We all love a good loyalty program. Who doesn’t want a perk for frequenting your favorite coffee shop or beauty bar? The problem is that a lot of businesses tend to think that their loyalty programs need to only exist in the B2C world but that simply isn’t true. It appears like B2C gets all the fun stuff but B2B loyalty programs are a great way to bring in additional revenue and increase your customer retention rusbankinfo.
Table of Contents
Our B2B Loyalty Success Story:
Not sure how to make a B2B program work for you? We wrote an awesome case study How to Build a B2B Loyalty Program, check it out! It takes an in-depth look on how our team has found B2B success! That being said, we’re here with our tips to help you start customizing your B2B loyalty program.
Develop a customized loyalty program:
It’s pivotal to sit down with your team and map out what a loyalty program would look like. What is important to your company and what is important to your partners? Start with this basic concept so you can begin to craft a customizable loyalty program.
We recommend having different tiers here. We’ll cover the VIP’s later but tiers are a great way to incentivize your partners. You could offer things from cash to add-ons, early release information, beta testing, etc. There is no limit to what you can offer your partners, you have to find a structure that makes the most sense for your business and your partners. As vendors move up in the loyalty program, sweeten the rewards to keep those relationships healthy and thriving.
Get to know your clientele personally:
B2B loyalty programs require personalization. With the amount of technology we have available to us, there’s no reason to skimp on the personalization anymore. Typically, B2B companies have a smaller client base than their B2C counterparts so it’s much easier to offer some personalization.
Offer your B2B partners something directly for them within reason of your loyalty program. This is where that first step is crucial. If you have created a set of parameters that make sense for your business and your client, then this should be a no-brainer. Based on the client’s behavior, you can create an offer that feels special to them.
HP does a great job with their loyalty program offering incentives that make sense for their clients. When you sign up with HP to be a partner they offer a reduction in vendor needs for your company as well as sales and tech training. We could all use a little more of that with an ever-changing tech landscape.
That’s not where HP stops though. HP also launched, in 2008, a Planet Partner Program. HP is on a mission to recycle more tech than any other company. Understanding how wasteful the tech industry can be as a whole, HP makes it their mission to provide products made from recycled materials and make it easy to recycle. When you partner with HP, their mission is about making a sustainable impact which is something their ideal consumer would be interested in.
B2B Loyalty Programs Create Retention:
It’s really easy to get wrapped up in the people who are consistently buying your products and focusing on lead acquisition. We’re so focused on growth that it’s easy to neglect current and former clients. Once you have a loyalty program, it’s easy to help re-engage some of your existing base.
Be sure to have a re-engagement campaign in place. What content can you produce that will re-excite your existing audience once they’ve lapsed to become an active client member again.
Referral Programs and Co-Marketing Initiatives:
Adding a referral element to your B2B loyalty program is an incredibly easy way to add new clients and vendor relationships while strengthening your current relationships. According to Nielson, 77% of consumers are more likely to buy a new product when learning about it from friends or family. They already think your product or service is awesome because a friend said it was, so capitalize on that messaging.
Your vendors have already established a relationship with you and other vendors making them the perfect vessel to introduce you to other partners. Co-Marketing Initiatives are a simple way to expand your reach and really understand your partners. You get to see a little bit more about how they work and what their process is like so you can better tailor your own relationship to better fit their style.
VIP rewards for VIP customers:
If you have clients who are really driving business, it’s time to treat them as such. By implementing a tiered B2B loyalty program, you’re able to reward more for when your business clients purchase more. A great example of this is when schools, hospitals, and office buildings buy bulk on computers and printers. The more a company purchases in a year, the more rewards and incentives they receive for more supplies. It’s about promoting partnership and curating the rewards to the client and their needs.
Get Involved with Customers:
This is another silly sounding idea but your loyalty program only works if there is participation. You need to get the word out and encourage partners to use the program. This also means there needs to be internal participation. Offer your employees training on the latest with the loyalty program, where improvements can be made, etc. Learn more about what your customers want and how you can better support your employees in this venture.
We have to stop thinking of customer loyalty as being exclusive to B2C companies. A well-executed B2B loyalty program could be the reason your business continues to grow. If you’re not sure where to start or how to execute your loyalty program, it’s time to schedule a call with our team. Let’s talk about how you can stand out from the crowd and keep the customers coming. Wondering how your company can expand on its B2B loyalty offerings? Talk to Annex Cloud, the experts in loyalty for the B2B space!