3 Ways Customer Loyalty Programs Drive Growth For B2B Companies

Consumer loyalty and rewards programs have only gotten more popular as more B2C companies realize the unique advantages they offer toward customer retention and advocacy. For the B2B industry, however, unique challenges have slowed loyalty program growth.

Factors such as complex sales channel structures, multiple individuals influencing the buying process, and inadequate technology hindered the industry’s inclusion of loyalty or incentive programs. 

However as loyalty program providers continued to evolve and adapt loyalty platform software and strategies to specific industries, more brands have started recognizing the benefits B2B loyalty programs provide to the B2B industry. Specifically, loyalty and incentive programs can help B2B brands: 

- Differentiate themselves from the competition
- Provide training and education
- Develop personalization tactics 

1. Differentiation

For some B2B brands, industry standards and regulations mean that product differentiation isn’t always possible to set them apart from their competitors. While traditional methods of discounts and deals work for a time, they can only go so far towards winning long-term customer advocates. 

Loyalty and incentive programs are one of the best ways B2B companies can differentiate themselves from the competition. With a loyalty platform brands can issue B2B-specific rewards to customers and distributors, provide accurate product and company information, execute excellent customer service, and offer many more services. Brands with loyalty programs containing holistic benefits at multiple touchpoints provide a more appealing option to buyers. 

The key is to not copy B2C loyalty programs exactly, but incorporate what B2B customers consider valuable into program design. Successful B2B companies adapt and customize traditional loyalty program models to fit B2B audiences, such as offering rewards incentives for earlier payments than net terms.

The rise of modular loyalty platform software means that brands are no longer limited to inflexible out-of-the-box program templates that may or may not work for their process and goals. Now companies can pick the loyalty program formats, features, and tools that best fit their unique business and their customers enjoy. 

2. Training And Education Incentives

Sales teams, distributors, and contractors are all vital players for B2B company success. Their success depends on their knowledge of a brand's products: its features and uses, how particular products solve specific problems, and what benefits one provider offers over its competitors. 

Loyalty programs help empower sales forces and channel partners by using rewards to incentivize participation in learning and education modules. Offering incentives for training encourages individuals at every level to develop a better understanding of a B2B company's products and their benefits. Channel partners then can make better and more informed recommendations to their end customers, increasing the chances of a sale.  

Members can earn rewards for completing tasks such as training courses, taking surveys and quizzes, and submitting product reviews and feedback. To motivate member participation, the Brandmovers B2B SaaS loyalty platform provides built-in gamification elements that reward members for hitting key sales targets. Loyalty program gamification can also include team creation, earning badges and recognition, leaderboards for recognizing high-performing individuals, and creating unique individual and team goals to drive success. 

3. Personalization

Building B2B customer loyalty relies on understanding what motivates B2B customers. Since many B2B customer relationships depend on a combination of quality products, attentive customer service, and historical success, the typical loyalty program strategy of discounts and rewards has less of an impact on the B2B industry.

A key factor that increases B2B customer loyalty is a brand’s ability to personalize interactions with current and prospective customers. Distributors and customers frequently need specific information and inputs in order to complete a sale. Sophisticated personalization requires integrating customer data management (CDM) platforms with customer relationship management (CRM) systems to ensure customer data and communications are updated consistently and in real-time.

This is where loyalty and incentive programs play a major role in helping B2B businesses. Loyalty programs collect valuable customer data and incorporate key analytics tools that help brands understand customer preferences and buying intent. Working with a loyalty program provider, brands can easily integrate loyalty programs into existing sales and marketing system setups, earning a complete picture of all relevant customer information. Brands are thus better equipped and more prepared to dynamically and seamlessly tailor experiences for each customer across multiple channels.

It's easier than ever for B2B companies to create and implement their custom loyalty programs, especially with the help of a loyalty program provider. Get in touch with us today if you're ready to begin taking advantage of all the benefits a customized B2B loyalty and incentive program can provide for your brand.