Brand partnership programs (loyalty programs) get your brand in front of an expansive, yet targeted, audience. Like other loyalty programs, they offer the opportunity to target, acquire and retain customers who have a significant influence on your brand’s revenue stream.
While some of the largest and well-known brands have invested heavily in developing and deploying strong loyalty programs for their current customers, expanding to additional brand partnership programs provides you an opportunity to grow your market share.
Most businesses don’t have the significant investment, in either time or money, to create and deliver a strong loyalty program for their brand. It’s complex – from consistent messaging, technology platforms and marketing and ongoing communications, brands end up investing significantly over the long term. If your brand is unable to invest in the creation of your own program, partnering with another brand partnership program can be a successful approach to consider.
So, how do you succeed in a brand partnership program?
Choose the right brand partnership program.
While there are a number in the market, choosing a channel that has the right demographic to create the best ROI for your brand is an obvious first step.
Brand partnership communities (or groups that consist of corporations, professional associations, unions and others) are a strong example of a targeted group of employed consumers, who likely have disposable income to spend on your brands’ offers.
Within these programs, your brand can be flexible and nimble with your messaging and how you are rewarding customers for their new and return business. However, the brand partnership should be carefully planned, with metrics, messaging and expected ROI.
Loyalty is not about deep discounting, it is about attracting and retaining the right customers for your business. This will drive the customer to continue returning and to share their experiences with their network.
Experiences for the customer should differentiate your brand from others in the market and build engagement between your customer and your brand. Engaging and building a trusting relationship with your customer is essential to long term brand advocacy and success. Trust goes a long way!
Building and delivering a great experience for your customers is complex and can be a long-term process. Partnering with the right brand partner is a proven way to get new customers, grow new relationships, and to keep those customers coming back time and time again.