Getting started with creating a B2B loyalty programme
According to Loyalty 360, as many as 90% of B2B accounts believe that more personal interactions between a company and its partners create better relationships.
The key to a successful b2b rewards programme is simplicity, and that’s where many good intentioned brands go wrong. 360Insights - 2112 Group: Ease of Doing Business Report, 2019 stated that 73% of distributor partners find channel programmes too complicated, highlighting the need for strategic planning and straightforward, user-friendly platforms.
So, what are our tips on how to successfully create a B2B loyalty programme?
First up...Tip 1: Build Trust
Rome wasn’t built in a day - and building trust with your customers takes time. Again, you need to tailor your approach to the business and treat your customers like individuals, not numbers. Trust comes from being clear in telling your customer what you are going to do for them, then sticking to it. Don’t over-promise and under-deliver. Tell them why they should trust you and back this up with powerful messages. Expert storytellers, Burt's Bees did just this when they set up fake florists with disappearing flowers to promote their important message, “A world without bees is a world without flowers”. The video got over 2 million views, and their customers couldn’t help but feel good about buying their products.
Tip 2: Communicate regularly and consistently
Keep your customers up to date with everything you’re doing internally and externally that might interest them by sending them regular communications. With each interaction, your B2B loyalty programme will enable you to build a unique profile of your customer. This data can help you personalise your out-reach. Birthdays, special events and personal preferences won’t be forgotten, letting your customer know just how valued they truly are.
Tip 3: Offer meaningful rewards
No one wants to feel like an unimportant drop in an ocean - and cash rewards, while, of course, always welcome, tend to reinforce that atmosphere. There’s nothing special about them! The value we assign to rewards is multifaceted; therefore, it’s no surprise that 29% of customers want rewards to be more interesting. Emotional, cultural and experiential drivers that will make some incentives feel more gratifying to people than their cash equivalent. For example, if being out in nature with your family is a fun and enriching experience to you, wouldn’t you be more incentivised by a membership to the National Trust as opposed to receiving the cash equivalent, which, let’s face it, is only going to get eaten up by your household bills?
If you only reward with money, your partners may find it hard to connect with you and struggle to pick your brand out of a lineup. Use personalised rewards which are more engaging and incentivised - something your business partner will look forward to receiving. This is how you build strong relationships with your business customers in the long term.
Tip 4: Add value and knowledge
Investing in your partners’ learning and development benefits both of you. Providing a selection of self-service education tools like a knowledge base and a community forum can help them self-manage any service problems before reaching out to your team. Think big; your customers will appreciate any L&D tools that help them in their wider business beyond your company, products and services. Hubspot has seen phenomenal success with this approach - setting up its well-respected Hubspot Academy to help users develop a wide-range of workplace and digital skills.
Tip 5: Make their life easy
We see it in study after study, as consumers, human beings are all about CONVENIENCE. Think of your favourite apps (for us it’s all about the Domino's pizza tracker). Why do we like it? Because it’s fuss-free and convenient - the pizza just turns up on your doorstep as if by magic! Identify your target audience’s wants and desires, then make your products, services and processes as convenient as possible for them.
B2B loyalty programme examples
Deb Skincare and Hygiene has been a world leader in occupational skincare and hand hygiene for more than 80 years. We designed a channel partner loyalty programme whereby distributors could earn points for submitting new deals and providing information in the form of case studies. These helped aid other distributors in their sales process thereby sharing best practice ideas. One of the biggest successes of the programme was the crucial data and insights about end user behaviour. Prior to the loyalty programme, this information did not exist. The data set unveiled new industries in which the product was popular within thereby opening up new market opportunities and ideas for future product innovation.
Why not book our demo to find out how our market-leading B2B channel loyalty reward platform can help you hold your customers’ attention - even after lockdown, when many businesses will be looking to recalibrate their strategies?