B2B Customer Retention: How To Improve Your B2B Loyalty Program Pt. 2
In B2B markets, retaining a small group of loyal customers can mean the difference between success and failure. According to a study by Bain & Company, B2B companies can expect between a 25 to 95 percent increase in profits with just a 5 percent boost in their customer retention rate.
Improving your customers’ experience via a loyalty program is a great way to increase retention. In part one of our series on B2B customer retention, we focused on brand values, customer experience, convenience, and more. In part two of our series, we’ll show you more ways to improve your B2B loyalty program.
Incentivize Employees To Improve Their Skills
A study conducted by Objective Management Group found that an incredibly high number of sales reps–up to 75 percent–are underperforming. Your business can fix this problem by offering training incentives through your loyalty program. Reward your sales reps with instant incentives for improving their knowledge of your products and services. Surveys, quizzes, trivia, training exercises, and other learning tools will help improve your sales reps’ confidence and skill at selling your brand and products, and loyalty rewards will motivate them to continue to improve.
Educate B2B Customers on Your Products
You may have a great product, but if your customers (or potential customers) don’t know it, then your sales will suffer. Educate your customers on your products by providing a training program, and offer your clients incentive rewards for completing the training. Webinars, workshops, blog posts, quizzes, etc. can help educate your customers on new products, features, industry insights, and more. Create specialized training and content to show your customers you’re invested in their success and their goals. A mobile-friendly training platform that has no hard completion dates and rewards customers via your loyalty program is a great way to win them over.
Recognize Your Most Valuable Customers
Not all customers are created equal, and this is especially true in the B2B world. Focus your attention on retaining the clients that matter the most. Of course, “value” is a catch-all term that could mean different things to different companies, but a good measurement is the value of the contract you have with each client. A customer loyalty program that collects data on your customers’ spending habits will offer you valuable insight and information on the value of each client, and enable your business to act accordingly. Once this information is collected, your business will be able to sort customers into tiers based on their value to your company. Resources can then be spent efficiently and effectively, and you can use B2B loyalty software to target specific clients with personalized messages, sales promotions, and rewards.
Create A B2B Loyalty Program That Is Actually Fun To Use
It seems like a no brainer, but offering a B2B loyalty program that keeps your customers engaged and excited is a great way to continue a business relationship. A program that is fresh, easy-to-use, and offers a multitude of reward options will make doing business with your company fun. Available as a fully-branded solution, our unique loyalty platform allows companies to offer branded ‘currency’ for rewards, referrals, loyalty and more. With TruCash, points convert to the most flexible of all rewards – cash!
Enhancing your customers’ experiences and improving the value of your brand is crucial to customer retention in the B2B world. A B2B loyalty program is one of the best ways to keep your customers loyal. For more information, click the image below.
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