The bottom line of every organization is profit. When a company records a higher than prior period profit. Everyone is happy;
The shareholders receive better returns in form of dividends or share value appreciation. The board receives their bonus, and the employees are equally rewarded for their hard work, and the customers can look forward to a positive experience the following year.
But what if there is a way to increase the revenue of a company while still rewarding the customers with incentives other than a good product and quality customer experience?
Well, there is, and it is called b2b incentive programs.
You will discover all there is to know about this program right here.
What are b2b incentive programs?
Otherwise known as b2b loyalty programs, these incentive programs are means by which businesses reward customers for making purchases or increasing purchases with the company.
These incentive programs are usually tailored to meet the purchasing behavior of the respective customers —Other businesses.
What items are used for b2b incentive programs?
This is a list of items that can be used for b2b incentive programs. The important thing to note is, the incentive must be tailored to suit the needs of the customer. Also, you should allow them the freedom to choose from a pool of options that can include;
- Account credits
- Gift and debit cards
- Airline and hotel travel loyalty programs
- Merchandise
- Event and concert tickets
- Branded products and swag
- Charitable donation among many others.
What actions can reward your customers for?
- Increased purchases
- Writing reviews of your business
- Referring your business to others.
- Creating user-generated content among others.
Advantages of B2B Incentive programs
Increased revenue
Incentivizing your customers for making repeated purchases, recommending your business to others, or signing up for other offers from your business would encourage them to do more of these.
And this inevitably spells more revenue and better profitability for your business.
Customer data
It helps you get refined and more accurate data about your customers. The prospect of earning a reward would keep people on their toes to provide accurate data when signing up for your b2b incentive program.
Increased customer loyalty
Customers are human beings. So, it is expected that they will be more loyal, give testimonials, refer their friends to a brand that rewards them for engaging with them. They won’t be easily swayed by offerings from competitors.
3 Useful Tips For Ensuring Successful B2B Incentive Programs
To achieve a successful result through your b2b incentive initiative. Observe the following useful tips;
- Do not be vague or secretive about the reward. Let the customer know before signing up for your program what awaits him or her if he does certain actions. Secrecy breeds distrust.
- Personalize the incentive program to suit the behavior of your customer.
- Evaluate the performance of the incentive program towards achieving the company’s goal on intervals.