After almost every loyalty-related speech I give, I get some variation of the following question: "How does this apply to B2B?" Sure, customer loyalty programs are most frequently associated with consumer-facing rewards schemes, but earning customer loyalty is very important for B2B companies too. After all, loyal and satisfied B2B customers provide testimonials, case studies, and referrals that result in a fuller and more qualified pipeline of new business. It can be easy for B2B marketers to dismiss consumer loyalty models as inapplicable to their complex business relationships, but there's a lot more to consumer loyalty than points and discounts.
In my latest report, "B2B Loyalty, The B2C Way," I explore how B2B companies can use consumer loyalty principles to deepen their business relationships. Looking past rewards, they specifically stand to benefit from three core tenets of loyalty embraced by successful B2C loyalty marketers:
- A deep understanding of customer needs and motivations. B2B companies are not immune to the age of the customer, and in order to increase their customer obsession, they must continue to grow their knowledge about the customer. Building this knowledge-base from sources like satisfaction surveys, digital interactions, and customer success management systems is especially important given the complexity of B2B purchase decisions.
- Consistent customer interactions across organizational silos. Business customers interact with many parts of the organization including marketing, sales, service, and support. Reaching across the aisle to teams that interface most frequently with customers, resellers, and end users leads to more productive customer outcomes.
- An adaptive strategy that accounts for the changing customer and market landscape. An iterative approach protects against stagnation and ensures resilience in the face of rapidly evolving customer expectations and competitve conditions.
If you're responsible for, or thinking about how to earn the loyalty of your business customers, we'd love to hear from you. Leave a comment below, send me an email, or if you're a client, schedule an inquiry.