Customers are the core of any business. However, as a business, your primary goal should be making your customers loyal to your brand, which is where incentive programs come in handy. Lift & Shift offers B2B incentive programs; you can check out their B2B rewards programs.
With long-term relationships comes access to a wide variety of opportunities. And unlike B2C, B2B customers represent a wider pool of unique business engagements. Also, your customer loyalty can translate into new customer acquisition, greater brand awareness, and an upsell of opportunities.
But how do you leverage your B2B incentive programs to achieve these results? Here are several tips you can use to run your B2B incentive program successfully.
Customize Your Incentive programs to Fit Your Clients
As a B2B business, your clients also run their businesses. Each of these businesses has its distinct motivations, goals, and challenges. All these different aspects are why it is important to ensure that you customize your incentive programs to fit each of your customers.
According to several marketing studies, your customers expect personalized experiences from every company they engage. And if you do deliver on those expectations, customers become loyal. They also end up making even bigger purchases.
So, to run a successful incentive program, you need to tailor your program to fit each customer’s business.
Offer Attractive Incentives and Rewards
Everyone, including business owners, loves getting gifts or freebies. Gifts allow you as a B2B business to show appreciation to your clients. It also works as an effective way to foster customer relations. You can also offer your long-term or loyal customers special rewards. For instance, you can give your loyal customers private access to free trials or new features to your upcoming products.
You can also give them invites to the company’s exclusive events. Having these different perks can help set you apart from your competitors. These extra perks can encourage new customers to continue working with your business to maintain their status.
Build Trust and Transparency
Unlike B2C businesses, B2B incentive programs aren’t as fast-paced or assertive. The primary goal of B2B incentive programs is to build relationships. These programs should allow your customer to see that they benefit their businesses.
However, you need to establish clear communication and trust for your program to run successfully and achieve this goal. Start by fully communicating the terms and conditions of your incentive programs. Also, ensure that all your customers understand and agree to your B2B incentive program, as it will help guarantee its success.
Look at What Your Competitors are Offering
If your competitor is also offering incentive programs, looking at what they are doing could be your secret sauce to running your programs successfully. So, if you want to see what your competitors are doing, you can visit their website and look at their affiliate section. Look at the rates they are offering.
Based on what you see, you can then choose a similar or a much higher reward percentage to remain competitive. Also, try to find out if they deliver their incentive rewards faster and what channels they use to communicate with their clients.
Include Nonprofit Rewards
Since B2B businesses are a partnership between you and your customers, it’s important to show them that your values align with theirs. One way you can do so is by offering incentives that showcase those values.
You can donate to nonprofits that align with your and your customers’ brand commitment and values. However, ensure that you consult with your customers before choosing a nonprofit, as the charity you select should also resonate with them.
Have an Onboarding Process
Almost all businesses are familiar with the onboarding process for new employees. But can you use the same experience in your B2B incentive program? Well, yes.
You can create an onboarding process that will encourage your customers to participate. You can also use the onboarding process to help them understand your B2B loyalty program.
Keep Your Clients Up to Date
Building successful incentive programs is one thing; maintaining them is another. Therefore, ensure that you keep your clients up to date regularly, as you wouldn’t want your relationships to grow stale. Communicating doesn’t have to be complicated; keep it concise and quick. Also, if you have a new product or an update on your incentive programs, let them know with a simple phone call or a quick email.
Implementing the tips above can help you successfully run your B2B incentive programs.
