Creating a Trade Loyalty Program
Creating a loyalty program is a great tool to add to your marketing plan/program. A loyalty program for your trade customers adds value to your partnership and establishes “you” as an important industry professional if it is done correctly. Below are some guidelines to consider in your Trade Loyalty Program.
Learn from your customers first
Take the time to do your homework on this and figure out exactly what your customers are looking to you for in your loyalty program. You could conduct a small focus group and get some ideas from your key customers. Investigate what your competition is doing, what are they doing right and what are they doing wrong. Do a quick survey or poll amongst your customers and see what they’re needs are.
Create a sustainable program
When you’re developing your program, make sure to consider what the program will look like 3-5 years down the road. You need to have steps and milestones for your customers to achieve for sure, but you also want to make sure it stays fresh and evolves. Even if your 3-5 plan for the program changes, it’s important to at least keep that at the forefront of your mind.
Keep it Simple Stupid
Don’t overcomplicate your program. Make it easy, not only for the sake of your customers, but also for your staff and people as well. How can your people promote/sell the program if it’s too hard for them to understand. They won’t! I’m a Marriott Rewards member, and the reason I’m such a good member of the program is because I don’t have to do anything besides book my hotel room. My points get added to my account for me, and all of the staff at the hotels provide me all my perks.
Don’t dilute the value of your program
Once you build the requirements of your program, stick to them. It’s an elite status right? And you want people to want to join the club right? Well once you start making exceptions or if you let everyone in on the top status, then you lose value and credibility in the program you developed.
These are just some key points that have helped me establish successful loyalty programs. If you have any ideas to add please comment below!