EFFECTIVE CONSUMER LOYALTY PROGRAM

Customer loyalty is paramount to the success of any business; as loyal customers spend more and can quickly become brand advocates – facilitating the acquisition of new customers through word of mouth; which can generate up to over twice the sales of paid advertising.

Gaining loyal customers is no easy task for any business, most especially businesses in highly competitive markets; consumers have numerous product options to choose from, mainly due to the fact that there are no strong barriers to entry or exit in this market. Businesses in these markets need to consider what extra benefits the consumers can derive from their products, they need to devise strategies to make their products more attractive to the consumers, and one of such approach is a customer loyalty program.

Loyalty programs are structured marketing strategies to encourage more purchases from customers. They can be targeted at attracting new customers or encouraging more frequent purchases from existing customers. Loyalty programs are said to be a more cost-effective way to acquire new customers as well as keep existing customers if implemented successfully.

The benefits of loyalty programs far outweigh the cost for those not sure about the value of implementing one. It is far more effective than branded content and advertising if done right. One of our clients – Corporate Focus, recorded over 600% increase in sales through our customer loyalty program; which was achieved within three months. This program rewarded customers for their purchases, encouraging them to buy more. Sproxil’s loyalty program attracted not just the client’s existing customers but also new customers were acquired.

About Sproxil’s Loyalty Program

Sproxil Champion™ is a flexible point-of-sale consumer rewards solution with built-in fraud protection that empowers brands to offer consumers convenient opportunities to earn and redeem gratifying rewards from the brands they desire. Sproxil provides globally-unique codes for each product unit made by the manufacturer. Each code is covered with a tamper-evident layer for additional security. A consumer at the point of sale scratches or peels off the tamper-evident layer to reveal the unique code. To verify if a product is genuine and become eligible for a reward, the consumer sends the unique code to Sproxil using one of several options all accessible by mobile phone. A response is immediately sent to the consumer logged in Sproxil’s online portal, allowing brands to monitor marketing spends and flag suspicious activity patterns and determine return on investment in real time. Sproxil Champion is also available as a bespoke solution for distributors to help brands ensure distributors receive genuine products and earn rewards for their trust.

The Best Loyalty Rewards For Your Customers

Surveys have been conducted in recent times to prove that retention marketing is more effective than acquisition marketing. For those that do not understand the concept of retention marketing, it involves creatively using loyalty rewards to keep your customers happy and encouraging repeat business. 70% of companies say it is cheaper to retain an existing customer than acquire a new one. 49% of companies claim to achieve better ROI in relationship marketing in comparison to acquisition marketing. (Source: Socialtimes)

Given this numerical picture, it is important for companies to heed the advice of their peers and look for creative ways to retain the customers they already have. One of such ways is by rewarding them. In these tough economic times, customers are looking for ways to reduce their expenses. Their first step will be to evaluate the usefulness of a brand to them beyond the product or service. If they do not feel a personal attachment to the brand, guess who would be first on the list to get eliminated?

Before embarking on a loyalty rewards program or campaign to deploy, companies must first analyze the current state within the company. Are your customers dropping off like flies or are they upgrading their products and services within your system? The initial assessment need to be done before deploying the loyalty program.

Here are four Loyalty Rewards that your customers would appreciate;

Reward Referrals – Reward your customers for referring other customers. This could be done using a point system or actual physical rewards for a significant number of clients referred. This helps your company reduce it’s acquisition cost as customers these days trust word of mouth before your marketing piece.

Point Cards – Point cards are creative loyalty rewards tools because they encourage repeat business and is flexible with the definition of rewards you can provide your customer. For example, if your company decides after receiving 10,000 points, your customer can get a free gift or a certain amount of money off their purchases, they are more likely to buy more to make up those points. The more they buy to make up the points, the more sales your company has.

Partnership – Partnership with some stores where your product is stocked or other businesses that offer parallel services can help boost your brand and retain customers. Your points card can offer you insights into what other products your customers purchase and if they are parallel businesses, you can consider partnering with them to offer rewards to your customers.

Gamify your rewards – Games are always fun regardless of the age of your target audience. Implementing country and age appropriate games for the target market helps increase brand awareness but also rewards your customers and retains them. Gamifying your rewards also increases the virality of your campaign so whether or not people are initially participating, they will hear about it and be curious enough to participate. This also reduces your customer acquisition cost and kills many birds with one stone.

For each campaign you run, measure the new customer retention rate once the campaign is over. The most accurate results are three months after the campaign to measure who stayed back after the frenzy. Measure how many customers acquired more products or services within your offerings also. That depicts the success of the campaigns you have run.

We at Sproxil have helped clients run very effective loyalty rewards campaigns with great success. Our loyalty rewards product is called Sproxil Champion which is a flexible point-of-sale consumer rewards solution with built-in fraud protection that empowers brands to offer consumers convenient opportunities to earn and redeem gratifying rewards from the brands they desire.

What creative loyalty rewards strategies have you deployed in the past? We would like to hear from you. Leave a comment.