What is a B2B reward program?
A B2B reward program is essentially the same as a consumer loyalty program, in the sense that it rewards customers for behaviours that are profitable to the business and helps a company build strong relationships that attract and retain the best customers.
]Any business with customers can benefit from a reward program because there is always a person in the process that is making the decisions about who to do business with, as well as what, how much, and when to buy. That includes B2B companies.
What’s different with B2B rewards programs compared to consumer ones is simply the goals the business is trying to achieve or the challenges they face. B2B companies will have goals such as driving sales and revenue, attracting and retaining customers, and standing out from the competition.
What B2B companies can also do with reward offers is:
- Encourage long-term contracts
- Get quicker and more consistent invoice payments
- Get customers signed up for paperless billing or electronic funds transfer payments
- Reactivate dormant clients
- Acquire more market share by winning over competitors’ clients
- Protect margins by reducing discounting or competing on price alone
- And more!
That person who makes the company decisions will always be looking for the best possible value (the best deal) for the business. And when competitors can match or beat their price, a unique benefit or incentive moves the needle.