It is already well known the importance of long-term customer motivation to stay with a brand or company. B2B Rewards Programs are quite recent as a marketing tool, but increasingly used, and most often they work as a differentiation tool for your brand.
Why a rewards program for B2B? The time spent and the acquisition costs of a B2B client are much higher compared to a B2C client, which is why their motivation to stay with the company in the long run becomes one of the main concerns. And things get even more complicated when the same segment of clients is targeted by the current competitors, but also by those who have just entered the market.
The launch and management of a B2B rewards program requires communication, perseverance, but also some good practices that need to be applied for a successful program. Obviously, there are basic practices that you start with, and in time you develop and refine your own practices.
1. Keep the customer’s attention. The Ability to maintain customer interest in the rewards program must be the first goal. The customer’s rate of engagement is important because it reflects the customer’s interest towards your program.
Communicate and even establish a partner-level dialogue regardless of its performance in sales. Most of the time you will get valuable “insights” related to the program and you can give them recommendations related to how they can increase their performance.
2. Offers rewards based on performance. The program’s objective is to increase performance, and the establishment of a certain percentage of sales to return to customers in the form of an award is one of the most effective ways of rewarding. For example, through Rewardiful clients within the program earn points based on a percentage of turnover, which they later turn into prizes. Customers order their prizes from an online catalogue by transforming the points into products necessary for daily activity.
3. Create a personal relationship with your clients. Obviously, it’s not easy, but providing support to your clients will significantly increase their confidence in the program. You can grow in efficiency using automated marketing tools. For example, setting automatic alerts when the customer approaches a certain value threshold, announcing the entry of new products into the program or changes/improvements made to the program.
4. Attract new customers. Promoting the program to potential clients can be an additional sales argument to choose the products of your company. Offering welcome points and presenting prizes that can be obtained through the program can become significant reasons in their conversion as clients and subsequently as participants in the program.
Compared to B2C programs, B2B Rewards Programs have an advantage in terms of management because of the smaller number of clients and that’s why customer/partner level attention is much better distributed. Often, a B2B rewards program can be managed by one or two members of your company when they have a Plug & Play solution at hand.
A well-built B2B rewards program will cause your customers to think twice before choosing the products and services of the competition.
The acquisition of a rewards tool is only the beginning of the program. It’s all about perseverance and a good communication to make it a winner tool for your brand in the long run. Last but not least, a rewards program is built on recognition of merit and trust, especially when they come with consistency and on time.