Generating New Business with Prosper² Rewards®
An outline of some of the ways you can generate new business from your contacts by allocating Prosper² Points to them.
Joining Prosper² Rewards®opens up a new world of possibilities for you in terms of inspiring customer loyalty. (See this blog post on B2B v B2C loyalty programmes).
But that’s not the whole story. As well as keeping your customers from looking at your competitors, how can you use your membership of Prosper² Rewards® to generate new business?
This is one of the questions we get asked most often, when we’re introducing the concept of Prosper² Rewards®. Indeed, some people who’ve been Prosper² Members for a long time are sometimes unsure as to the best way to go about things when it comes to attracting more sales through the programme.
So here’s a few thoughts for you to make the most of your membership and get new clients / higher sales through using your Prosper² Rewards®.
As a basic strategy, we recommend you clarify the type of new business you want:
1) Identify the type of clients you want to attract.
– This could be based on the size of the company, the nature of their industry, or the type of people you want to work with.
2) Identify the type of sales you want from them.
– ie what products / services do you most want to be selling through new business relationships?
3) Identify the amount you’re prepared to offer as a sales incentive.
– This might be based on your existing referrer commission fee – if, for example, you currently offer a 20% commission to sales agents that refer business to you. Or you might simply allocate 50% of your gross profit as a “cost of sales” for the new business acquisition.
Once you’ve got a clearer picture of the type of new business you’re after, you can then set about utilising Prosper² Rewards® to generate new sales from 3 different types of client:
1) New Business from Existing Clients
Rewards are obviously a great means of incentivising your existing clients to stick with you and not look at your competition for any future work. (See our post on Increasing customer lifetime spend).
But you can also use Prosper² Rewards® to generate new business from these existing clients as well.
For instance, your existing clients may only buy one particular product or service from you, though you actually offer much more. (They may not be aware that you offer a particular service, for example, or perhaps they simply use a range of suppliers for different items).
So offering Prosper² Rewards® to offset against the purchase of this new service can actually help to introduce them to the fact that you provide these other items – as well as acting as an incentive for them to try you out.
You could even offer the additional Prosper² Rewards® to be added onto the amount they receive for their existing contract, based on the level of new business they do with you, if it makes more sense for the particular arrangement you have with these existing clients.
2) New Business from Existing Non-Client Contacts
These are people you’ve been building up a relationship with, who haven’t yet become clients, or perhaps they haven’t bought anything from you for quite some time.
You can use Prosper² Rewards® to encourage them to try you out for the first time.
Rather than providing a traditional type of discount, though, you can encourage them to try you out with Prosper² Points that they can actually redeem to their Prosper² Rewards Card for spending elsewhere.
Which helps give your company an increased advantage over your competitors, who may only be able to offer a discount directly on the service they’re offering at the time.
3) New Business from Cold Prospects (No Previous Contact)
One method of introducing yourself to people who aren’t familiar with you is to use the rewards-back nature of Prosper² Points in your promo materials and advertising. This enables you to encourage people to use you for the first time with a type of cash-back offer as a sales incentive.
Why Prosper² Rewards® not other types of gift?
Offering people a discount is a tried and tested method of getting them to buy from you.
It also helps keep your firm at “front of mind” throughout the year.
Consider the fact that, around Christmas, people are inclined to think of your firm in a favourable light if you’ve sent them a present. Beyond that, though, you could soon fade into the background, unless you can continually offer them something of value throughout the year – such as Prosper² Rewards®.
Generating new business through allocating Prosper² Rewards® is just one of the great ways you can benefit from taking part in this B2B loyalty programme.