Rewards-based programs are not just for consumer-facing companies anymore. McKinsey & Company's Jennifer Stanley believes B2B organizations can greatly benefit from adopting these programs to retain customer loyalty. eMarketer's Jillian Ryan spoke with Stanley about which rewards programs she sees most frequently used and what questions B2Bs need to answer to set their programs up for success.
When it comes to customer loyalty, what do B2C marketers get right that B2B companies can sufficiently adopt?
B2C marketers get the emotional side of the customer right. They know that building customer attachment to a brand or a supplier is crucial, meaning that the customer is not just retained, but they consistently purchase over an extended period of time—and they're willing to recommend your product or service to others.
B2Bs need to measure a customer's emotional attachment to the brand or supplier. But gauging a B2B buyer’s excitement for the benefits of doing business with their supplier is hard to do without a rewards or loyalty program.