How to Create a Successful Client Retention Program in the B2B Sector
When you think of client retention programs, a B2C company that rewards consumers probably comes to mind. However, loyalty programs are also very much a reality in the B2B sector, and if you’re not taking advantage of the opportunities available there, you’re likely missing out on potential revenues.
How Are B2B Loyalty Programs Different?
One major difference between a customer retention program involving two businesses is the type of purchase. With customers, you can rely on impulse buys. Businesses, on the other hand, tend to buy based on strategy, inventory or marketing needs. The rewards offered should also be based on these points.
B2B retention programs are a largely untapped area. In fact, the Loyalty Marketer’s Association Loyalty 360 estimates that just 55 percent of companies have programs in place for B2B customer retention.
Delivering on Promises
Keeping your word is never as important as when you’re dealing with another company because the other company must deliver to its own customers. If you default on your promises, its customers will also be affected. No company will stay loyal to you if your actions are affecting its own revenues.
Keep Company Policies in Mind
One key factor to consider when designing a B2B client retention program is company policies. Many companies prohibit their representatives from accepting gifts. This means you cannot base your reward program on items or discounts that employees will benefit from. Instead, a B2B loyalty program should benefit the company, rather than any individual.
Simple ways to offer value include giving companies that are a part of your client retention program something they can use, such as overnight delivery, free online ordering, or even an appointed customer service representative who they can contact when they need advice on an order. Getting personalized attention rather than having to deal with an anonymous person from your customer service department can be a huge motivator for companies and a big incentive to join your B2B reward program.
Make Their Lives Easier
To create a successful B2B customer retention program, focus on rewarding your customers through exceptional service. In short, make their lives easier by simplifying their billing system, delivering faster, or offering personalized service that makes it convenient for them to come back to you. Although everybody is interested in getting a good deal, B2B clients are more likely to join a loyalty program that simplifies their lives than a loyalty program that offers discounts and freebies.
For more information about setting up a B2B loyalty program, get in touch with LoyalMark by calling 1-866-233-6326 or contacting us through our website.