As channel experts, we know firsthand that mastering your partnership loyalty programs doesn’t happen overnight. It takes time, but there are quick wins that can help you turn your loyalty programs into a profit center even faster. One of the simplest yet most effective ways to do that is to take a closer look at your loyalty program to ensure you’re set up for success. To assist this effort, Partnerize created this handy checklist to help you along your road to partnership mastery.
Set Your Goals and Objectives
- How has the partnership/affiliate channel performed compared to other channels?
- Do you have specific targets to hit this year?
- Have you aligned your affiliate objective alongside wider business goals?
Setting goals and objectives for your partnership loyalty program can help you to measure its success. Before setting any goals and objectives, it is important to understand how the partnership marketing channel has performed compared to other channels. Goal preparation will help you to identify areas for improvement and set realistic targets for the loyalty program.
It is also important to set specific targets for the year ahead. Planning the year ahead will help focus your efforts and ensure that the loyalty program drives the right outcomes. Make sure you align your loyalty program objectives with the higher-level business goals and create a plan to measure progress against these goals.
By setting clear goals and objectives, you will be able to track the success of your partnership loyalty program and identify areas for improvement. This will help to ensure that the loyalty program is delivering value to your business and building long-term loyalty with your partners.
Conduct a Competitor Analysis for Channel Specific Activity
- Take a deeper dive into how your competitors utilize the affiliate channel – are they working with partners in a way that works better than your approach?
- Speak to your partners about what’s worked well for similar brands to yours and what that could mean for you this year.
Taking a deeper dive into how your competitors utilize the partner marketing channel can help you determine what approaches may work better for your partnership loyalty program. You can learn about different strategies, tactics, and methods for engaging with partners and determining which ones work best for them. This can help you design a loyalty program that is more effective and successful.
Speaking to your partners about what has worked well for similar brands to yours can help you understand the potential for success with your loyalty program. You can ask your partners about their experiences, what strategies have been successful for other brands, and what strategies have not been successful. Feedback from partners can give you insights into what works best for your industry and help you develop a loyalty program that is tailored to the needs of your partners and customers.
Additionally, you can use this feedback to refine and improve your loyalty program over time to ensure that it remains successful and beneficial to both your brand and your partners.
Pre-Organize Meetings With Our Key Partners
- Align your objectives.
- Review your affiliate and partner agreements and update them as necessary.
- Plan out key initiatives.
- Let partners know of upcoming key days, product launches, etc.
Pre-organizing meetings with key partners are important in ensuring that your partnership loyalty program is successful. This can help you stay connected with partners, understand their needs and objectives, and identify areas for improvement. By regularly meeting with partners, you can stay up to date on their progress, discuss any upcoming initiatives, and develop strategies to increase loyalty and engagement.
Aligning your objectives with those of your partners is a key step in creating a successful partnership loyalty program. When you understand your partners’ goals, you can create campaigns and incentives that are tailored to their needs. This can help you ensure that your efforts are focused on achieving the desired outcomes for both parties.
Reviewing and updating affiliate and partner agreements is essential for maintaining the health of your partnership loyalty program. By regularly reviewing these agreements, you can ensure that both parties are receiving the desired benefits and that any changes to the agreement are clearly communicated. Regular reviews can help ensure that your partners are happy and that there are no misunderstandings or conflicts.
Planning out key initiatives is an important part of a successful partnership loyalty program. By creating a plan of action, you can ensure that all partners are on the same page and that efforts are coordinated. Additionally, a plan of action ensures that initiatives are implemented on time, that resources are allocated properly, and that all parties are working towards the same goal.
Finally, keeping partners informed of any upcoming key days, product launches, etc., is important. This will help ensure that partners are aware of any new developments and can take advantage of potential opportunities. By keeping partners informed, you can also ensure that any special offers or incentives are communicated to the right people. Keeping partners informed will help to increase engagement and loyalty from partners.
Put Together Specific Plans for Key Shopping Days
- Create a calendar of all the key shopping days for your markets.
- Look at past data to analyze which are most productive for you and which have potential and should be invested in further.
Develop a plan of action for each key shopping day. This plan should include incentives, discounts, and promotions tailored to your customers’ needs.
Make specific plans for Black Friday, Cyber Monday, Christmas, and other major shopping days. These plans should include offers, loyalty bonuses, discounts, and giveaways. Additionally, create a plan to use social media and email to promote these shopping days.
Leveraging your loyalty program to incentivize customers to shop during key shopping days is important. Offer loyalty points, rewards, and discounts to customers who shop during these days. You can also give extra points to customers who refer friends and family to shop with you during these days.
Prepare to Innovate
- Think ahead and allocate a budget to activities that help innovate your program and can stimulate significant growth.
- Whether that’s pulling in influencers as part of your program, launching a brand partnership, or testing an approach that’s completely new with partners, be sure you have money and resource put aside to help grow your program.
Determining your loyalty program’s budget ahead of time is important because it helps you allocate your resources effectively. Having a budget in place allows you to plan and determine how much you can afford to spend each month, making sure that you are not overspending or under-utilizing any of your program’s resources. It also helps you to set realistic goals for your campaigns, ensuring that you are not setting out to achieve something that is not achievable within your budget.
Having a budget in place also helps you track your campaigns’ progress and make adjustments as needed. Seeing where your budget is going allows you to identify any areas that need more attention or are not working as well as expected, allowing you to make changes accordingly. It also helps you to identify any potential issues that may arise in the future, giving you the opportunity to take steps to prevent them before they become a problem.
Pre-Book Regular Review Dates
- With all these goals and plans, you’ll want to review them regularly.
- Lock in reviews with your team in advance to ensure you’re on track and continuously adapting as the year goes on.
- Remind partners of your brand-bidding policies and that you are monitoring the channel.
Pre-booking when a marketing campaign will be reviewed is important because it helps ensure that the campaign is assessed in a timely and consistent manner. This allows marketers to identify any issues that may arise early on, correct them quickly, and then move on to more successful stages of the campaign. It also helps marketers to create a timeline for the campaign, making sure that all the necessary steps are taken before the review date and allowing them to track progress and make adjustments if necessary.
Pre-booking when a marketing campaign will be reviewed also ensures that the review is conducted by the same team of experts each time so that consistent feedback is provided and the same criteria are used for each review. This consistent feedback helps marketers to adjust their campaigns accordingly and make improvements as needed. This helps to keep the budget and other resources in check, as well as ensure that the campaign is meeting its goals.
Actively Monitor Your Affiliate Channel to Ensure Compliance
Incrementality and transparency are no longer a nice-to-have – either use an automated paid search monitoring tool or conduct manual searches.
Reach out to partners if they are breaking your terms of service. Enforce your agreements.
Monitor the results of your key shopping days and adjust plans accordingly. Use data to track the success of your offers and promotions and make any necessary changes to maximize success for your next shopping day. By creating specific plans for key shopping days, you can ensure that your loyalty program is successful in incentivizing customers to shop with you. By offering loyalty rewards, discounts, and other incentives, you can create an enticing shopping experience that encourages customers to return to your business, additionally, by monitoring the results of your key shopping days and adjusting.
Make this year your best year yet, and prepare your partnerships for significant growth. By evaluating your strategy and program now, you can set yourself up for continued success. If you’d like to learn more about how you can turn your partnerships into a profit center, please reach out to us on our contact page.
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- Partnership Marketing 101
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- 7 Partnership Loyalty Program Tips for Success | Partnerize
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