Worried about loyalty and customer retention? Many businesses in the B2B space are struggling to adjust to the expectations of modern B2B customers. Today’s B2B buyer’s expect experiences that are rewarding, personalized, and connected. Luckily, the right loyalty program strategy can help businesses achieve these outcomes.
6 Tips for Your B2B Loyalty Program Strategy
B2B sales and marketing, with its lengthy sales process, buyer committees, and intense competition, can seem overwhelming. So where do you start? Sometimes it helps to see things in a visual format. Here are 6 ways B2B incentive programs help you stand out and create B2B customer experiences that are more reward, personalized, connected, and profitable.
- Personalized value adds: B2B customers want to know: “What’s in it for me?” This could be exceptional service, a great product, or your expertise…but those qualities are hard to communicate. Educating customers on those things takes time. But customer rewards present personalized value adds that everyone understands! Try incorporating them into your marketing efforts to build investment so that you have time to educate B2B buyers on your more substantial differentiators.
- Omnichannel communication: Customer experience is king. Today’s B2B buyers expect customer-centric, omnichannel engagement – from anywhere, around the clock. Luckily, modern B2B loyalty programs include one-stop digital hubs where customers can connect with your brand. Loyalty programs also introduce new touchpoints you can integrate into your B2B loyalty marketing, such as custom emails, SMS, push notifications, direct mailers, loyalty boxes, and reward redemption invoices.
- Interactive brand education: The customer education process for B2B customers can be lengthy and – let’s be honest – a little dry. Incorporating interactive quizzes, trivia, surveys, and including educational collateral with your B2B loyalty program communications is a great way to break this information down into engaging, bite-size pieces. Plus, customers will be more engaged to begin with, since they have the opportunity to earn millions of rewards.
- Recognition: Everyone wants to feel like their contributions are valued. Today’s B2B customers know they have options. They know their business is valuable. Loyalty rewards help you show your B2B customers that you recognize how important they are to you. Segmenting your audience and awarding bonus promotions to top performers ensures that your loyalty program is scalable, cost-effective, and more personalized.
- Share some fun: There’s an old saying about mixing business and pleasure, but fun is a powerful emotion that does influence B2B buyer decision-making. In fact, to quote Dan Grafstein and Bailey Nelson from Gallup:
“Science tells us that our emotions influence the decisions we make — more so than rational thinking and objective data do… Gallup research demonstrates that emotions influence business outcomes more than leaders realize. In fact, behavioral economists have estimated that emotional factors comprise up to 70% of economic decision-making.”
Rewards already inject fun into your B2B sales and marketing strategy. But you can incorporate elements of Gamification to make your loyalty program even more fun and engaging.
- Exchange feedback: Finally, you need to capitalize on the connectivity and relationship capital your loyalty program provides by making it a two-way data exchange with B2B customers. Easy-to-use data upload tools and filesharing let motivated B2B customers supply more complete sales and marketing data, which in turn allows you to personalize your offers and your messaging.
Learn More About Incentive Programs
Thanks for taking the time to check us out! We hope we gave you some great ideas for your B2B loyalty program strategy. Customer loyalty is just one of the many outcomes incentive programs can help your business accomplish. If you’d like to learn more, feel free to explore. Or save yourself a few clicks and give us a call!