When we set out some business, customers etc. and they do some good number of purchasing of services from us, we don’t want to let them go easily. We apply many of the things to make them our regular customers. However, many a time it has been seen that due to having different offers, customers go with some other business or shops. To not let this happen, a B2B loyalty program in Singapore has been constructed. With the help of this program, many of the business owners have seen a great advantage in their businesses. There are many benefits to applying for this B2B loyalty program in any business. In this article, we will get to know some of its very important benefits for which you can also apply for this program in your business.
Before we move to our main topic, it’s very important to know first what a B2B loyalty program is.
B2B loyalty program
B2B loyalty program is a very unique type of program. Under this program, some special kind of benefits is given to our those customers who do business with us most repeatedly. These benefits, given to them, maybe in the form of cashback, free delivery, additional discounts, vouchers etc.
This is just a very short explanation of this which you got to know above. For more detail, you may read our other articles also on this topic. Let’s move now to our main topic of today that is, some advantages of the B2B loyalty program.
Retaining existing partners and customers
There are many advantages to having B2B loyalty programs. One of it’s most visible benefits is retaining existing partners and customers. We all know that just like us, every company tries to attract individual customers and companies. For this purpose, they also offer some very attractive offers for new customers like an extra discount on joining, Early access to sale, etc. The effect of this all will let you not just retain your existing customers but at the same time to get more customers if you will provide similar or better offers. Therefore if you want to make your partner businesses or companies stay longer with you and get new customers, you will have to offer them some additional benefits through the B2B loyalty program.
Increasing in sale
It’s pretty sure that just like many of the people, you may also think why it’s important to apply for a B2B loyalty program? How it will affect the sale? It’s pretty simple to understand if you could focus fully on it. When you give the benefits of a loyalty program to your customers or business, he will be motivated by self to do the next similar purchase of things or services from you only in the hope of getting the benefits of the loyalty program. When he will be self-motivated, automatically he will tell about the same benefits to others and hence the chances will increase further to have new customers in your business.
Let us understand this all through a very simple example. Suppose you sell a notebook to any student and say him to give a discount of 10 % on the next purchase. You may also inform him that on every next purchase of the notebook, he will be given an extra 1 % discount. It’s pretty sure that after getting these extra discounts, he must share this info with his classmates and they may also come to your shop to get the same benefits. Thus, your sale will increase through this B2B loyalty program or channel reward automatically.
Building a personal relationship
When our business partners or customers, either at a small scale or large scale, get connected with us through some loyalty program, not just we have the instantaneous benefits from them but we also develop a bonding with them. As long as we keep on doing successful businesses without business partners or teams, these relationships also keep on becoming stronger and stronger. Based on this, we also get some new business partners and customers who also find the same trust in us just like our existing business and customers. Thus rewarding the customers with this type of customer reward helps us in making good relationships with them.
Now since we have a good relationship with them, we can also know even better what the actual thing they want is but they are not able to express that. Through all these things, the ultimate benefit we get is the knowledge of the area of our business which needs some improvement. Thus the loyalty program helps us to know our customers and their problems in a better way as with the help of this, a good relationship gets developed with the business or customers which further helps us in selling more.
Chances increase to get new partners
It has been seen a lot that mouth publicity works even better sometimes than just advertising on board. With the help of mouth publicity, people tell their true feelings which attracts others a lot and they also want to witness it. Therefore, if we give some loyalty program benefits to the business partners or our existing customers, at some point in time, they share these benefits with some other people or business. That new person or businesses, who listen about it also think to get this genuine benefit by connecting with us. Therefore, a loyalty program can help a business or others a lot to increase the chances of getting new customers or partners with the help of their mouth publicity of our loyalty programs and their benefits.
Above we got to know some of the very good advantages of B2B loyalty programs in Singapore.