Channel partners are critical for a brand’s growth in market and sales volume. It’s the channel partners like distributors, retailers, and technical influencers who move products from the warehouse to the market where end-customers can purchase. Thus, it becomes crucial for brands to wisely chose a loyalty program vendor.
Here are ten things to look for while choosing a loyalty program vendor –
1. Ready-To-Deploy Platform Built For Scalability -
One of the crucial aspects to consider while choosing a loyalty program vendor is whether their loyalty program platform is built and ready to deploy for the expected scale of operations. This ensures a seamless implementation and minimises any delays or disruptions.
2. Comprehensive Incentive Scheme Planning By Loyalty Program Vendor -
A robust loyalty program should offer multiple-tier-based incentive schemes that brands can adapt to different organizational structures such as zones, tiers, levels, and customizable clusters. Such flexibility enables targeted rewards, personalised experiences, enhanced engagement, and motivation among channel partners.
3. Extensive Gift Voucher Integration -
The availability of a wide range of gift voucher integrations is vital in attracting and retaining program participants. Brands should hunt for a loyalty program vendor with an extensive network of leading merchants, such as Amazon, Flipkart, Myntra, and MakeMyTrip. This provides participants with a diverse selection of redemption options, enhancing the program’s appeal.
4. Cash Payouts By Loyalty Program Vendor -
Reward points are only valuable if participants can easily redeem them. A reputable loyalty program vendor will offer convenient cash payout options, integrating with popular payment methods like UPI and IMPS. This streamlines the redemption process, ensuring a positive experience for participants.
5. Compliance With Taxation & Reporting -
Taxation and TDS (Tax Deducted at Source) compliance is a critical consideration. A loyalty program vendor should have a platform that adheres to tax regulations and provides accurate reporting to your financial teams. This eliminates any potential compliance issues and simplifies tax reporting processes.
6. Engaging Multi-Lingual Content Management -
Effective communication and engagement are essential for a successful loyalty program. Look for a vendor that offers a multi-lingual content management platform, enabling you to engage, raise awareness, and develop program participants in their preferred language. Language barriers should never hinder program effectiveness.
7. Robust Fraud Prevention Measures -
Safeguarding your trade promotion budget is of utmost importance. A trustworthy loyalty program vendor will have a range of fraud prevention features in place by leveraging technology to ensure there are no leakages or unauthorized transactions. Brands should prioritize vendors with a proven track record in fraud prevention.
8. Seamless ERP Integration -
Integrating your loyalty program with your existing Enterprise Resource Planning (ERP) system is crucial for streamlined operations and data accuracy. A vendor with Application Programming Interfaces (APIs) that can seamlessly configure to integrate master data with your ERP system will save you time and effort.
9. Does a Loyalty Program Vendor Has Product Serialisation Capabilities?
To enhance tracking and authentication, seek a vendor that provides product serialization capabilities. This allows for direct QR code printing on products or generating labels for easy identification. With this capability, your loyalty program can tap into the power of digital advancements.
10. Managed Services For Program Success -
Choose a loyalty program vendor that offers comprehensive services to ensure the success and continuity of your loyalty program. These services encompass ongoing support, monitoring, and optimization, ultimately delivering a positive return on investment (ROI).
Summing Up -
O4S takes pride in its successful track record to manage and scale loyalty programs. As a loyalty program vendor, we have worked with brands like Dulux Paint, Honeywell, Indigo Paints, Polycab, Orient, and others and helped them achieve remarkable results in channel rewards and loyalty programs across 14 countries, benefiting over 500,000 technicians. We are confident in our ability to drive your success as well.
As a data-driven company, O4S excels in helping brands manage multiple KRAs (Key Result Areas) through its cutting-edge platform.
Your brand can expect a significant impact on technician retention and per-technician sale metrics with a historical increase of over 19% in sales revenue. Investment done in the O4S platform consistently yields returns of over 50%.