Imagine if all the hotels got together and offered a Hotel Rewards Program. When it comes time for your next trip would you be thinking about staying at a Marriott vs. another hotel? Same is true when it comes to Coalition Programs like Contractor Rewards.
Since many brands are included, it loses its brand notoriety, mind share and differentiation for your brand. Instead, a Contractor can make a purchase from any construction industry brand and earn points for their purchase. This makes it more of an administrative process for the Contractor and provides them with no incentive to select your window, floor covering, roofing or other brand.
Contrast this with having a Branded Contractor Loyalty Program where the Contractor both earns and is rewarded in a totally unique way that aligns with your brand. It inspires them to engage with your brand each and every time they come to the program or receive outbound emails.
In our Branded Contractor Loyalty Programs, they set a goal on a particular Dream Reward they or their significant other have to have. That remains top of mind and every time the Contractor has a choice to make a purchase in your brands category, they choose to do business with you so their earnings can accumulate towards attainment of that Dream Trip, experience or the latest iWatch.
Why a Branded Contractor Loyalty Program is Better Than Contractor Rewards
While it’s easy to say that Contractor Rewards are liked by many Contractors, that’s because there is no incremental effort on their part to earn them. In a Branded Contractor Loyalty Program, the participant has to make a choice who is going to be the supplier they lead within a given category. It mandates brand preference and in our best practice programs your brand becomes the one they choose. Why? Engagement. We more deeply and pervasively engage the Contractor with your brand communications, both outbound through eblast and inbound with time spent on your Contractor Loyalty Program site.
The Contractor Rewards coalition program actually devalues loyalty to the manufacturer and instead simply raises the cost of acquisition to all manufacturers in the program. Additionally, a Branded Contractor Incentive Program increases your margin by steering Contractors to increase their Average Order Value (AOV) of your product, increase their frequency of purchase and buy the more profitable item, all which you can now control by varying the incentive value offered.
You can also align the Contractors behavior by rewarding them for attending Webinars, coming to your booth at a trade show, educating themselves on your product or even providing Customer Insights by answering a Survey we provide right on the Branded Contractor Incentive Program, with accretive point earnings. So, the customizability of your earnings propositions within your Branded Contractor Loyalty Program is a key reason you want to remain in control of the relationship between you and your Contractor.
What type of Rewards are included in a Branded Contractor Loyalty Program?
Each Branded Contractor Loyalty Program we develop has a custom curated Rewards Catalog. We have over 30 years of redemption history and know exactly what type of reward will float the boat of your Contractors. From tools, hunting gear, sporting goods, electronics and steaks, to exciting weekend getaways and exotic vacations.
We also provide your branded Reward Concierge service for those top performing Contractors who want to craft their very own travel experience (e.g. 20th Anniversary trip) or unique reward. Every Contactor is delighted by the unlimited choice!
How much work is there for me to set up a Branded Contractor Loyalty Program?
The initial design and development of your program is completely handled by us and can be fully brought to market in 4-6 weeks. On an ongoing basis we do all the heavy lifting including earnings tracking, posting, reporting, branded Reward HQ Team via email and 800# with turnkey reward fulfillment. We proactively analyze program success metrics and make valuable recommendations for optimizing program performance. This empowers you as an executive, allowing us to use your Branded Contractor Loyalty Program to effectively steer the behavior of the Contractors in line with your evolving sales and marketing initiatives throughout the year.
What type of data and insights can I capture in a Branded Contractor Loyalty Program?
Manufacturers typically have high level data available relative to the purchases that a Contractor Principal makes for their company. However, the real value comes in drilling down on this by product line, geography, size Contractor and by the all-important Contractor Sales Associates who steer the end customer on which product is best for their job.
If you go to market through Distribution, often the Distributor is reluctant to provide Manufacturers with this Contractor level detail for the fear of being disintermediated and having the Manufacturer go direct. In our Branded Contractor Loyalty Program, you circumvent this barrier and have the Contractor employees Claim directly on our site with an elegant and innovative Claiming feature on our inGauge Loyalty Platform. In summary, you will establish a direct, mutually valued relationship with the Contractor, winning Mind and Market Share for your brand!
Reach out to The Incentive Group to learn more about a Branded Contractor Loyalty Program for your business!