When it comes to using incentive rewards in B2B marketing, there are so many ways to get creative. Here are seven incentive strategies we recommend to give your channel marketing an edge.
Your “VIP market collective” should include your top channel customers, the ones whose customer retention is vital to your business’ survival. Collaboration and market insight exchange are the names of the game, here, but B2B loyalty rewards are a great way to put your money where your mouth is.
Establish a loyalty program
Inviting non-competing affiliate businesses to co-sponsor your customer loyalty program. This way, you both pay less to run the program. The benefits for the participant double, though, which increases participation and ROI.
Promote your B2B brand values.
B2B customer loyalty programs help you promote your brand values. The way you present the program and the kinds of channel incentive rewards you offer say a lot about who you are and what you stand for. Customers who get to know the “real you” will trust and invest in your brand more.
Arrange incentive trips.
Take an incentive trip with your most valued channel sales partners. It will strengthen your relationships with them by creating long-lasting, positive memories. Take advantage of the trip as a chance to share market strategies and come up with innovative industry ideas, too.
Offer rewards for high-margin purchases.
Offer incentive rewards to sales reps and channel partners for selling and promoting your high-margin, supplemental or prestige products. Short-term SPIFs rewards can energize sales motivation quickly.
Increase warranties, registrations, and aftermarket services.
Increase margin incrementally by rewarding customers who add on or extend warranties, schedule aftermarket service or register products. Not only is this better for sales numbers, it gives you more opportunity to prove to customers you’re there for them when it counts.
Keep product knowledge sharp and up-to-date with training incentives.
Offer sales reps or B2B customers rewards for polishing up on their product and policy knowledge. You can encourage them to pass quizzes, submit surveys or earn new certifications. When your sales channel is more informed, it could be the defining differentiator that leaves your competition in the dust.