B2B companies get a lot to know about the customer retention concept from the B2C loyalty market. While the purchase decisions of the B2B companies greatly differ from the B2C purchase decisions, but it has been revealed that implementing or executing B2C loyalty practices can get the leads and boost customer retention.
Challenges for B2B Marketers
Businesses try hard to lower down the cost and capitalize on the profits. These things along with the rise of customer connectivity through the internet have created new challenges for the B2B companies. The business clients are more challenging with dictating the terms of business themselves rising troubles for the business owners.
Besides this, businesses need to show how they add value to the product and services they offer. These days, they are highly seen as supplies with little exception. Other challenges include the rising remote processes to do the buying. For instance, the businesses that are operating remotely see less opportunity to put up a sound relationship with the client. Also, the business customers have begun to make use of the ‘Big Data’. It greatly assists the purchasing departments in making effective purchase decisions usually at the cost of long-term suppliers.
These are some of the trends that have set up the genuine need for B2B companies taking into consideration the loyalty techniques to deal with customer retention, engagement, and loyalty that earlier used to be build up with a sales representative.
Results for B2B Loyalty Leaders
Similar to the B2C customers, B2B customers look for tremendous customer experience which further builds customer loyalty and retention in association with the brand. There are various benefits of implementing a B2B loyalty program which comprises of getting insight into the customer’s needs and expectations customers’ through the data obtained from the loyalty program.
Loyalty programs greatly help in building brand advocates. They spread your name both online as well as through the word of mouth to their family, friends, and associates. Furthermore, loyalty programs appear to be the differentiators and set you apart from your competitors. It is all about the loyal customers you have. It really plays a vital role in both the B2B and B2C companies. The loyalty customers, thus, are the precious customers, who typically are returning customers and lead generators.
Loyalty programs offer businesses an opportunity to increase engagement and construct a fruitful relationship with their clients. Incorporating the loyalty programs to bring the opportunities to the clients for signing up for the newsletters, tutorials, or emails and webinars provides the businesses added advantage to keep themselves engaged with the customers. Thus, the businesses end up building trust in the minds of the customers towards them.
The execution of loyalty programs can help businesses grow tremendously. It has been found that B2B loyalty leaders are likely to grow 4 to 8% of their market’s annual growth. While there are some studies that reveal that the businesses incorporating a B2B Loyalty program see double the sales of the featured products during such a program and an enormous increase in ROI.
Thus, even though it takes a bit longer for B2B to make purchasing decisions and is more of a formal process, this is what separates them from the B2C purchasing processes. Therefore, bringing into practice a program can provide the businesses with the opportunity to hook up with clients and put up fruitful relationships with them and retain the customers while keeping them engaged.