Here’s How to Set up a B2B Reward Program for Your Business
Have you ever thought about setting up a B2B reward program for your business?
B2B (that’s business-to-business for the uninitiated) and B2C (business-to-consumer) businesses have different target audiences for the most part. Plus, they have different ways of operating. For one thing, B2B companies don’t usually consider their clients to be regular buyers. However, that’s not necessarily the case. Or at least, it doesn’t have to be that way.
The B2B environment has a lot to learn from the consumer-driven one. For example, one of the most popular strategic business moves for B2C companies consists of engaging their clients by way of reward programs. Maybe you’re wondering, right about now, if you could institute one of these reward programs with your B2B customers as well.
The fact of the matter is, B2B campaign and reward programs have already sprung up in a number of different industries. For instance, B2B reward programs have even popped up in the dental industry.
Before you begin your B2B reward program, however, we offer the following points for you to consider so that your program will have the chance it deserves to succeed.
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Factors that Drive Success with B2B Reward Strategies
The target market for a B2B company is generally more focused and smaller in volume than it is for a B2C company. Therefore, the strategies you’ll employ for your B2B reward program are going to be a little different. Below is a road map you can follow:
- Do some market research.
- Define your strategic business goals and customize your loyalty activities accordingly.
- Identify your target market and note your profitable accounts.
- Have a system for identifying and ranking your clients.
- Initiate discussions with your clients and learn about their businesses.
- Develop a personalized reward solution that’s competitive in nature and based on your clients’ internal situations. (In other words, know your market!)
- Make the most of multiple touch points so you can monitor client interactions.
- Target each segment of your audience in a specific way that’s relevant to them.
- Make a plan that allows you to meet your objectives as well as those of your clients.
- Monitor your progress as you move toward your predefined objectives.
Plan Your B2B Reward Program in Advance
The most effective loyalty programs are based on a tiered system. That’s because such a system will tempt your clients to buy more from you as time goes on than they do from your competitors.
Initially, entice clients into signing up for your reward program with only a few petty rewards.
As clients purchase more from you, however, offer more valuable rewards at predetermined purchase levels. In other words, give greater promotional options to those clients who purchase more from you.
It’s just basic psychology. They’ll feel as if they belong to an exclusive club, which is a powerful appeal to the ego, especially if you ensure that you treat them that way. So don’t make them wait too long to redeem any points they have accumulated. Let them know you appreciate their business, not just with words, but with tangible rewards.
And your reward from your B2B reward program? Customer loyalty will build, and your bottom line will expand as a result.