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B2B Companies have so many accounts, but so few hours in the day. You’re a big manufacturer or wholesale distributor with hundreds or even thousands of accounts. Your business model is based on customer acquisition and customer retention.
Your sales team compensation is largely or entirely commission-based. In the course of an average day, who do they tend to call on? The biggest, most important 20-30% of your business customer accounts of course, as there simply isn’t enough time to connect with everyone, so they look after your bread and butter accounts.
But consider a few realities…
Those top customers are also high on your competitor’s prospect lists and as a result, those accounts tend to be over-serviced and afford little room for sales growth. Further, because they’re so sought after, they can negotiate more aggressively, playing you and your competition against one another, resulting in some of your lowest margin business.
What about all the smaller accounts your team doesn’t have time to pursue? In total, they actually represent an incredible opportunity for sales growth and higher margins – if only you could get in there and call on them all and capture more of their spending for your products and services.
B2B Reward programs are actually automated performance-based selling engines. Loyalty rewards increase your visibility with accounts, ensuring you are more top-of-mind when it comes time to place orders in your category. You can easily use your program to target specific sales gaps or opportunities with strategic bonus offers and reward points designed to change customer behavior.
We studied over 10,000 transactions for a wholesale distributor in the automotive category who launched a B2B reward program targeting tire shop owners, comparing 8 months of pre- and post-program data. Customer data shows:
When structured and operated properly, results like these are common. The reason more and more companies choose to employ reward programs is because they improve customer experience and deliver terrific ROI.
A good B2B loyalty program is a valuable sales tool, providing added account coverage for smaller accounts and more leverage for your sales team when they call on bigger accounts. But they require care and attention to succeed. Let Lift & Shift bring some bench strength to your sales team with a custom B2B customer loyalty program.
This article is part of a series covering how growth-based loyalty programs can elevate sales and company profits by incentivizing current customers to spend more, attracting new customers with appealing rewards, and motivating your sales team.
If you'd like to learn more about B2B Loyalty Programs, then please read the next article in the series: "Competing Against E-commerce Giants: The Power of B2B Loyalty Programs".
For an overview of all articles in the series, please visit our resource page "The Ultimate Guide to B2B Loyalty Programs".
Lift & Shift offers a powerful B2B reward platform that can help your company leverage its sales data to drive incremental purchases with customers and channel partners or motivate sales staff. We work with manufacturers, distributors and service providers to analyze sales data, identifying purchasing gaps and other valuable targeting opportunities.
We create and deliver highly relevant offers to customers, in-house sales staff or sales associates, motivating your target audience to respond, using a wide array of appealing reward options as influencers. Our performance-based reward structures deliver an unparalleled return on investment, with absolutely no wasted budget.
Our customizable reward platform enables clients to easily benefit from a robust loyalty reward program. It's affordable and includes Lift & Shift’s turnkey professional program administration. We take care of everything so you can focus on your key initiatives.
Looking to create or
improve your program?
We can help!