How B2B Marketers can Build Successful Customer Loyalty Programs

    How B2B Marketers can Build Successful Customer Loyalty Programs-01 (1)

    B2B marketers are always looking for new ways to attract and land new customers. However, they become so involved in this process that they often neglect other parts of the customer lifecycle.

    The B2B marketplace has become fiercely competitive. This has made it difficult and an expensive endeavor to acquire new customers. As per an industry expert, it is already more expensive to acquire new customers than existing one. On the other hand, as per Bain & Co, even a five percent increase in customer retention can help the organization to increase customer profitability by 25 to 95 percent.

    B2B organizations can achieve this profitability by building a successful customer loyalty program. While many organizations already have a customer loyalty program in place, they do not yield them the results they desire. This is mostly because most of the B2B loyalty programs are developed on the foundation of B2C programs that are not prepared for multiple stages of a B2B buyer journey.

    Before advancing with their B2B loyalty program, B2B organizations should start establishing how they can use their customer data to continuously enhance their customer relationships. Since the customer base is smaller than B2C business, B2B marketers should carefully analyze their buying habits and then develop a suitable loyalty program strategy.

    Also Read: Integrated Marketing Approach to Shape the Future of B2B Sales

    No loyalty program can carefully compensate for the quality of the products and services to satisfy the customers. However, if the organization want their customers to look forward to every new business interaction, B2B loyalty program can play a critical role:

    Here are a few strategies that B2B organizations can implement to successfully a customer loyalty program:

    Increase collaboration across multiple departments

    Most of the existing customers often interact with various departments within the organization. If they do not receive a positive across different departments, they are less likely to be loyal and start searching for new competition.

    Because of this, multiple departments across the organization must be aligned to bridge any gaps between the various services they provide. Meaning, if a customer is having an issue with a product or service, not taking responsibility for delivering a great customer experience will not do any good.

    Form partnerships with third-parties and reseller

    By forming a strategic partnership with an organization that provides complementary products or services, B2B organizations can position their business as an integrated service that meets the various needs of the customers. This will help the B2B organization to increase its customer engagement opportunities. Moreover, by developing loyalty programs for the third-party resellers and distributors, B2B organizations can create a robust distribution network, raise brand awareness, and have more customers in place.

    Also Read: Five Common ABM Mistakes B2B Marketers Must Avoid In 2022

    Clearly define how the customer will be loyal  

    The term loyalty can often feel vague. Meaning B2B marketers can get confused about measuring loyalty for their customers. This can result in a fragmented loyalty program that fails to deliver on expected results, thus wasting resources and marketing efforts.

    To tackle this problem, B2B marketers should establish what specific actions they want their customers to take to shape their loyalty program. They should choose just one thing such as whether they want their customers to change their behavior, understand how much of a difference it will make as well as how the organization can reward their customers for their actions.

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