According to a study by McKinsey & Company in April 2020, B2B marketing spend has seen a dramatic shift in response to COVID-19. Spending and optimism around B2B segments — like almost all business — has been influenced by what feels like the predictions of people riding blind on a roller coaster trying to predict the next rise or drop. Yet, the implications that are arising for B2B marketers are clear:
- Spending more on customers and less on prospects; think: a customer retention focus among best customers
- Revised loyalty designs across the spectrum with strong expectations for new digital technologies to enable customer relationships
But what does this all mean, especially as it comes at a time when B2B Loyalty is already less understood and often difficult for many loyalty marketers to accurately define. For many marketers, business to consumer (B2C) loyalty is pretty straightforward, but business to business (B2B) can be a very different animal. There are more people who influence the relationship. There are a host of different land mines to navigate in a B2B loyalty approach including company policies and purchasing procedures. And different people in an organization have different agendas depending upon their roles.
B2B marketers tend to work with a more limited number of channel partners or customers. Most businesses who sell to other businesses only have a few hundred or perhaps even a few thousand primary accounts. They lean to investing more in developing and retaining these relationships because they tend to generate tens or even hundreds of thousands of dollars annually. Some even generate millions each year. In this case, the loss of even one loyal customer could be devastating. Do you see why customer retention and a focus on not only current, but loyal customers is so important among B2B providers?
Join us on this free webinar to take a look at how activity-based principals of channel programs can be applied to B2C loyalty initiatives creating stronger bonds with customers. The session will also offer ideas for B2B Loyalty professionals to more fully engage and align channel partners, their sales staff, and customer service personnel to help strengthen reseller networks in these uncertain times.
The presentation will be led by three members of the Hinda Incentives / Hinda Loyalty Group team: Theresa Thomas, Vice President – Strategic Solutions; Tom Campbell, Business Development Director; and Stacey Allgeier, Loyalty Account Manager. It will be hosted by Bill Hanifin, CEO & Managing Editor of Wise Marketer.