The 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 a significant positive impact on your marketing strategy; many businesses are adopting it sooner or later. The mindset of B2B loyalty program users is altogether different from users of customer campaigns. Therefore, you must comprehend critical factors that are effective for developing such programs.
The implication of B2B loyalty program ideas is straightforward – its prime focus is on retention of associates, resulting in increased sales and positive ROI for your business.
The fundamental concept of this platform is to retain customers to cut down the cost of new customer acquisition. Many times, various studies and researches are conducted to track these features and it is evident that companies that 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’s platform with its technologically advanced resources helps 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 any other marketing gig, preparing B2B loyalty program ideas also requires a stipulated amount of time, money, and resources. From a business owner’s point of view, you must read about critical factors that are needed to be considered for creating a B2B loyalty program.
Most business-to-business organizations receive a healthy share of sales and profits from the efforts of their top influencers.
While creating a B2B customer loyalty program, make a comparative analysis of users’ activities to identify your key influencers. This process is also known as customer segmentation.
The 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 attitude towards your brand are somewhat biased based on your loyalty program’s rewards.
Many advocates of B2B loyalty program ideas have proposed a tiered reward structure to be a suitable one as it instills a 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 devices are known to attract customers to enhance their feeling of social accomplishments.
Strategic User Segmentation:
We have already learned about the influencers of business. Similarly, a different class of customers can be segregated according to their engagement pattern, and the number 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 professionals recommend maintaining the 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.
To face this ordeal, offer competitive rewards that can match your customers’ expectations and don’t lose out in the battle of business rivalry.
Securing New Customer:
Quite commonly, loyalty campaigns are known for various engagement activities. However, 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 a good number of customers within the proximity of your business.
Retain Existing Customers:
Customer retention – without a hint of doubt, is the most important aspect of a B2B customer loyalty program.
These platforms use advanced technology for inline tracking of customer activities. It helps you to understand their behavioral tendency and attitude towards your brand. Such detailed customer insight helps 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.
In some instances, you may find expenses incurred for the purchase of technology, platform features, etc, on the higher side. Ensure that your program is cost-effective and don’t rob your annual marketing budget.
From the onset of your B2B customer loyalty program, make a habit of measuring your campaign results. This practice has a tremendous impact on your marketing strategy. It helps you to establish a comparative analysis of your products.
This program insight helps you in formulating new features for your campaigns. Organize systematic and qualitative understandings of customer data and other program features to understand the engagement pattern of customers.
Quality Customer Service:
Customers are the epicenter of your business and so are for your B2B customer loyalty program. Necessary 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 vital checkpoint. Don’t disappoint your customers by offering insufficient knowledge. Instead, let them wait for long, showing a discourteous approach to responding to queries, etc.
Remember, if you are thinking about loyalty campaigns, 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 critical factors you must know before developing your B2B loyalty program. There also is a scope for innovation and experimentation, which should be used wisely.
Most of these features have been successfully giving benefits to many companies. Thus, it ensures a fair degree of opportunities for your business as well.