We’ve heard it said on more than one occasion that “B2B loyalty is just the same as consumer loyalty”. Not true. There’s a big distinction between B2C and B2B loyalty programs that many people miss.
Building a loyalty strategy for a B2B program should be grounded in most of the same set of core principles as B2C programs, but it’s the dynamics of the B2B ecosystem that demand attention if you want to hit your mark and be successful.
A recent report from Forrester shared that inquiries for vendor services in the business service sector were higher than any other category as of mid-2021. Our ear to the market confirms that the business to business loyalty segment is extremely active, with high demand for strategy and enabling technology.
Our timely conversation with Tracey Martin, Client Service Director with Incentive Solutions, sheds valuable light on the commonalities and contrasts between B2B and B2C program design. In this fast-paced video interview, Tracey starts by confirming the areas of common ground — rewards, relevance and recognition, and then the conversation turns to dive deep into how strategy must be tailored to meet business needs.
Smaller target markets, longer buying cycles, and different economics call for strategy that takes all of this into consideration and Tracey covers every bit of it.
We hope you enjoy the discussion.
Incentive Solutions has been delivering data-driven initiatives for B2B loyalty, consumer loyalty, and employee engagement for over 25 years. They are based in Auckland, NZ and have helped 100 of New Zealand’s top companies in addition to clients in the US and beyond.