A loyalty rewards program is an important tool to strengthen the carrier-producer relationship. Here are some program Do’s and Don’ts from our experts at CBLife as they get ready to launch the new Icon program.
DO encourage producers to transfer the concept of rewarding loyalty to their clients, recommends Jeff Levin, president of CBLife.
What can a producer do to create an opening for future referral business or for another product sale, such as a cross-sell with other products? he asks.
Producers should be thinking about the same questions as carriers:
- How do I show appreciation?
- How do I differentiate myself?
- How do I retain you as a client?
DON’T do it halfway. You have to be “all in” and deliver what you say you’re going to, says Levin. Don’t be so aspirational that you can’t keep the commitments that you’re making, he adds.
“You need to be very clear, you have to deliver it, and it should be a recognition of success.”
DON’T settle for Plan B, says Brandon Bullock, strategy leader for CBLife. If Plan A for your loyalty program is what you’ve set your goals on, work until you get to Plan A.
It’s a process. If you fail, try again. Don’t settle for Plan B because of barriers or other things that are going on.
DO recognize that there’s a progression in a producer’s loyalty to you, and be alert to opportunities to show your loyalty to them, says Levin.
Loyalty Program Boosters
If you’re using an online loyalty system to incentivize your distribution partners, consider these advice points from “How to Increase Sales with Distributors,” an April 2018 article from Loyaltyworks®, an employee and customer loyalty consultancy and software vendor.
- Ensure you have an ongoing communication plan that’s tied to your online loyalty technology so you can automate the way you notify your distribution partners about goals, awards, and prizes.
- Identify your top, middle, and low performers using the 20/60/20 theory. “Placing distributors into measurable tiers gives you the tools to build a targeted, personalized loyalty program around each distributor’s strengths,” says the article.
- Include these 4 components for best results:
- Specifically-targeted promotions — Create promotions for just one branch or region of distributors and single them out for rewards. The rationale here is people are 15% more likely to respond to a call to action (CTA) if it’s for a group, the article says.
- Double up on rewards — Don’t be afraid to give double and triple points for above-and-beyond behavior and results.
- Gamification — Make it fun. The simple act of making it fun to do business with you and not with the competition can be a big advantage, says the Loyaltyworks article.
Bonus points on enrollment — Give out points just for signing up for a contest or promotion.
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