Let’s just admit it: 2020 was a challenging year for countless reasons, and sales were no exception. As we make our way through 2021, we can’t help but notice trends that began at the onset of the pandemic are now becoming the norm. While there were, and continue to be, some clear winners in business (we’re looking at you, Zoom), social distancing guidelines and travel restrictions have forever upended traditional sales tactics. Sit-down lunches with prospects now happen infrequently – if at all. The annual trade shows you counted on for lead generation were canceled or postponed to the end of 2021. And more than likely, it’s been at least 18 months since you closed a deal on the 18th hole.
The digitally-driven sales climate brought on by the pandemic has been a dramatic shift for some companies. You may, however, be surprised to learn that this is a “new normal” that both B2B buyers and sellers prefer.
More than 75% of B2B buyers and sellers favor digital self-serve and socially distanced engagement over in-person meetings.
-McKinsey & Company
More than half of those surveyed believe that the new virtual sales model is equally or more effective than sales methods used before the global pandemic.
While tactics may have shifted for many businesses, the challenges your sales force is facing are likely timeless.
You know your product has the possibility of being a game-changer for your prospects, but getting their attention (and keeping it) is a constant source of frustration. Despite showing initial interest, your leads are pushing back meetings or even straight-up ghosting you. Months after a meeting you thought was a slam-dunk, you’re still waiting for a signed agreement. Your premium software feature could revolutionize workflow for a long-time client, but you can’t get fifteen minutes of their time for a demo.
When tried and true isn’t working, you need a new plan for amplifying your sales in today’s evolving B2B environment.
Don’t underestimate the power of a cup of coffee or dinner delivery to motivate a prospect to sign-up, instead of skip out when it comes to a sales call or webinar.
Digital rewards are a proven business tool to engage leads and drive them down the funnel. – Blue Bar
Delivered instantly via a link or an email, these incentives can include e-gift cards from retailers, e-donations to nonprofits, and virtual prepaid Visa or Mastercards. Here are five ways you can use digital rewards to boost customer loyalty and convert contacts to clients:
How this works: The next time you want to demo a new feature or pitch a service upgrade to a current client, sweeten the deal with a $5 digital reward for coffee to thank them for their time.
Why this works: You’ve likely seen the stats that suggest that acquiring a new customer is five times as expensive as retaining an existing customer. While these numbers don’t tell the whole story of the lifetime value of a client, there’s no question that nurturing clients you have an existing relationship with is generally less work than cultivating a lead from scratch.
Rewards not only thank them for their business but give them a personal incentive to take a meeting. In our experience, offering a digital reward can result in 30-60% higher demo completion rates.
How this works: Offer existing clients a $5 digital reward for referring a contact or a $25 reward when a contact signs an agreement.
Why this works: Have you ever thought of your customers as your second sales team? If not, you’re neglecting a tremendous asset. When leveraged properly, your raving fans have the potential to be an engine that drives qualified leads into your pipeline. GTM Payroll experienced a 29% boost in lead referrals from existing clients when they offered a digital reward.
We recommend offering a two-sided referral where both the advocate and the lead receive a reward upon conversion. That way, you can mitigate awkwardness around the referral reward while treating a new client to a warm welcome.
How this works: Offer your potential client a $20 Amazon reward for taking a meeting.
Why this works: We’ve all wasted time chasing a lead that ends up a dead-end or being stood up by a prospective client. A digital reward has the power to reduce ghosting and get you in front of key contacts. Someone is less likely to skip a meeting when there’s a shopping spree in it for them. Your lead gets a reward, and you have a captive audience to show off your product to. Win-win.
How this works: Offer virtual lunch and learn participants an Uber Eats or DoorDash digital reward.
Why this works: Webinars allow you to share your products and services with multiple prospects at once. And with zero commute time. Companies that offer digital rewards for lunch and learns have seen a 70% increase in attendance! Not only does boosting your attendance help cultivate more leads, but having a “room” full of engaged attendees generates buzz, not buzzkill.
How this works: Offer a $25 digital reward for dinner when your contact signs an agreement by a specific deadline.
Why this works: That lead that you’ve been nurturing for months is one signature away from conversion, but all of a sudden, things have come to a crawl. The promise of a celebratory dinner may be just the nudge your contact needs to get the final sign-off on your contract.
There are endless possibilities when it comes to harnessing the power of digital rewards. You can use incentives company-wide as part of your overall business toolbox or reserve them for targeting a dream client whose radar you’ve been trying to get on for years.
Delivering digital rewards doesn’t have to be complicated or time-consuming. Rybbon has an all-in-one solution for sending, tracking, and managing digital rewards that integrate with HubSpot. This means you can easily enroll contacts into your workflow using any criteria. And because they are risk-free with 100% refunds on unclaimed rewards, you won’t waste time or money.
Simply “Request to connect” the Rybbon digital rewards app found within the HubSpot Marketplace to your account. Then, put digital rewards to work and see how they can give you the momentum you need to reenergize sales this year.