Whether your organization has been sending B2B promotional gifts for years or is looking to optimize its rewards program to be digital-first, regularly taking stock of your program is critical to getting the most out of it.
After all, a well-executed rewards program can help your business retain existing customers, attract new customers, and most of all, drive profits. In fact, 32% of CMOs rank customer experience among the top three priorities for B2B success, according to Gartner research. That includes your B2B promotional gifts.
Putting a few key performance indicators (KPIs) in place can help you evaluate how your rewards program is working — and whether it’s doing all it can for your B2B marketing plan.
Here are three KPIs we suggest for measuring the effectiveness of your reward program’s B2B promotional gifts.
Knowing how many rewards and gifts have been sent each quarter can be helpful for benchmarking how many customers your team has engaged with against your marketing or sales plan.
This number also reveals how much your team is using the program and how that rate is affecting your incentives budget, which is especially helpful if your reward deliveries are automated.
Finally, if no rewards have been sent, it’s a clear indicator that your organization needs to look into why and try something different to foster customer engagement.
To get an idea if the B2B promotional gifts you’ve chosen are doing all they can for your business, compare the number of rewards claimed against the number of rewards sent.
If you’ve sent 1,000 digital rewards and only 300 have been claimed, that’s a 30% claim rate. How does that compare to your marketing or sales plan?
If that number is lower than you need to hit engagement targets, look more closely at the marketing messages that accompany your digital rewards during the redemption experience. How are you positioning the gift in the delivery email and on the redemption page?
If copy tweaks don’t change the claim rate, it may be time to switch up what you’re offering as your B2B promotional gift. Would your audience prefer e-donations or prepaid Visas or Mastercards instead of a branded digital gift card?
Knowing the types of rewards that get chosen most often allows you to see what kind of gifts resonate with your target audience. And you can keep adjusting the choices going forward to influence redemption rates.
The learnings you gain from looking at the types of rewards chosen can boost your marketing efforts as well. For example, if most people chose the Starbucks reward card to attend a webinar, then you can tweak the copy of the next promotional email to specifically call out that option: “Attend our webinar and get a Starbucks gift card!”
As with any marketing program, tracking KPIs is an important step to maximizing effectiveness and success. By monitoring the data on your rewards program, you’re one step closer to better lead generation, engagement, and customer advocacy.
Rybbon has robust tracking and reporting capabilities, so you can see your KPIs for each campaign and your overall rewards program. Request a free demo here!