{"id":808,"date":"2020-03-12T09:32:14","date_gmt":"2020-03-11T22:32:14","guid":{"rendered":"https:\/\/new212fprod.wpenginepowered.com\/au\/who-should-you-target-with-your-incentive\/"},"modified":"2024-11-25T11:13:30","modified_gmt":"2024-11-25T00:13:30","slug":"b2b-incentive-customers","status":"publish","type":"post","link":"https:\/\/212f.com\/au\/insights\/b2b-incentive-customers\/","title":{"rendered":"Who Should You Target with Your B2B Incentive?"},"content":{"rendered":"\n

B2B\nincentive strategies aim to engage business clients and reward them for\nreaching goals or achieve specific industry-based criteria to solve\nsales and marketing challenges.  <\/p>\n\n\n\n

But who exactly in your distribution channel should your incentive program target?\u00a0<\/p>\n\n\n\n

There are two parts to the answer. First, consider that a big mistake about B2B incentive programs is to think they are silver bullets that make people sell more or do what you need them to do.\u00a0<\/p>\n\n\n\n

When this is the belief, there\u2019s a tendency to quickly think of an awesome reward and launch an incentive targeting everyone. For example, it\u2019s easy to think everybody wants to go on a trip\u2026 or easy to assume everybody will want to earn and accumulate enough points to redeem rewards from your program catalogue.  <\/p>\n\n\n\n

This could quickly turn into disappointment when you notice that three weeks after your program launch, a large portion of the participants have failed to engage – they have never logged in to see what the program is about. And even worse, two months into the program, only 18% of participants are on track to meet objectives. <\/p>\n\n\n\n

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\nUnderstanding Business Clients\u00a0for B2B Incentives\n<\/h2>\n\n<\/div>

One of the reasons for disengagement is that B2B incentive and reward programs are (without knowing) often designed to appeal only to a certain segment of your customer base. They do not apply to everyone and too often only reward the most profitable customers.<\/p>\n

What about your potentially most profitable customers? Or the bottom 10% who are the hungriest businesses to earn rewards? These businesses cannot afford to let go of any little earnings that they can make.<\/p>\n

Understanding which business clients have the highest impact or contribution to meet your program objectives (in other words: who brings what) helps define your strategy. Most importantly, it helps you establish how you are going to segment and engage each customer.<\/p>\n

Say the common 20% of your customers contribute 80% of profits. Too often incentives and rewards, perhaps\u00a0in an effort to\u00a0be fair, target all participating businesses in the same way. The risk in a program like this is that the glove that fits everyone, in the end, fits no one.<\/p>\n<\/div>\n

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We don\u2019t want to reward everyone the same way. And we don\u2019t want to reward participants for what they were going to do anyway. That\u2019s a waste of money. We know the top twenty percent are already engaged – they\u2019re the highest contributors, and they always win the rewards.<\/p>\n

Keep them engaged and yes, reward them, but also segment your strategy. It should be geared to engage and drive the next twenty percent. The incentive then is likely to move this segment from a medium contribution level to a higher contributor segment which brings better results to the business and, if you design your strategy well, it could do so in a more cost-efficient way.<\/p>\n<\/div>\n

Read more<\/p>\n\n\n\n\n<\/div>\n\n\t\t

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94<\/b> % Sales Claims | 86:1<\/b> ROI<\/p>\n\n\t\t\t<\/div>\n\n\n\n\t\t\t\t

\n\t\tCase Study<\/i>\n\t\t

\n\t\tNew Holland Australia\t<\/h4>\n\t\t\t

\n\t\t\tIn a competitive agriculture market influenced by salespeople recommendations, find out how an incentive program drove sales growth and new product range. \t\t\t<\/p>\n\t\t<\/div>\n\t\t<\/div>\n\n<\/a>\t\t\t \t<\/div>\n\t\t\t\t\t <\/div>\n\n\t\n\n\t<\/div>\n\n\n<\/section>\n\n\n\n\n\n

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Identifying Key Stakeholders for B2B Incentives\u00a0\u00a0<\/h3>\n\n\n\n

Now that\nwe know how we are going to engage distributors and channel partners, we also\nneed to identify who is personally going to participate in the program.<\/p>\n\n\n\n

Most of the time we intuitively know the answer and know who to incentivise. However, there are things to consider before we jump straight into rewarding the obvious candidates. Every person in the business has a different role, and incentive programs normally target participants based on the responsibilities of job titles. However, the key is identifying high-value participants.  <\/p>\n\n\n\n

High-value\nparticipants, in this case, are not those who bring more profit, but those who\nare prone to welcome the program and engage to achieve rewards. They are the\npeople that will drive and ensure your program goals are met. Their value comes\nfrom their engagement levels \u2013 engagement results in the gains and returns your\nincentive has set to achieve.  <\/p>\n\n\n\n

Each company will have high-value individuals and, based on the unique program strategy of your program, they can be those who can influence others to act, or the actual person that acts and need to change certain behaviours. A wise program strategy identifies whether you are going to incentivise and reward influencers, actors, or both. <\/p>\n\n\n\n

For instance, say the behaviour you want to change is \u201cto recommend or specify your product over the competitor\u2019s\u201d. The business owner or dealer principal may direct sales managers and reps to do so. However, his business makes money whether they sell your product or the competitor\u2019s, but sales managers may be willing to recommend your product. If there\u2019s something in it for them, they will ensure their sales reps push your product. <\/p>\n\n\n\n

But if\nyour challenge is not that and the objective of your incentive is to increase\nsales directly through you and build relationships with your reseller network,\nthen you cannot miss rewarding dealer principals and business owners and reward\nthem for the changes they need to do in their business to make things happen. \nLike any marketing strategy in your business,\ntargeting and segmentation are just as important in B2B incentives. So, it\u2019s\nimportant to identify which businesses you will target as well as individuals\nto drive your program. Failure to consider these will miss your program\nobjective and ultimately its ROI. \n<\/p>\n","protected":false},"excerpt":{"rendered":"

B2B incentive strategies aim to engage and reward business clients – but who in your distribution channel should your B2B incentive target?<\/p>\n","protected":false},"author":5,"featured_media":1405,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12,16,37,107,108],"tags":[],"class_list":["post-808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-solution","category-customer-acquisition","category-customer-personas-data-analytics","category-b2b-incentive-programs","category-customer-retention"],"acf":[],"_links":{"self":[{"href":"https:\/\/212f.com\/au\/wp-json\/wp\/v2\/posts\/808","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/212f.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/212f.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/212f.com\/au\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/212f.com\/au\/wp-json\/wp\/v2\/comments?post=808"}],"version-history":[{"count":0,"href":"https:\/\/212f.com\/au\/wp-json\/wp\/v2\/posts\/808\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/212f.com\/au\/wp-json\/wp\/v2\/media\/1405"}],"wp:attachment":[{"href":"https:\/\/212f.com\/au\/wp-json\/wp\/v2\/media?parent=808"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/212f.com\/au\/wp-json\/wp\/v2\/categories?post=808"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/212f.com\/au\/wp-json\/wp\/v2\/tags?post=808"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}