Attracting and retaining customers is one of the key tasks of companies working in B2B. Firstly, there is a sales paradox, when a company makes 80% of its revenue from 20% of large and most loyal customers. Secondly, it saves money, since attracting a new customer is more expensive than retaining an old one. A loyalty program is not only about the desire to sell more. It is about the opportunity to get to know your customers better, adapt business processes to them and grow sales.
We will show you how to create a loyalty program, what tools successful companies use, and what mistakes should be avoid when implementing it.
TOP 10 techniques for increasing loyalty in B2B sales
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Development of personaliz product and price offers.
Creation of Business Clubs. Values offer by the Club:
research of the company’s core market. Helps armenia email list clients stay inform about trends and statistics, and make decisions bas on data.
training in effective work, sales techniques;
providing access to the Club’s knowlge base;
providing access to paid services: analytics, automation, etc.
consulting in the agre volume, etc
Long-term incentives and rewards
If B2B transactions are made less frequently, then bonuses and discounts should be valid for a longer period.
Enabling the agent to offer the end buyer exclusive terms of purchase to increase the likelihood of a sale.
Rucing bureaucratic procures when signing contracts and concluding transactions.
Convenient conditions for making china numbers transactions by an agent: working with orders 24/7, assembling individual orders for each of their end customers, the ability to specify a specific legal entity for shipment and payment, choice of payment methods, electronic document management, automatic calculation of delivery, etc. Such opportunities are available in the B2B platform , which is becoming increasingly popular.
Increas transparency of bonus calculation core web vitals and seo: key factors for a successful website and payment. In his Personal Account, the client should see what bonuses were award to him and for what.
Level programs. Each level adds new benefits for the partner
Partner offers. Agents are reward with products or services from friendly organizations, and can exchange bonuses for their products or certificates. Points can be earn, for example, for participating in corporate training, news content, fulfilling KPIs, etc.
Joint marketing.
Effects of implementing a loyalty program
Implementing a loyalty program can significantly improve business efficiency. According to a study conduct by Accenture, 77% of B2B companies report revenue growth thanks to loyalty programs.
What effects can be observ:
Improving understanding of customer nes, adapting the offer to their nes.
Increase repeat sales. Regular customers tend to spend more than new customers. A loyalty program can increase purchase frequency by 20-30%.
Ruc customer acquisition costs. Retaining existing customers is 5-7 times cheaper than attracting new ones. A loyalty program helps retain customers and ruce churn.
Increase in average check. It is more convenient to buy from a trust supplier than to search and compare different options.
Improving the nature of communication with customers and intermiaries, rucing the number of incidents.
Increase the number of referral recommendations. Satisfi partners will recommend you to their clients if necessary.
Stages of creating a loyalty program
Start by understanding your goals. The choice of goals will determine the mechanics. These could be:
increase in the frequency of purchases;
increase in the average bill;
Rucing customer churn
expansion of the customer base.
Define performance metrics and determine the current loyalty level. Typically, I use the following for this purpose: participation rates, activity rates, points write-off rates, churn rates, as well as RFM and LTV.
Study your customers. Conduct interviews, ask what is important to them when making transactions. This will help segmentation.
Decide on the type of loyalty program. There are several options, for example:
Points: accrual of points for paid orders, low accounts receivable, pick-up, etc.
Discount: privilege levels, fix or increasing discounts, retro bonuses.
Access to services.
Hybrid: a combination of different mechanics
Develop the mechanics of the program. Determine the conditions and rewards that will motivate clients.
Financial model. Calculate the costs of launching and supporting the program, including IT infrastructure and marketing costs.
Automation and technical support. Prepare the necessary IT infrastructure for program implementation, including an accounting and CRM system, a B2B platform or other sales automation and data collection tools.
Inform and train employees on how to use the loyalty program.
Through communication channels, convey the terms and benefits of the program to clients.
Measuring effectiveness: Once a program is launch, it is important to monitor its results and make changes bas on analysis of purchase data and customer feback.
