Loyalty initiatives are all well and good, but how do you keep the momentum going, year in, year out? And how do you stay competitive?
The answer is to never stop looking for better ways to do business and that extends to loyalty programs and listening to your producers, say Jeff Levin, president, and Brandon Bullock, strategic leader, for CBLife. Heed their needs and you’ll retain them.
Tech It Up
One way to do this is to think about how to use tech innovations as rewards—and business generators. Think about encouraging electronic applications and e-processing by awarding iPads for certain levels of production, says Levin. It’s a way of driving business and delivering a great tool, he adds.
You’ll need to consider how to meet certain challenges in setting up your loyalty system, including:
You have to consider whether, once someone hits a certain rewards level, they reset or keep going, says Levin.
It’s like getting to fly business class because of points but getting bumped back to economy when the points are gone or the year’s up, he adds.
One Size Doesn’t Fit All
Your producers have different needs and goals and some things drive some people one way and may drive others in different direction, so how do you create a program that allows for this?
One thing to consider is generational differences and how to accommodate those. Boomers will be happy with monetary rewards.
To incentivize Millennials, you may want to consider adding socially conscious benefits, such as donations to charities or businesses that support particular causes, says Levin.
Out of Sight, Out of Mind
Think about the best way to keep the program in front of your producers. If the program’s engaging enough, they’ll want to check on their progress regularly—even daily.
What you want to do is make it very easy for them to track rewards and benefits by going online, says Levin. An app with that functionality is one way forward. And certainly social media is another medium.
Close, but No Cigar
Consider how you’ll handle it when someone needs 100 applications to earn a certain prize and gets to 98. Do you run the reputational risk of saying you won’t give the prize? asks Levin.
When all’s said and done, can you really assign a value to someone’s loyalty? The answer is you have to try. And a reward system is a good, tangible method.
Even though it’s hard to put a specific number of dollars on it, you need to make the effort, says Bullock. And that’s done by leveraging multiple awards, multiple possible prizes, and so on.
What you have to ensure is that they see it as valuable and won’t blow it off as something that’s not worth it, he adds.
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