It’s been considerably long since we left our traditional workspaces behind. Digital transformation in business is not a one-time thing, and it is constantly developing as tech develops. Throughout, the need for engagement became visible, especially in the B2B context where the main challenge is regulating bundles of relationships and workflows. This challenge leads to the emergence of loyalty and marketing automation apps like Apex Loyalty. For addressing the complexities in B2B context, Apex Loyalty takes its power from B2B engagement metrics.
We will discuss this later in detail, but first, let’s have a look at the most common challenges that will come in our way in the journey to a complete digital transformation.
Common Challenges of Data Sorting in B2B
With constant development in question, adopting an open mind became part of our responsibilities at the workplace in order to keep up with that. Luckily, the software that can help us in our struggles and endeavors regarding this responsibility is in our reach.
Putting our share in this aside, what’s the challenge in the technology aspect? What makes things difficult in interpreting the output software produces in the B2B context?
The success of businesses operating through both direct and indirect channels majorly relies on indirect channel performance. Consequently, there has been quite a number of research examining the link between channel management strategies and channel performance. However, not every academic output has always been legible, or easily compatible with unique needs to implement right into businesses.
When Other Measures Step in
The ambiguity originating from the inadequate measurement of channel performance has been a real issue for long. Therefore, a framework possessing certain indicators became necessary for defining your own channel member performance and developing valid measures supporting the very definition. In short, industry dynamics forced developers to come up with novel indicators that would both embody information from all parties of a channel. We’ll call them B2B engagement metrics, which became meaningful thanks to the use of AI in various business processes.
It’s no news – through business models fueled by AI, companies have better ways to understand, predict, and engage customers. However, today there are tremendous amounts of data being generated every day, both by human participants and engines. No individual, nor a department could be able to capture the data load from all aspects, let alone interpret it in the right sense and produce meaningful information out of it.
At this point, B2B engagement metrics serve as the agents for deciphering the dynamics of performance. Apex Loyalty utilizes them in the most flexible way possible, on the basis of its multiple measure approach.
Apex Loyalty Approach to B2B Engagement Metrics
Let’s walk through the B2B engagement metrics Apex Loyalty possesses for evaluating customer loyalty.
If you implement Apex Loyalty to your B2B engagement strategy, you’ll be able to monitor a value called “enrollment rate”. It refers to the rate of participation within your loyalty rewards program, meaning the percentage of customers who are enrolled. You can calculate participation by dividing the number of enrolled customers by the total number of customers you have.
In order to obtain another numeric value indicating the performance of your loyalty program, Apex Loyalty offers the “redemption rate”. Basically, it is a metric showing how many of your loyalty program members are actually benefiting from the perks we are offering. It’s simple – divide the number of perks redeemed by the total number of perks issued, or earned through the program.
Active Engagement Rate
“Active engagement rate” functions similarly to the “redemption rate”. It is another value for understanding the percentage of your total customers who are actively engaging in the program. Again, the math is simple here. You divide the number of customers who have used your loyalty program by your total number of customers. That’ll make more sense once you are more familiar with the industry-specific campaigns you can design with Apex Loyalty.
Point Accumulation Rate
The most common feature of loyalty programs is “point programs” where members can collect points to reach a certain level. In Apex Loyalty, you can assign points to certain business transactions and portal actions, which members can collect points in doing so. If members are more active, and therefore collect more points, your point accumulation rate as a program owner increases.
Content Consumption Rate
You have probably heard the renowned expression “Content is king”. Well, it also applies to B2B loyalty when it comes to B2B engagement metrics.
For keeping members engaged, you must motivate them to check in the program through various content. Updates about your brand, new products you are launching, surveys, new pricelists, or a new competition… we offer a nice variety to spice things up for your content management strategy.
This marks the “content consumption rate” as one of the key metrics in loyalty programs. It tells about your program’s success by showing how much your members are consuming your content and engaging with it.
In the end, all efforts are for staying current and gaining skills for your future forecasts. By Apex Loyalty B2B engagement metrics, you can make the most of the data that’s already existing in your ecosystem.
You can click the link https://www.apexloyalty.com/what-is-b2b-ecommerce/ to read our previous article.