In a constant competition to retain new customers and to strengthen relationships with existing ones, there is an increasing interest in customer loyalty programs. But does your customer loyalty program really work? Before crafting a customer loyalty program, there are indeed questions to ask. There is also a set of benchmarks to check once you launch your customer loyalty program.
To assess the performance of such, the backbone of a loyalty program embodies several generic metrics. If you are representing a B2B brand, though, the set of metrics become diversified.
In accordance with your business values and objectives, you need to define what loyalty means for you and your brand, in the first place.
Updated Meaning and Nature of Loyalty
This is where organizations tend to experience difficulty the most. It is usually a tough process to spot what exact stages in the customer journey you are offering are also potential domains for generating loyalty behavior.
What are the current trends in today’s commerce? What makes customers switch brands or, for the B2B context, stakeholders, or partners? This has become a more relevant and constant challenge as commerce habitats became molded by modern dynamics. How can we build customer loyalty in B2B, given these circumstances?
Fortunately, current technology made it possible to catch up with these very dynamics and stand your ground as a brand amidst the tough market conditions. However, these dynamics are sometimes related to data, but sometimes are vague. You need something else to decipher the ambiguity and understand if your loyalty program is actually functioning.
Customer Loyalty Program to Stay in Tune
Platforms utilizing technology offer sets of metrics that serve in two ways that are crucial: Loyalty building and monitoring it. In other words, seeing if your customer loyalty program really works or not.
While B2B engagement metrics let you track and monitor customer activity, they could also become the fuel to attract more of it. Actually, reward features as part of B2B loyalty programs work on the basis of results derived from these metrics.
To name some, let’s have a look at the Apex Loyalty metrics. Apex Loyalty operates on Enrollment Rate, Redemption Rate, Active Engagement Rate, Point Accumulation Rate, and Content Consumption Rate. These metrics tell a lot about the channel performance while providing a base for inventing future interactions.
For instance, the Content Consumption Rate is a great indicator of how much your brand makes sense for your channel. Content today has undeniable importance when it comes to marketing activities. Various content has become a way to attract new customers, keeping them engaged and active. It is also a nice tool that you can customize, and make a part of your tone. This way, you reinforce your place, also in intangible ways, and make it more than some digits. This way, you can utilize the results from this metric, and many others to create your very own culture within your channel.
These altogether shape a meaningful whole that offers catalysts for future relationships and stronger bonds. In the end, a customer loyalty program is just a tool, and not the goal itself. Considering the multilayered nature of their channel landscape, B2B brands should be more aware of this notion.
The Essentials Should Not Go Missed
One major trap with customer loyalty programs that organizations fall into is that they may see it as the ultimate solution for obtaining B2B loyalty. However, it should be considered an effective tool to improve your relationships and this is only possible if you adopt values like willingness to get to know your channel more.
This requires constant check-ups and awareness of the changing market dynamics, which will influence the choices of your customer base. For example, the modern B2B customer expects more than a decent service or product from the brand they are affiliated with. Your brand identity that is shaped by your values, your offerings for other than “business objectives”, namely social responsibility activities or similar endeavors, are also factors in question.
This brings us to the fact that it is not merely about calculating numbers or collecting points. A good customer loyalty program should enable us to cover these necessities of today’s market dynamics. It should also help create a mutual domain where reciprocal activities are possible. You will know your customer loyalty program is functioning if it helps you know about your base through digital domains, better.
Final Notes on Apex Loyalty
Apex Loyalty is a cutting edge customer loyalty program that is exclusively focused on relationships. We are aware that being on the same page is the power of a channel business when it comes to competition in a harsh eCommerce climate. Our core features are dedicated to achieving such.
You can read our previous post on https://www.apexloyalty.com/before-you-launch-a-b2b-loyalty-program/