A B2B loyalty program like Apex Loyalty is the result of years-long industry experience blended with a mindset focused on agility. This is how, at Apex Loyalty, we are able to come up with ways of doing things for our clients, each time tailoring for their genuine needs.
Thanks to our team’s extensive expertise in loyalty, we also guide our clients before sitting to prepare the launching of their B2B loyalty program.
The pre-launching period is a part of our consultation service, as we do not exclude it from the overall strategic planning. Asking the true questions is the key to start the most fitting and successful program.
Usually, the questions to discuss at this very first stage are:
Does your business really require a B2B loyalty program? Does your budget also allow it?
Is your product full-fledged?
Are you able to define your most profitable area? Can you reach your customer base and channel partners accordingly?
If you are done with the above, it’s time to have a look at here: Can you really understand the strategical goals of both your business and your partners’ businesses?
Each answer will enable us to put the strongest building blocks into the foundation of your B2B loyalty strategy. Let’s have a look at them, and start guiding you on the theory level before we help your plans get realized.
Does Your Business Really Need a B2B Loyalty Program?
For any business, customer loyalty is definitely a topic to continuously care for. You do not only establish long-term customer-brand relationships with a thorough loyalty strategy. With such, you also create the mutual space of future opportunities and gains, which eventually leads to mutual growth. Isn’t it something any channel manager, a founder of any organization would aspire to?
In the B2B landscape, this is far more significant. The B2C relationship dynamics, understandably, might imply a more narrow domain for two-sided interactions, which happen swiftly and on the basis of instant needs. Loyalty in B2C usually serves to increase repeat business.
However, with B2B customers, the opportunities for engagements are much greater. B2B customers are not merely buyers of your products but are potential brand advocates if they feel they are valued, aside from the monetary gains they obtain from being part of your channel.
We should also mention here that their material contribution to your business is not limited to the purchase they make. New customer acquisition for customers that you could have not otherwise reached is one thing. The cross-selling and upselling opportunities they might bring is another.
Do these concepts resonate with your business mentality and attitude? Do your product, or your brand, has features that will click with these ideas, and promote them? Are they fully developed?
If you are an employee, do you believe you can convince your management into integrating such a mechanism? Are they tech-savvy enough, or open to a slow but stable change?
These are abstract matters, but what creates ideas is them, not the technical procedures. And similarly, what gets in the way of positive change is usually the abstract matters themselves.
Understanding Your Business Goals
Inarguably, the quality of your service or product is what will keep a customer, or make them leave. Customer satisfaction does not solely come from a loyalty program. Even the cutting-edge fancy ones cannot provide that.
Still, if hearing your brand’s name brings a happy smile on your customers’/partners’/employees’ faces, it’s the loyalty efforts that can achieve that. A B2B loyalty program will definitely create the emotional base where businesses will thrive on. Therefore, it’s a great and proper start to integrate into business strategies.
Have you thought about what you want to achieve through your program? Are you focused on increasing sales? Are you looking to expand your audience and reach a group that you are not familiar with? Or you simply want to invest in nourishing the existing customer base?
Do you want to focus on channel training without sacrificing the emotional and fun side?
Firstly, sparing the time to get to know the real you as a business is crucial. Secondly, articulating your business goals is necessary to spot the right B2B loyalty program. Apex Loyalty offers the necessary features to address all these concerns while spicing things up for your channel.
Defining Your Profitable Area and Ways for Rewarding Them
If we were to compare them with B2C, B2B companies typically have a niche customer base. This is an advantage when it comes to investing the time and energy to analyze customer behavior. And this analysis is without a doubt the strongest base for a loyalty program.
How should you analyze them, though, before the launch of your B2B loyalty program?
Check out the most recent customers, they might be telling something about the current market needs. Do these needs overlap with what you can offer? What can you offer more?
Customers who buy frequently is also a sign that you are on the right path – keep going!
Who are the customers who bring the largest amounts, and how often? This is indeed worth a closer glance. Maybe reward them accordingly and show your appreciation?
We will definitely come up with more questions than these, and all will converge on the main question: “Where are the exact areas in our channel that offer enough value?” Now the answer will determine where need to be invested in more, the type of investment they deserve, and many more.
Once you are all set, the Apex Loyalty structure will enable you to tackle each customer’s business model and come up with personalized, engagement ideas, and reward programs. It’s a reciprocal relationship, after all.
Regardless of the industry, today’s commerce is overwhelmingly about the customer experience, virtually or on digital domains. Apex Loyalty will help incorporate your brand values and marketing strategies, morphing them into engagements to create a happy customer base.
You can read our previous post on https://www.apexloyalty.com/how-to-work-your-loyalty-program-during-covid-19/