Don’t we all agree that it costs a lot more to acquire a customer (which is almost 25 times more expensive) than to retain them? The same is true for your relationship with B2B customers. Which means retaining your B2B customers is vital to the growth of your business. Hence business rewards programs are the need of the hour. Enhancing the customer experience will make your brand more valuable to businesses, leading to “sustainable, predictable, and profitable growth,” according to Sean Geehan, author of The B2B Executive Playbook. The best reward programs in the B2B space are aimed at strengthening existing relationships and engaging VIP customers. How do you do that? Incentivize your channel partners or customers to buy more or engage with your business in ways more than one.
B2B loyalty is even more important in a COVID-affected business world as budgets are constrained, potentially resulting in reduced revenue. Having a loyalty program gives an organization a tool that not only provides valuable customer data but also creates more opportunities to keep in contact with clients and nurture the relationship between transactions. A B2B loyalty program can be the competitive differentiator that is not price-driven. Steve Allmen President and Co-Founder of Loyalty & Co.
But what could possibly be the main factors that influence your B2B customers? Business reward programs that are relevant, personalized, valuable and preferential. In actuality, B2B businesses stand to gain the most from implementing best reward programs. Owing to the fact that B2B brands don’t have a subset of a large market, they should have a focused marketing strategy in place to leverage the power of rewards. Not only do these business rewards programs reduce churn, but also deepen relationships with business clients, increase referrals, drive higher value transactions, cross sell/upsell opportunities, repeat purchases and improve brand perception.
A well thought out B2B rewards program is vital to the sustained growth of your business. In order to create a best-fit strategy for your business customers, you must analyze their buying behavior and then:
Here are some effective strategies to design a lucrative business reward program:
Annex Cloud’s unified B2B Loyalty Experience Platform is designed to boost your customer retention and profits. To underscore this point, e.l.f. Cosmetics, an American cosmetics brand, saw their Average Order Value increase by almost 50% and Repeat Purchase Frequency increase by 30%. Call us for a free demo today!