Unlocking revenue with B2B loyalty programmes

Posted on 26 Jun 2023 by The Manufacturer
Partner Content

As the economic climate remains uncertain, B2B companies are grappling with a host of challenges in the marketplace.

These challenges include rising costs, eroding profit margins, and supply chain constraints, which can lead to anxiety for partners and customers. As a result, many are considering backup plans and multiple suppliers to mitigate the risks associated with these challenges.

In such a dynamic environment, it is crucial for B2B companies to adopt a proactive approach and build resilient partnerships with customers and partners through strategic B2B loyalty programmes. By doing so, B2B companies can not only weather the current economic storm but also emerge stronger and more competitive in the long run.

The power of B2B loyalty

In today’s competitive business landscape, loyalty has become a critical factor in driving revenue growth and building resilient partnerships. 85% of business buyers say the experience a business provides is as important as its products and services (Salesforce).

OSF Digital’s webinar on “Loyalty That Pays: Maximising Revenue With B2B Loyalty Programs” highlights that to truly leverage the power of loyalty in the B2B space, companies need to move beyond traditional loyalty programmes and consider the entire value chain, including channel partners and customers.

B2B loyalty for channel partners and customers

When it comes to loyalty, it’s important to focus on Key Performance Indicators (KPIs) that will help measure the success of the loyalty program. In the webinar, viewers learn that loyalty can be broken down into two buckets: channel partners and customers.

  • It’s important to work with your channel partners in a structured programme to ensure that they are properly representing your brand in the marketplace. This includes enabling, educating, and training them to increase their wallet share. By fostering an environment for collaborative selling, you can ensure that the investments you make in them and the local markets are seeing the right returns on investment.
  • Loyalty is also about creating a true partnership with your customers. Loyalty is considered a better metric to measure success than customer satisfaction. To achieve greater loyalty, it is crucial to segment customers by their lifetime value potential to understand each customer’s potential. Then, focus on driving actions that increase loyalty with each member of the value chain. This requires a collaborative approach that involves enabling partners and driving actions with customers both externally and internally. By adopting this approach, businesses can build strong relationships with their customers and increase their chances of success in the B2B space.

Launching a strategic B2B loyalty programme

To build a B2B loyalty programme that drives revenue growth, it is essential to focus on the pillars of a digital strategy, including content, customer experience, marketing, data, and technology.

However, it is equally important to consider the foundational element of people and organisation. This involves identifying a loyalty champion who can navigate the launch process, gain buy-in, and work with teams in your organisation to drive actions and build trust.

Take the first step to powering your B2B loyalty for revenue growth by signing up for a loyalty assessment with OSF Digital here.