Improve Customer Retention with Business Reward Programs

client retention

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:

  • Identify and segment your most profitable and key accounts and customers
  • Understand your business objectives and then tailor your business reward programs
  • Analyze your customers’ business model and create personalized, value driven best reward programs
  • Monitor their engagement and interactions across all touchpoints, this can give useful insights about their personas and journeys 
  • Gain valuable customer feedback and make your offerings more effective
  • Score and rank your most profitable and valuable customers to facilitate win-win relationships

Here are some effective strategies to design a lucrative business reward program: 

  • Engage your business clients by offering them tiered incentives and enabling them to earn reward points, level up from one tier to another, and redeem their points for lucrative perks
  • Arrange member and exclusive events like conferences, trade shows, meetups and retreat events to strengthen mutual ties and let your business clients have first-hand experience of products and services
  • Another very popular, easy and convenient mechanism is a referral program. Which simply means that your existing clients get incentivized for gathering potential clients for you. Basically as you invite more customers, you earn more bonuses. This is a win-win strategy for everyone

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!

 
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