Key Factors to Consider for Effective B2B Loyalty Program
Loyalty program is one of the trusted solutions for most business-to-business organizations, when it comes to B2B loyalty activities and customer retention practices. Given that, it has big positive impact on your marketing strategy; many businesses are adopting it sooner or later. Mindset of B2B loyalty program users is altogether different from users of customer campaigns and therefore you must comprehend key factors which are effective for development of such programs.
Implication of B2B loyalty program ideas is very simple – its prime focus is on retention of associates which result in increased sales and positive ROI for your business. Fundamental concept of this platform is to retain customers to cut down the cost of new customer acquisition. Many a times, various studies and researches are conducted to track these features and it is evident that companies which retain consumers save good bucks on marketing expenses.
While planning B2B loyalty program ideas, your marketing team can build up the strategy for the core structure of the program, however, technical expertise may not be a piece of cake for them. Here, NextBee platform with its technologically advanced resources help you generate a quality B2B loyalty program on the principles of PACE technology – a proven concept for loyalty marketing needs.
Prominent Features of B2B Loyalty Program
Just, as in case of any other marketing gig, preparing B2B loyalty program ideas also require stipulated amount of time, money and resources. From a business owner’s point of view, you must read about key factors which are required to be considered for creating B2B loyalty program.
Most business-to-business organizations receive healthy share of sales and profits from efforts of their top influencers. While creating B2B customer loyalty program, make comparative analyze of users’ activities to identify your key influencers. This process is also known as customer segmentation. Objective of this operation is to identify influencers and offer them special rewards or bonuses for their extended support in your brand promotion activities.
Rewards and Appreciation:
Customer’s conduct and their attitude towards your brand are fairly biased on the basis of rewards you offer on your loyalty program. Many advocates of B2B loyalty program ideas has proposed a tiered reward structure to be a suitable one as it instill sense of progression in the psyche of customers. In recent times, appreciation tools such as social badges, performance leaderboard, etc, have proved to have done well with customers. Such tools are known to attract customers to enhance their feeling of social accomplishments.
Strategic User Segmentation:
We have already learnt about influencers of business. Similarly, there are different class of customers, who can be segregated according to their engagement pattern and amount of sales generated through their efforts. Such segmentation helps you in offering relevant rewards and incentives, and thus aids you in maintaining a healthy ROI.
Though, many marketing pundits recommend maintaining uniqueness of your B2B loyalty program from other such campaigns rolled out by competitors in the market. Therefore, when customers have better options on offer, there are grim chances, that they will stay with your campaign. In order to face this ordeal, offer competitive rewards which can match up to the expectations of your customers and doesn’t lose out in the battle of business rivalry.
Securing New Customer:
Quite commonly, loyalty campaigns are known for various engagement activities, however, of late, with B2B customer loyalty programs, companies have focused on securing new customers through this customer retention strategy. By employing your business associates on this platform, you can catch good number of customers within proximity of your business.
Retain Existing Customers:
Customer retention – without a hint of doubt, is the most important aspect of B2B customer loyalty program. Such platforms use advanced technology for inline tracking of customer activities, which help you to understand their behavioral tendency and attitude towards your brand. Such detailed customer insight help marketers to produce high quality customer retention programs.
While developing B2B loyalty program ideas, you need to keep track of various expenditures on account of purchasing or hiring technical and consulting resources. At some instances, you may find expenses incurred for purchase of technology, platform features, etc, on higher side. Ensure that your program is cost effective and don’t rob your annual marketing budget.
From onset of your B2B customer loyalty program, make habit of measuring your campaigns’ results. This practice has tremendous impact on your marketing strategy, as it helps you to establish comparative analysis of your results. This program insight helps you in formulating new features for your campaigns. Organize systematic and qualitative insights of customer data and other program features to understand engagement pattern of customers.
Quality Customer Service:
Customers are epicenter of your business and so are for your B2B customer loyalty program. Basic ingredients of a healthy business lie in the quality of products and customer service they render. While creating your B2B loyalty platform, ensure that you are available to your customers on every important checkpoint. Don’t disappoint your customers by offering insufficient knowledge, letting them wait for long, showing discourteous approach of responding to queries, etc. Remember, if you are thinking about loyalty campaigns, certainly you are looking for additional sales to your existing customers, therefore, erring them can account for potential loss. The mantra of quality customer service is in staying available to customers, training your staff and keeping your processes transparent.
These are some of the key factors you must know before developing your B2B loyalty program. There also is scope for innovation and experimentation, which should be used wisely. Most of these features are tested and has been successfully put to work by many companies, thus ensure a fair degree of opportunities for your business as well.