5 Ways to Generate B2B Loyalty
Don't worry, it won't break the bank. Here are 5 ideas to get you thinking, ranging from low cost to the more complex:
1. The first example of a low intensity scheme is a with a voucher or money off with the next transaction. People like to save money and gain offers, that's why the Tesco Clubcard and Nectar card is so popular, so a '£5 off when you spend £40 at Argos' voucher would be ideal. The only disadvantage to this is that you need to find a deal exclusive to the customer and not a general one they can find online anyway.
2. A Card Stamp is a more traditional reward. With this card you can gain a stamp with each transaction and you don't have to redeem it online. The benefit of this is that it's quick and easy, the customer is more likely to spend if there is a rewards transaction and will repeat their purchases if they can redeem a new card. The real disadvantage to this is that you're treating every customer the same, not necessarily getting any feedback and as there is no data you can't learn what the consumer preferences are for rewards.
3. Surprise & Delight is a scheme that enables you to reward your customer every time they hit a benchmark with you. An example being when they spend £1.5k they get a reward. It's a straight-forward process in which the customer is emailed, and the reward is dispatched to the branch where the customer will pick it up from. The surprise will generate a feel-good factor, and although it doesn't need to be a big reward it will still reinforce a positive relationship with the company. The only downside to this is that the customer isn't driven to achieve.
4. Fuel and Restaurant Cards are a great way to reward your customers. Not only that, as they must register online, it is an easy way for you to capture customer details, data and view their flow of transactions. When you issue this reward card and rewards you can top it up electronically and on an ongoing basis.
5. With a Full Loyalty Programme, you can use a points based system. This system can be tiered, in that the more points the customer earns, the better the reward. The different levels can show complexity, but this system means you can personalise offers through data mining of transactions. Although the complexity adds to the cost and time commitment, it does allow you to influence behaviour more consistently and keep the customer happy.