Loyalty programmes aren’t uncommon and they’re a great incentive in the B2B environment.
From getting a free coffee on your tenth visit, to using a points card; customers now expect rewards in exchange for their custom.
The team at Cymphony are always looking for ways to reward customers who use our services. If you’re looking to use Cymphony’s telephone answering service, managed live chat, or personal assistant service, we will make sure we reflect how much we value you by including you in our loyalty programmes.
In retail and other customer-facing industries, loyalty is vital.
Fortunately, it’s easy to encourage by offering money off when a spending limit is reached, or having a points system like the Tesco Clubcard.
However, business to business loyalty programmes can be trickier to implement. Individual incentives don’t have the same appeal as a number of people need to be accommodated.
That’s why we’re not only going to look at why B2B loyalty programmes can benefit your business, but also give you a few tips on how to create some that are suitable.
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 through word of mouth; impressing potential clients.
Loyalty programs show these existing customers that you care. They also provide a great opportunity to upsell and increase profit margins.
It’s 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 with Loyalty Programmes
To generate ongoing loyalty, other businesses in your circle like to feel as though they are part of a community with you. They want to be able to contribute to the development of your business.
Giving B2B clients a ‘VIP’ feeling helps to achieve this and acknowledges that they 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 to achieve this.
It’s also important to take advantage of social media; encouraging discussion and contributing in return.
Taking an interest in businesses around you will not only give you a better understanding of them but will encourage them to get to know you too.
Creating a referral scheme is a fantastic way to attract new business.
Although many businesses may already refer to you when the need arises, adding an incentive will boost the number of referral customers that come your way.
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. It would need to provide greater rewards the longer their loyalty lasts and the more frequently they refer people to you.
At Cymphony, we have a thriving referral scheme whereby existing customers 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, make the most of it. You might be surprised by how many people would appreciate some one on one 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 the most.
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.
Retaining existing customers is not only a vital and cost-effective way to attract new clients, but is 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 tricky, B2B loyalty reward programs shouldn’t be ignored and can make a real difference to profit, reputation and new clients for your business.