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Tag: BI Worldwide

  • A staggering 78% of channel partners in India are not engaged

    BI Worldwide & Kantar unveil Channel Partners Engagement Research

    By Our Staff

     

    BI Worldwide, delivering loyalty and engagement solutions, conducted a research in association with Kantar Group, marketing data and analytics company, to analyse what inspires, engages, and motivates channel partners in India. The aim was to leverage insights from the research to create robust and reliable tools for brands to understand, measure, and strengthen their channel partner relationships.

     

    Speaking about the research, Siddharth Reddy, Managing Director, BI Worldwide India said: “BI Worldwide India commissioned Kantar to pioneer a first-ever, in-depth research in the loyalty marketing industry, conducted at this scale. The research brings focus on a holistic relationship between brands and channel partners. Together, we endeavoured to identify the factors that affect channel partner engagement and developed a framework that enables brands to measure and optimise engagement.”

     

    Added Biswapriya Bhattacharjee, Director, B2B & Technology, Insights Division, Kantar India: “The research is truly one-of-its-kind and delves deep into channel partners’ mindset to understand what inspires and motivates them to give their best. Brands can design results-oriented channel loyalty programs when informed by insights from a methodical and scientific research. KANTAR is delighted to have partnered with BI Worldwide India to bring together a plethora of such data-backed insights and perspectives on secrets to win over channel partners.”

     

    Key Research Takeaways

    The research uncovers key statistics and insights that brands should consider when designing and implementing their channel loyalty and engagement programs to drive better ROI:

    :: A staggering 78% of channel partners in India are not engaged.

    :: 8 key drivers of engagement influence a brand’s relationship with its channel partners – Operational Excellence, Rewards & Incentives, Recognition, Learning, Brand Affinity, Communication, Well-being, and Events.

    :: Focusing holistically on all the 8 drivers helps brands foster strong and profitable channel partner relationships.

    :: Brands can measure the strength of channel partner engagement, leveraging BI WORLDWIDE’s unique model, developed in consultation with KANTAR, called the Affection Matrix.

    :: Basis performance and preference, channel partners can be placed in 4 different quadrants of engagement of the Affection Matrix – Engaged, Trapped, Unattached and Vulnerable.

    :: A whopping 49% of channel partners feel ‘Trapped’ with the brands they work for i.e. they prefer the brand even though they are not satisfied with it.

     

    :: Brands can maximise channel partner engagement using BI WORLDWIDE and KANTAR’s jointly-developed, IBC (Invest, Build, and Consider) solution framework.

    :: 68% of channel partners are extremely satisfied with travel-based rewards, followed closely by luxury rewards at 66%, and business infrastructure-related rewards at 64%.

    :: A brand’s best bet is to invest in a strategic mix of rewards that covers the entire efficacy scale – transactional, functional, and aspirational – to amplify channel partners’ loyalty.

    :: 50% of channel partners prefer receiving business communication through app-based messaging platforms, such as WhatsApp and 50% use social media platforms, such as Facebook, Instagram, etc.

    :: Voice, Messengers, and Apps are the mediums to consider while developing channel partners’ communication strategies.

     

    The research is a deep dive into channel partners’ expectations and equips brands with models to optimise their channel loyalty programs in a complex and layered market like India.

     

  • A loyalty programme is a long-term strategy to identify, retain and grow profitable customers. Every enterprise should understand this and work towards it, writes Siddharth Reddy

    The Anchor: 5 benefits of loyalty marketing

    By Siddharth Reddy

     

    A loyalty programme is a long-term strategy to identify, retain and grow profitable customers. Every enterprise should understand this and must put in place a strategy to achieve these objectives. The benefits of a loyalty programme are many but these are five key benefits:

     

    #1 Know your customers better – The starting point of implementing a loyalty strategy starts with gathering knowledge about your customers; their purchase preferences, value potential, personal traits etc. Knowing your customers better allows you to communicate 1-to-1, set up a listening post, personalise your products and services and continue to be relevant to them.

     

    #2 Retain your best customers – Not all customers are made equal. Identifying your most valuable customers (MVCs) and retaining them drives long-term sustainable revenues.

     

    #3 Increase Lifetime Value (LTV) – The total potential spends from a customer over his lifetime is defined as LTV and maximising this potential through a loyalty programme drives increased revenues and higher ROI on customer acquisition costs.

     

    #4 Lower your costs – Loyal customers understand your processes and products better, are less costly to serve and less prone to competition lures, and try new products faster, thus ensuring lower costs in maintaining sustainable revenues.

     

    #5 Increase profits – According to Fred Reichheld of Bain & Company, it costs 6 to 7 times less to retain a customer than to acquire a new one. Reducing customer churn reduces overall costs and increases profits.

     

    Siddharth Reddy is the MD of BI Worldwide, India, a loyalty marketing, recognition and incentives service provider. He can be reached at Siddharth.reddy@biworldwide.com