Reward Program

Whether you’re looking to strengthen your existing sales channels or establish yourself with Australian and New Zealand audiences, implementing a reward program or loyalty program is one of the best ways to build and maintain strong and long-lasting relationships with customers.

When you think of a rewards program, you might think of frequent flyers points, bonus points, everyday rewards or even heading to your local coffee shop and being rewarded with a free hot drink on your birthday. However, in the B2B sphere, what does customer loyalty look like, and how can you nurture it?

A B2B rewards program might operate differently from the above-listed B2C examples because the importance of a B2B rewards program lies in shaping brand perception to your channel partners who stock and on-sell your products, rather than to the end user. A successful B2B reward program will do some of the heavy lifting for your marketing, allowing your customers to be the ones promoting your brand down the line.

How Do I Build a Reward Program for My Customers?

When designing your loyalty program benefits, it is important to consider the following factors:

• Target audience: The reward program should be designed to appeal to the business’s target audience. For example, an automotive parts retailer would like to incentivise a mechanic to purchase from them, consistently and frequently.
• Budget: The cost of the reward program should be factored into the overall marketing budget and in some cases, you can have a reward program funded by suppliers. Most importantly it is important to ensure that the program is seen as providing value to your channel partners, through the points they earn. The value of a reward programs points is typically funded by the sales margin or amount you are willing to give away for dollar spent. Getting the reward point value right will be the major incentive to your customers.
• Goals: The reward program should be designed to achieve specific business goals and solving pain points, such as increasing customer engagement or generating new leads. It is essential that you begin designing a rewards program with a clear goal in mind.
• Metrics: The success of the reward program should be measured using metrics such as customer satisfaction, sales, and lead generation.

Reward programs can be a valuable tool for B2B businesses. By carefully planning and designing a reward program, businesses can improve customer loyalty, generate new leads, and increase sales.

Here are some additional tips for creating a successful B2B loyalty program:

• Make sure the rewards are valuable and relevant to your target audience. If the customer doesn’t find appeal within your rewards, it shows a disconnect between the brand and the base, which can cause issues with customer retention.
• Keep the program simple and easy to understand. The work to redeem has to be less than the effort it takes to buy, otherwise, you lose the appeal to your partners.
• Promote the program to your customers through a variety of channels, such as email, social media, and in-store signage. It is important to keep your brand and its appeal front-of-mind, as understanding your customer’s purchasing habits is tantamount to success.
• Track the results of the program and adjust as needed. We can assist with this, as B2B reward program strategy is one of 212F’s key philosophies.

By following these tips, we can create a B2B reward program to help you achieve your business goals.