One of the greatest misconceptions that B2B businesses make is thinking that they don’t require a customer loyalty program. These programs are however, imperative in ensuring that your customers have a positive experience.
Why is B2B customer loyalty important?
Even though customer loyalty is commonly associated with B2C businesses, it’s exceptionally important for B2B businesses as well. When it comes to the B2B space, there’s typically a smaller pool for customers to choose from along with a higher value for each sale.
With that in mind, it’s imperative that businesses are taking B2B customer loyalty into consideration.
How do I ensure B2B customer loyalty?
When it comes to B2B customer loyalty, one of the most important things to take into consideration is good customer experience. Your customer should have a positive and memorable experience when it comes to dealing with your business.
By having that, it’s likely that you customers will share their data or re-engage with the brand, resulting in more lucrative impacts and an overall high ROI.
What are some customer loyalty programs to implement?
Here’s a guide on three easy and effective B2B loyalty program strategies that you can consider implementing:
1. Tiered Incentives
This is a point-based program where customers start at the bottom of the tier and slowly work their way up. This rewards program tends to appeal to customers as they’re offered valuable rewards that they can work towards.
Tiered incentives can be incredibly lucrative and they don’t necessarily always have to come in the form of pricing. In fact, you can also offer services such as employee counselling or even consultancy as part of your rewards.
2. Referral and testimonial programs
Referrals and testimonials are vital to any B2B business and there’s nothing wrong with incentivising referrals. Not only is this one of the easiest type of referral programs to implement, but it’s also exceptionally profitable and both cost and time efficient.
With this type of program, the more they invite others, the greater the bonuses they reap. The customer that is referred also typically receives some sort of reward, making it a win-win situation for everyone.
Similar to referrals, testimonials are also a good one to implement. With this, customers will receive some sort of reward by writing a testimonial or review. The incentivisation for this doesn’t have to be huge, but can be more of a surprise and delight tactic. \
3. Transaction-based value propositions
With this particular loyalty program, it’s more so focused on business costs. What this means is that businesses will get discounts based on the value of their current or future purchase. These rewards are often customised for an individual company, and it’s crucial that you’re doing the necessary research to ensure that the value proposition s tailored to the client’s requirement.
The importance of customer loyalty programs
As seen from the above, it’s important for B2B businesses to look at implementing loyalty programs. Not only can loyalty programs help businesses achieve long-term business goals, but it can also help you build relationships with your customers and achieve a greater ROI.
