Through a B2B loyalty program, you can use award incentives and supportive services to motivate your partners to prioritize your product. Loyalty programs can substantially boost channel sales – but only if they’re handled correctly.
A good B2B loyalty program needs efficient software and a dedicated team supporting it. That means time and resources must be devoted to it. But time and resources are luxuries – so how can you save on your expenditures while delivering the best loyalty program for your partners?
Consider outside services to supplement your loyalty program management. Utilizing efficient software and a team of loyalty specialists can not only save you money but also increase revenue in the long run.
Save on B2B loyalty program costs with these services:
Reward Fulfillment Services
Patience is a virtue, except when it comes to your rewards experience. Immediate gratification is more likely to encourage long-term commitment than a delayed reward. This is because it strengthens the relationship between action and consequence; they know that working for your product will immediately benefit them. So, if you frustrate your partners with slow or botched deliveries, you could have difficulty retaining investment in your program.
This is when a specialized, automated service comes in handy. As soon as a salesperson sells your product, they can submit a receipt to the program, instantly receiving points. Once they redeem those points, the system will automatically send them verification and notify the delivery team to send out the reward. It’s a seamless, instantly gratifying experience with minimal room for human error.
Participant Support Services
17% of participants will leave after just one bad experience.
A reward program should be a pleasant experience. That’s a no-brainer. But like anything, there can be hiccups. Perhaps a participant can’t figure out how to redeem points, or there’s an error in delivery. Frustrating your participants could be devastating – 17% will leave just after one bad experience. People are not patient when it comes to receiving items, and so when things go wrong, you need people who can respond quickly to the problem.
A participant reward service is a way of doing that. By having a specialized, expert-trained team readily available to provide technical support to participants, you reduce the risk and potential cost of them disengaging with your service.
Sometimes your participants may not understand the value of your B2B loyalty program. They could miss out on award opportunities, while you lose the benefit of their engagement. Rather than spending considerable time and resources on raising awareness, why not trust a team that specializes in loyalty messaging and has experience with successful campaigns? A dedicated team knows how to excite your participants about your program through creative marketing. Incentive emails like ours didn’t exceed our MQL goal by 40.8% for nothing!
Our incentive emails helped exceed our MQL goal by 40.8%
Incentive Travel and Event Services
$2.90 return for every $1 spent.
Incentive travel is a powerful tool to have in your B2B loyalty program, with a potential $2.90 return for every $1 spent. It can be quite an effort to pull off well, considering that you may have to select the best destination, get plane tickets on time, find the right hotels, etc.
Getting anything wrong could mean not only a significant headache but also a significant expense. Protect your sanity by hiring an expert travel service so that your employees get the trip they want, and you get the ROI you deserve. Hiring a service with established connections to the travel industry will also broaden your choice of destinations and ensure the best experience possible.
Some of the ways travel services can help include:
- Site Selection – A free venue search with hotel selection, so you never wind up in a place much creepier than it looked in the photo.
- Contract Negotiation – A team with years of contract experience can ensure that your event plans are secure and affordable.
- Event Staffing – Let an experienced team find the best people to support your event needs, whether it be food and beverage workers, performers, or audio/video technicians.
- Group Airfare and Ticketing – Avoid the scheduling schedule and random prices by having experts on top of ticket acquisition
ROI & Gap Analysis
Success is never a given, and you needproof that your investment is worthwhile. Companies who said metrics were unnecessary to justify incentive program investment dropped from 57% in 2018 to 39% in 2019. That’s why a professional incentive consultation comes in handy, as that team can help you:
- Identify the best loyalty program strategy for meeting your goals
- Determine the best key performance indicators (KPIs) to follow
- Show other positive results from the program, such as:
- Overall sales lift
- Additional website traffic
- Sales and marketing insights gained from customer data
- Select the tools, features, or strategies best suited to scaling the program’s success.
Companies that said that incentive programs didn’t need to be justified with metrics…
Dropped from 57% to 39%
We offer these and more.
In case we haven’t made it obvious, Extu also offers these incentive services. Want greater returns while saving costs on B2B loyalty program management? Contact us!