Loyalty strategy: Reward partnerships -Together is better

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Loyalty strategy: Reward partnerships -Together is better

Reward Partnerships are a great way for non-customer facing brands or B2B companies to engage and reward their customers.
 
How it works?
Brands collaborate to offer customers rewards and offer through other brands.
This provides customers with benefits beyond what the brand can offer and also distinguish them from close competitors.
 
Case Study – Irish life health (formerly Glohealth) Amazing + rewards. Read more@ https://www.amazingplus.ie/
 
Strategy
Irish Life Health operates in a highly competitive sector. Irish Life Health wanted to open a conversation with their customers offer more to their customers.
They are the first health insurer to offer a Loyalty program that rewards customers through the provision of discount rewards, competitions and content tailored to the individual.
 
The Amazing + program is delivered through the Irish Life Heath website. Here, customer’s policy numbers act as their loyalty member identifier.
Customers, when they log in, can redeem rewards through the website by clicking redeem and a unique code is sent via email or SMS that they can use at the in a store, or at the online checkout.
 
Irish life Heath customer has a range of rewards partners to cater for their diverse customer base. Brands like, Lifestyle Sports, Paleo deliveries, Northface outdoor clothing, fitness boot camp and Sketchers are just a handful of their rewards partners.
 
Along with discounts, Irish Life Health Amazing + offers its members access to a hub of health related information on a range of topics. Customers have the option to select their preferred content, for instance, Parents may select infant/child related health content. This customised content is created by a host of guest bloggers and experts making it a valuable resource for Amazing + members.
 
Irish Life Health benefits by interacting with their customers through the website more often than once a year, when their annual policy fee is due. Customers also feel they have an extra benefit through Irish Life Health and get more for their money and Irish life Health retains customers and continue to grow their market share.
 
Best Practices:
Understand your customers: It is essential to understand your different target audiences in order to create a rewards partnership strategy that appeals to each audience. Having rewards that don’t entice engagement or participation with the strategy is pointless.
 
Select appropriate reward partnerships: This point is building on the first point, understand your customers. Make sure your reward partnerships compliment your brand and brand ethos as well as engage your target audiences.
 
Simplify: Make it easy for Loyalty members to redeem rewards and use them in the different outlets. If the customer thinks they have to spend a certain amount on particular days, between certain hours to get 3% off on selected items, they just won’t bother!
 
Promotion: Reward partnerships can be used as a unique selling point to distinguish brands from close competitors. Promotion is essential for both current and potential customers to gain awareness of this USP.
 
Best suited? This type of program is best suited to brands with no customer facing store, B2B companies or a brand that doesn’t interact with customers regularly such as insurance companies.
 

Read what motivates different target audiences @ https://www.azpiral.com/4-customer-motivators/

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