Reward Programs: Engaging Business Customers Through Incentive

1. B2B Incentive and Reward Programs Reward Programs: Engaging Business Customers Through Incentive

2. B2B incentive and reward programs 101 If you work in B2B, you will understand that engaging with partners and business customers requires a completely different approach to B2C. For starters, purchasing behaviour is driven by a whole different set of needs and wants. Unlike consumers, a business makes budgeted and large scale purchases. So decisions are logical as buyers look for efficiency in the purchase, i.e., time, money, and resources.

3. What is a B2B Incentive Program? The B2B incentives principle is very simple: take the action we want, and you will receive something in return – a reward. Incentive and reward programs are a way for businesses to drive loyalty and change purchasing behaviour in their channel. Whether aimed at sales partners or business customers, a reward is an engaging way to help change habits and achieve a company’s objective —namely, incremental sales volume, sales growth, a deeper share of wallet, market share or price protection.

4. Strategy First Rewards Second When planning an incentive, it is easy to start thinking of what will attract customers to participate and engage with the offer/program. In other words, it is normal to think of the reward first. The problem with this approach is that it assumes rewards are the only driver of behaviours and that the reward itself is the solution to the marketing challenges at stake. Whilst a reward is a key component of any incentive program, we need first to understand the challenges and problems preventing the company from achieving its objectives.

5. B2B Rewards There are many ways to classify a reward. For example, you can divide them as tangible or intangible or financial or non-financial. But to keep it simple, B2B rewards generally fall into one of the following categories:

6. Merchandise Rewards One way to reward is by offering customers points to redeem merchandise items in a catalogue, bought at discounted prices because companies such as 212F buy large volumes from suppliers. This means participants get more bang for their ‘points’, and you offer a high perceived value reward, although the actual cost is less to the business. Since it is possible to tailor a reward catalogue to meet any budget and taste, there will be an engaging reward for everyone.

7. Branded Cash Imagine giving someone a Visa prepaid gift card with your brand —you are giving the freedom of choice, and your brand will be present every time the card is used. Unlike store gift cards, which can only be used at the retailer’s network, Visa is accepted anywhere. In-store, online, and overseas, which is perhaps the strongest value for participants.

8. Travel Incentives Companies consider incentive travel as the pinnacle of reward offers. Travelling inspires and excites customers and partners to achieve results like no other rewards. It celebrates the success of partners who’ve achieved big results or gone well above and beyond expectations. This shared drive and qualification build a community of like-minded, successful customers associated with your brand.

9. Communications Defining your incentive and reward strategy is a big step in program design. There are a lot of moving parts and elements to consider. Getting your program design right is crucial. The next element that ties the program’s mechanics, the communications. offer, and participants together is program A well-designed communications strategy is the backbone of a program. Whilst letting customers and partners know the program criteria and the reward on offer, the communications behaviours to meet the incentive objectives. main goal is to drive purchasing

10. Source https://212f.com/incentive-and-reward-programs/

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