As we have covered in many of our previous articles, a satisfactory rewards program gets you far. It is not only a “reward” that you plan for your customer. It is very “rewarding” for you in return in the long run. So it’s a win-win. While building a solid B2B rewards program, enabling channel participation is essential. In this article, we’ll talk about channel incentives in B2B rewards programs.
It is imperative to incorporate channel participation with B2B rewards programs. Channel participation enables you to have various platforms through which you can solidify your loyalty program. It will also give you a competitive advantage. It is, in a way, your window to the consumer. If channel participation is achieved, you will have a loyal relationship with your windows to the consumer.
B2B Rewards Programs with Channel Participation
There is a number of ways to implement channel incentives in B2B rewards programs. If you make it a part of your B2B marketing strategy, channel participation could align with your business goals. This inevitably takes you ahead of your competition. In addition to this, B2B rewards programs for channel participation will improve brand loyalty.
Let’s see a few points how you can implement channel incentives in B2B rewards programs:
- The market collective is very important. They are the ones that have the widest influence on your B2B sales. If they are so important, why not give them the VIP treatment? Secure their place in your market collective, and you will see how it matters. Yes, this can be achieved through traditional methods such as sharing market insights or providing them with further product information. But you need to beat the competition. That’s when the loyalty rewards get in the game. B2B sales incentives will improve the relationship with your channel participants, and further accelerate the participation.
- You can always find different enterprises that sell products that are complementary to yours. You can seek their partnership with the right rewards programs. Once you do it, you will be able to split the financial burden with them. If they understand what kind of advantages they will have, they could share the loyalty program costs. Additionally, if you grow channel participation the program value will automatically increase too. In relation to these two points, customer acquisition, as well as retention rate, will improve.
Remember that this is your business strategy, and rewards programs will benefit you in the long run. It will not only ascertain your reputation in the market but also add value to your consumers. This means brand loyalty, and eventually a marketing and sales success.
Acknowledge, Reward, and Earn More
- What is your brand’s message? This is your opportunity to show it to the world. By enabling channel participation, you show the market where you stand. How can rewards be channeled to help you show your worth to your partners and clients? The promotion of your brand values in your customer loyalty program is one powerful technique. Don’t stop there, however. Let the kind of incentive incentives you offer represent the values of your brand, too. In order to align your brand with the right channels, you can give a spot in your catalog to charities. This way, your market collective can use their loyalty rewards on things that matter to them. You also show them that you care as well! Running sales promotions in an environmentally friendly way could also be an option.
Rewards also make sense to people if they feel the personal touch. Give out the vibe that they are in this together with you. Get them to understand that “this” is their achievement. “Your accomplishments today are:” or “Here are your daily rewards” can be a good method to engage them.
- You are in this together so why not get to know one another better? Spend as much time with your B2B customers as possible. It could be events, meetings, or business trips. Once you grab their attention in such events, you will solidify your relationship. You will build trust in a way that will boost your sales substantially.
- Make use of incentive rewards and increase sales motivation. If a channel partner promotes one of your high-margin products, make sure you acknowledge it. It could be in the form of a gift card, loyalty reward, or any other kind of reward. The point is you increase motivation with the rewards, and get more for your B2B business in the end.
Share in the Experience and Knowledge
- Once partners, you understand that you are in this together. So what your employees know should also be made known to the partners’ sales representatives. This could be about the products or the product range, policies, or certifications. In addition to educating partners, end-customers need to be trained too. Keeping every one of these actors in the loop and up-to-date will increase brand loyalty and decrease business costs. Surveys show that executives think effective customer training has brought them repeated business over time.
Use Channel Participation Wisely
The above points can help you engage your partners and accelerate channel participation. Implementing these will not only bring increase B2B sales but also get you a good reputation in the market. And this means loyalty!
Using today’s technology and digital opportunities, rewards programs are even more creative, strategic, and out of the ordinary. You can go on and find what works best for you and your B2B business or get professional support for your rewards program. Apex Loyalty analyzes your needs, and customizes a rewards program that will suit your needs, and is aligned with your B2B marketing strategy. Get your business a rewards program for channel participants soon!
You can read our previous post on https://www.apexloyalty.com/b2b-ecommerce-guide-most-common-misconceptions/