As competition for business continues to heat up among the players in your industry, how do you attract, grow and retain customers? One important way to enhance mind share and grow account share is through compelling Sales Incentive Programs. All you need to do is partner with us – and let The Incentive Group do the heavy lifting.
Sales Incentive Programs That Pay Off
As a top B2B loyalty rewards program provider, we have over 30 years of account management and consultancy to develop, customize and oversee the best loyalty programs for your business. Based on your business model, there are three effective ways to approach sales incentive programs:
B2B Customer Loyalty Programs
B2B Customer Loyalty Programs were created to help organizations formulate and retain brand loyalty with the companies they do business with. It’s believed to take as much as 5x the effort to get a new customer than to keep a current one – and loyal, long-term clients tend to spend far more than newly acquired ones. Therefore, it makes sense to institute a B2B customer loyalty program that incentivizes long-term clients so they’ll continue to choose your company for the products and services they need. Using B2B loyalty programs, you engage businesses and increase your sales while providing essential market insights.
Channel Incentive Programs
When channel partners receive a reward for selling your products, data indicates that they’ll sell more and lead with your brand. This simple concept has been proven time and again. There are many levels of channel sales incentive programs. An example of a Channel Incentive Program is the local appliance salesperson promoting one dishwasher brand over another when pitching to their customers. They may be incentivized to push high-margin products or those with excess inventory. With channel incentive programs, the goal is to engage your Dealers, Agents, Retailers, Resellers, Contractors and Distributors, resulting in a significant revenue lift.
SPIFFs are put in place to increase sales over a certain period. Rather than focusing on a particular product, these sales incentive programs are based on each salesperson’s ability to generate the most revenue. Effective SPIFF programs can enable companies to surpass sales goals, enhance brand awareness and improve sales rep engagement.
B2B Customer Loyalty Program A/B Control Group Case Study
This program was conducted by The Incentive Group for an independent Distributor who has the responsibility for selling a broad mix of products.
Our objective was to engage the Small Business Customers who were predominantly retailers and get them to stock and lead with our client’s brands. The desired outcome was to increase sales over the 9-month period based on signing up new customers, expanding availability and cross sell at existing customers and shifting the sales mix in favor of more profitable products. For each qualifying product, the independent retailer purchased, they earned valuable points redeemable towards a curated collection of travel and merchandise rewards provided on the Rewards Program site we created and managed. Ongoing outbound email communications and inbound site visits drove deeper, more pervasive levels of customer engagement. It’s important to note these small business retailers have the choice to carry brands by multiple competing manufacturers. Our B2B Loyalty Program motivated retailers to lead with our client’s product and discontinue competitive purchases.
Proven Program Results and Attribution
- SMB customers in our test cell increased sales by 27%
- Control group increased by only 14%
- Yielding 13% incremental Revenue Growth attributable to our B2B Loyalty Program
- 1,988 New Customers
- Shift mix to more profitable products
- Now in their 15th consecutive year as our client
Put Our B2B Sales Incentive Programs to Work for You
We invite you to explore the B2B loyalty programs we can create for your organization. At The Incentive Group, our dedication to delivering results puts us ahead of other loyalty platform providers. If you’re ready to launch a successful B2B sales reward program using a loyalty agency with decades of experience reaching and exceeding client goals, contact The Incentive Group today.
Frequently Asked Questions About Sales Incentive Programs
Finding the best Sales Incentive Programs for your company is a process we can help you navigate. Doubtless, you have many questions right off the bat, so we’ve answered some of the most common ones here. Please feel free to reach out when you’re ready to learn more about how we can help you boost your business.
What Is Your Loyalty Management Platform Called?
Our proprietary loyalty management platform is affectionately known as inGauge. This best-in-class white-label platform brings innovative features and functionality to maximize loyalty program performance management. Check out inGauge’s ability to effectively Communicate, Educate and Motivate your participants.
What Other Sales Incentive Programs Do You Offer?
In addition to our B2B Customer Loyalty Channel Incentive and SPIFF Programs, we also have:
What Can I Expect When I Sign Up With The Incentive Group?
Led by your Principal Consultant, you’ll meet your Account Manager and the team working on your account. It’s their job to ensure your design and development work stays on track and the target launch date is hit. We’ll completely customize your inGauge platform and create and model your business case.
Benefits of Sales Reward Programs
Clearly, there are many reasons for implementing sales reward programs. While these programs have been common in B2C, they they are not as visible in the B2B sector. However, you can be sure that B2B Customers are every bit as hungry to have you show your appreciation for their business! If you don’t already have sales reward programs in place, here are some of the best reasons to get started:
- Loyalty: Clients who believe in your brand will continue to buy from you and tell the people they know how good your products and services really are.
- Increased Growth: Better promotion of your product means double digit sales increases and incremental gross margin dollars for your business. This includes new customer acquisition and activating previously dormant customers.
- Learning: Through sales reward programs, you can gain essential market insights about your products, learn how customers perceive them and see what you can do to improve.
Contact The Incentive Group and let’s get started today!