How to Reward B2B loyalty

Posted by - Sophie Kynnersley on the 8th July 2020

Loyalty programmes aren’t uncommon and they’re a common incentive in the B2C environment. From getting a free coffee on your 10th visit, or using a points card in a certain shop, customers now expect rewards in exchange for their custom. The team at Cymphony is always looking for ways to reward our customers who use our services and if you’re looking to use Cymphony’s telephone answering service, managed live chat, or personal assistant service, we will make sure you’re valued by including you in our loyalty programmes.

In retail and other customer-facing industries, loyalty is vital and fortunately, it’s relatively easy to introduce due to being able to offer money off for so much spent or having a points loyalty system such as Tesco Clubcard.

However, business to business or B2B loyalty programmes can be trickier to implement as individual incentives don’t have the same appeal due to the incentive now needing to accommodate a number of people for a specific outcome.

That’s why we’re going to look at why B2B loyalty programmes can benefit your business and give you a few tips for how to create loyalty programmes that your customers will love.

If by the end of this article you’re wondering how our services could help your business and what loyalty programmes we offer with our valued services, please contact us today and a member of our team will discuss a tailored plan for you.

Why bother with loyalty programmes?

Retaining customers is essential for establishing a solid client base. Loyal customers will also create a great reputation for your company, impressing potential clients.

Loyalty programs show customers that you care and provide a great opportunity to upsell and increase profit margins. Rewarding customer loyalty can also result in more clients through referrals.

This is a great, cost-effective way to introduce targeted clients to your business – and as they are already ‘warm’ leads, they’re much more likely to make a conversion.

Create a community

To generate ongoing loyalty, many businesses like to feel as though they are part of a community; able to contribute to the development of your business. This gives B2B clients a ‘VIP’ feel, acknowledging that their opinions are valued and worthwhile.

Clients are far more likely to continue custom with a business if they really feel that their input is appreciated. Creating a blog or forum discussion can help achieve this.

It’s also important to take advantage of social media, encouraging discussion, and contributing in return. Taking an interest in those around you will not only give you a better understanding but also naturally attract people to get to know you too. 

Referral schemes

Creating a referral scheme is a fantastic way to attract new business. Although many businesses will probably refer to when the need arises, adding an incentive will always boost the number of referral customers coming to you. 

There are multiple incentives you could use, the most common being financial.

For example, giving a discount off the service you provide or money for each referral they make.

Alternatively, you could create a long-term referral program that will provide greater rewards the longer and more frequent their loyalty and referrals.

At Cymphony, we have a thriving referral scheme whereby existing customers can receive two months subscription completely free of charge whenever they make a successful referral. The referred company will also get two months free as an additional bonus.

Share your expertise

If a member of your business has a wealth of experience and knowledge to impart – you might be surprised how many people would appreciate some 1:1 advice.

Attending shows, conferences, and events are a great way to show that you care for your clients and are interested in how they are doing.

As an incentive, you could even offer an hour of your time for free or a demo of a particular service. When creating an incentive for businesses, you must take into account what your clients are looking for and what they will appreciate.

Look at your most long-standing clients.

Do they have anything in common?

Would there be anything that would benefit them in particular?

Not all B2B companies will suit the same referral schemes and loyalty bonuses.

Upsell

Retaining customers is a vital and cost-effective tool to attracting new clients, but also a perfect opportunity to upsell. Customer retention is a significantly cheaper way to grow profit in comparison to customer acquisition.

Money spent gaining a new customer is generally 5 x more expensive than nurturing your existing client base.

In addition, an average of 20% of customers make up 80% of the profit for most companies.

This means that B2B companies should be paying serious attention to those long-standing customers and how to keep them.

Although trickier than B2C, B2B loyalty reward programs shouldn’t be ignored and can make a real difference to profit, reputation and new clients for your business.