Building long-term relationships with retailers is more crucial than ever for brands in today’s extremely competitive FMCG and retail sector. One of the most effective ways to foster these relationships is through well-structured incentive programs that reward retailers for their loyalty, performance, and commitment. This builds the brand's positioning in the offline stores and also makes the retailers prefer the brand's products over those of its competitors.
1. Cash Rebates or Discounts
Offering percentage-based rebates or cash-back rewards based on the retailer’s performance. This can be a reward for the volume of sales or reaching certain product stocking targets.
2. Merchandise and Gifts
Gifts in the forms of electronic gadgets, coupons, or travel packages given to the best performing retailers.
3. Brand Support and Resources
Offering additional marketing-related resources, store signage, or branded fixture to improve retailer’s store environment while increasing point-of-sale visibility of the brand’s products to the customers.
4. Trips and Events
Organize networking trips, for elite retailers to provide exposure to knowledge, expand their businesses, and win contacts with other retail leaders.
5. Points and Redemption Programs
A system can be established where all purchases are rewarded with credit points, which the retailers later redeem as rewards- in cash or in kind.
AccountMein is one such enhanced platform, designed to manage and monitor retailer performance, purchases and reward disbursements that facilitates an efficient solution for running loyalty programs for brands. Facilitating retailers to manage their performance while allowing them the flexibility to use their rewards strengthens the brand-retailer relationship and streamlines the process of managing rewards and incentives. Let’s see how it works:
AM offers a comprehensive toolkit for brands to monitor retailers' purchasing behaviors and sales performance. This data helps these brands measure retailer loyalty and then assists in prioritizing those retailers who deliver high sales volume and actively promote the brand.
AM will automatically calculate and provide its client retailers with credit points that are based on pre-defined KPIs including purchase volumes, sales targets, and brand visibility efforts. Such points form the currency that drives the loyalty programs whereby the clients will be motivated to deliver improved sales performance and enhance brand engagement.
A unique feature of AM’s platform is its redeem points option. Once retailers accumulate a certain threshold of credit points, they can select from a variety of rewards, which makes the process the program highly flexible and personalized.
AccountMein's platform is well equipped with robust payment processing capabilities, which make it quite efficient at facilitating the credit of rewards. After a retailer chooses his/her reward in cash or kind, AM ensures prompt processing through automated systems.
When a brand, therefore, chooses AccountMein, it chooses a platform that places efficiency and personalization at the center, thus ensuring constant sales growth towards sustained loyalty to the brand.
