B2B Incentives – How and Why to Use Them

B2B incentives nudge businesses to buy from you by offering greater value for money. But how exactly do you incentivise businesses to buy?

The B2C world is full of ideas. Buy one get one free, 3 for 2, sign up for a loyalty card and pay less…They work so well at getting us to buy into what they’re offering.

So, why not use this as inspiration to create your own B2B incentives to boost sales?

Why Use Incentives?

Incentives can be very effective in achieving more B2B conversions. But it’s vital we take a different approach to the way they’re offered in B2C.

In B2B, the stakes are usually much higher than, say, whether or not we buy an extra two lunch items! To be effective, B2B incentives need to be more subtle and genuinely worthwhile, rather than pushy or in-your-face.

What Can Incentives Achieve for a B2B Company?

B2B incentives can help your company to:

• Gain a competitive advantage.
• Attract positive attention.
• Increase its conversion rate.
• Achieve greater success in upselling.
• Encourage repeat or continued business.

What Sort of Incentives Could B2B Offer?

 The most effective incentives in B2B reduce perceived risks to buyers and set you apart from the competition. Where large sums of money are involved, you need to encourage feelings of security and good value.

Think about offering:

•  Guarantees – providing strong guarantees instils confidence and reduces the perceived risks for the buyer.
• Time limited offers – these can create a sense of urgency.
• Discounts or freebies to existing clients if they refer another business to you.
• Volume discounts based on the quantity of products or services purchased.
• Early payment discounts – these can motivate clients to settle invoices promptly, improving your cash flow.
• Bespoke packages – tailoring products or services to meet specific needs highlights your commitment to understanding a client’s business.
• Flexible contract terms – these can reduce perceived risk as they allow businesses to adjust their plans as and when needed.

Retention Incentives

As well as fostering new business, it’s also vital you give existing clients incentives to stay.

Some of the retention incentives you can give are offer-based. But there are other more subtle B2B incentives based on your relationship with them that can make all the difference.

If you develop a relationship where you are your client’s trusted source of advice, you’ll be invaluable to their business. The relationship they have with you is their incentive to stay onboard. So, remember, you don’t want to over-service them too much, but go the extra mile where you can.

Don’t Charge for the Small Things

Let’s say your client is currently outsourcing some of their marketing to another agency. This agency specialises in SEO but the client is not getting results and you also offer SEO. Your client asks for some advice. What will a few emails or phone calls cost you? Not much, but it will let your client know you care about them and it may lead to some upselling. Don’t ringfence advice or insist on charging more for small extras!

People buy from people. If you have a great relationship with your client, it’s more likely they’ll stick with you. Your contact may even decide to work with you again if they move on to another employer.

Top Tips for Creating Incentive Schemes in B2B

To create a B2B incentive scheme that actually works, make sure your offer:

• Is flexible.
• Offers bespoke solutions.
• Is worthwhile for your customers. Remember, prospects are asking ‘what’s in it for me?’
• Provides incentives that reduce risk.
• Rewards loyalty.

Additional Resources

How to Build a Successful Sales Funnel: An Analysis of the Pathway to Purchase

What Can B2B Marketeers Learn from B2C Marketing?