Why B2B Loyalty Programs is need of the Hour?
The B2B landscape entails dealings between two business firms, like a retailer, manufacturer, wholesaler and dealer. Every business firm wants clients that can give them business till eternity. However, retaining an old client is not as easy as it may sound, especially in this era of cut-throat competition. Losing loyal clients could significantly undermine your efforts to take your business to new heights. That said, businesses must pay heed to B2B Loyalty Programs as they are especially designed to help you keep a good hold of your business clients, coupled with performance track and analytics reports.
A recent survey showed that the cost of acquiring a new client is 10 times more than retaining an old client. Besides, new client acquisition is more extortionate than retaining the old client.
The Takeaway: It's paramount for every business to earn user loyalty. And the best way to ensure that is adopting B2B Loyalty Programs.
How B2B Loyalty Programs Help Keep a Tenacious Hold of Old Customers
‘B2B Loyalty Programs’ go a long way in maintaining large business users for lead generation by offering rich, cost-effective and scalable feature for any size enterprise. It helps retain existing dealers, improve brand value and ultimately increase business growth. If you want your users to remain loyal, you must find a way to ‘WOW’ them. The best part of the ‘B2B Loyalty Program’ is that it offers unprecedented experience to its dealers in a fun filled environment. ‘Online B2B Loyalty Programs’ are much more effective than conventional ones when it comes to time and money. They are much easier and quicker to set up when compared to the existing Loyalty Programs that take weeks or even months to flourish. A survey conducted by Forrester research showed that an average company loses 10% of their clients every year. But, business owners can bring ‘Online B2B Loyalty Programs’ to their rescue. The statistics even showed that a 2% increase in customer retention is equivalent to profit on 10% cost cuts. The Pepperdine University Graziadio Business Review, leaked out the report claiming that ‘Online B2B Loyalty Programs’ help retain 92% of the customers compared to 68% customer acquisition rate from advertisements. Below are a few key features offered by the ‘B2B Loyalty Program’:-
SOCIAL FAN PROGRAM BUZZ MARKETING INFLUENCER MARKETING CUSTOM FACEBOOK APPS VIRAL MARKETING
The common Loyalty Programs involve offering of reward points to their customers, often adding incentives for making a purchase. Offering Loyalty reward programs with the needs of the users could prove to be the best marketing strategy one can follow.
To cite an example, one of the best retail Loyalty Program is Starbucks Rewards. The statistical report showed that the B2B Loyalty Program helped the firm raise its revenue to stunning heights of $2.65 billion.
Customer loyalty programs have become the need of the hour for almost every business, regardless of their sizes. Have you ever been part of a customer loyalty program? What you think about the efficacy of customer loyalty programs? As always, your views are vital for us, please add them in the comment box below.
