Narrowing Down the Best Loyalty Program for Growth

There are a lot of factors to consider when researching how to implement a solid loyalty program for your business. Here are some ideas and best practices that should help your research.

First, Establish Your Goal(s)

Incentive programs can accomplish multiple things. Are you trying to drive employee engagement? Motivate your sales team? Gather end-buyer data? Understanding your priorities is the first step to figuring out how to get that end result. Here are a few ideas to get you started:

Motivate Sales

You can use an incentive program to motivate your sale team to complete desired behaviors. This includes taking sales enablement training, increasing their close rate, or selling more of a specific product/service.

Increase sales motivation

Build Brand Loyalty

A loyalty program can drive repeat business, enhance customer lifetime value, and foster brand advocacy, resulting in sustained revenue growth and a stronger financial position.

Foster brand allegiance

Engage Employees

You can get your employees to complete desired behaviors, such as take security training, and completing projects early. Better yet, you can foster a culture of inclusion and acknowledgement, with a leaderboard or social wall, where employees can congratulate one another or give teammates kudos.

Motivate and honor employees

Understand End-Buyers

You can use an incentive program to gather information about your end-buyers. Motivate them by offering a rebate for warranty information, getting them to take a survey or create a profile.

Decode buyer behavior

Beat Competitors

If your competitors have a loyalty program, you’re all but required to have one as well, just to keep in line with the competition. How do you get ahead of them? Give your audience better incentives.

Outperform rivals

Maximize ROI

A well-designed B2B loyalty program can maximize ROI by boosting customer retention, increasing repeat purchases, fostering referrals, and enhancing brand value, all leading to a more efficient and profitable business model.