How B2B Loyalty Programs can Redefine Value in COVID-19

Loyalty programs are strategic marketing actions to attract and retain loyal customers. Usually, the customers are offered some kind of rewards (discount, membership, rewards points, etc.) to make a repeat business with a particular brand. As brand loyalty customers are an asset for a business, marketers are emphasizing on adopting a loyalty program. However, companies need to change their marketing strategies including rewards programs in a pandemic situation like COVID-19.

It is imperative to adapt the market change and run business operations. Companies should think about productive tactics and encourage the audience to get involved in value-added experience rather than sales behaviour. Maintaining essential engagement and brand awareness is the key while serving loyalty programs in the pandemic.

As such, you need to reconsider the values of B2B loyalty programs in the rampant circumstances. Considering the situation, loyalty programs need to be redefined, here is how to do it. This blog focuses on the top ways that allow redefining the value of B2B loyalty programs in COVID-19.

1. Educate the audience

Now is the time to educate and reward the prospects by offering additional product knowledge, sales skills, compliance, or certifications. Most of the time business clients are willing to educate themselves for the betterment. And, in the COVID-19 pandemic, with the spare time, they will surely walk with you.
Thus, introduce distance learning through short online training modules, quizzes, videos, etc. Those are remarkably competent in upskilling the resellers or business partners and assuring that you remain at the forefront of their first choice when demand returns. Your research has shown that completing education-based tasks has an excellent brand and product recall with longer trailing effects than ordinary tactical promotional executions.

2. Embrace the change

B2B clients are not looking for new widgets, products or services while facing the uncertainty. Instead, they look for a quality experience that helps them to combat the situation and recognize the strategies to overcome the damage. So, use this time as an exclusive opportunity to establish a mindful reputation of a business. Introduce new elements with thoughtful and targeted solutions into the loyalty program you offer.
Listening to customers is beneficial all the time, but uncertain times, gauzing strategies are critical. B2B loyalty programs allow the powers to reach out directly to the customers and get their input expeditiously and efficiently.

3. Communicate frequently with the customers

When there is a pandemic going around like COVID- 19, it doesn’t mean you should stop communicating with the prospects. Even if you can’t be physically present at your business location, virtual presence makes a difference. If it’s a special occasion or your clients like anniversary, make sure to wish them. Apart from this, regular updates about industry or newsletter should be scheduled as per the routine.
Furthermore, frequent, regular communication reminds the client about your business. With the pandemic of COVID-19 do not let your clients forget about the products and services you provide. Solve customers\’ queries as soon as possible, and be prepared for virtual assistance all the time.

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4. Adapt innovative approaches

When B2B programs are fully integrated, it’s a big win-win for businesses. Identify clients\’ pain points and offer strategic solutions for the same. The adoption of an innovative approach is not limited to producing new products or services. Streamlining processes can be an exceedingly relevant innovation for both parties (customers and organizations).
Strategic loyalty programs are tricky to duplicate. It is quite another establishment of a conversation with your participants. And, mobilize resources to respond to your learnings, and create a valuable customer experience for the products and services. Hence, thinks of innovative, uniques tactics to imply in the loyalty program and keep the clients attracted.

5. Suggest the best solutions

As B2B clients are always looking for expertise, suggesting pro tips will work. Once you have identified the sweeping concern, consult the industry experts and make recommendations for the prospects. For instance, in the case of COVID-19, you can conduct an exclusive webinar for your clients to inform about the ways of dealing with the crisis in this situation. However, it is crucial to double-check the tips you are offering are from credible sources.

The current marketplace is nothing like it was a few months ago. Responding quickly to gauge the market and approaching concerns could make a huge difference in just surviving or thriving the prevailing circumstances. So, it is the right time to redefine the value of the loyalty program you are offering (by suggesting the best solutions that market demands)and gain a competitive advantage.

6. Encourage Clients engagement

The other way to add value to the B2B loyalty program is to encourage clients participation. You can always reward them to introduce new customers for loyalty programs. And, you can add schemes like refer a friend and get rewards. Besides, online gamification is also an interactive way to boost engagement with clients.
Ask the clients to participate in non-business activities like writing testimonials. And organize contests or surveys to know your customers well. These activities not only encouraged clients’ active participation but also bond a strong relationship between you and your prospects.

Surely, COVID-19 has changed the way of doing business across the world. But, it does not mean to hold back completely. Take your business online and use this time to build a strong relationship with your clients. Identify the strategies to stay connected with the customers by understanding the current scenario. Also, propel a chance to understand how much you value them. B2B customer base always looks for opportunities to gather useful knowledge and relevant experience.

Hence, B2B loyalty programs also need to be modified in some way to approach the prospects. And, the refined program impacts positively for businesses. Contact us for more information about the B2B loyalty programs!