Customers across both B2B and B2C industries have changed how they purchase due to the internet. Traditionally B2B industry customer base emphasized competence, expertise, and delivering products on time and within budget. On the flip side, B2C industries prioritize refining the customer experience. B2C companies turn these experiences into successful transactions by integrating personalization technology to make the sales process more valuable and enjoyable for the customer.
Personalization is a powerful and proven strategy for increasing profitable customer actions. 80% of shoppers are more likely to buy from a company that offers personalized experiences. Similar to their B2C counterparts, manufacturers can also personalize sales offerings and negotiations to their customers and distributors by implementing a loyalty program.
Utilizing Customer DataThrough a loyalty platform manufacturers offer customers and distributors incentives for purchases. Incentives can provide a much-needed benefit for B2B customers looking to make a buy. As Jim Lucy writes, “When all things are relatively equal in the buyer's mind, an incentive can swing a product purchase decision one way versus another.” The trick is knowing what types of incentives will resonate best with customers and have the maximum impact.
This is where loyalty programs come into play. A key benefit of loyalty programs is the ability to quickly and easily gather customer data. Starting from account creation, relevant information begins aggregating and continues to do so throughout customer purchases and interactions. Manufacturers then use accumulated loyalty program data to create better and more personalized customer experiences.
For example, manufacturers can offer customized product recommendations to customers and distributors by using program data to:
Additionally, knowing rewards redemption history and transaction data can help manufacturers in future sales negotiations by enabling them to create tailored offers based an individual customer’s preferences.
Manufacturers can also use loyalty program data when developing new value offerings. Understanding how customers react to personalized offers can help generate ideas for potential vendor partnerships, product bundles, and different rewards options. Most importantly, a loyalty program with an easy interface and a clear rewards structure helps customers understand the total benefits they’ll receive from a purchase - which can influence decision to purchase.
All of the above methods for personalizing customer experiences have the additional benefit of helping customers make more informed purchases. (Remember, B2B customers prioritize knowledge and competence when making purchase decisions.) Helping customers be more knowledgeable in their buying process can also help manufacturers further improve and personalize their sales process. Using actual program data, manufacturers can build customer profiles and leverage those profiles to solve future customer needs.
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B2B loyalty programs help offer personalized experiences and incentives while also providing beneficial rewards for purchases. As competition grows and customers become more discerning in their purchase preferences, manufacturers can utilize loyalty programs to retain customers and grow purchase quantity. If you're a manufacturing brand looking to become the most valuable choice for your customers, get in touch today!
*This post was updated on January 22, 2021