Time to Read: 3 minutes
Rebate programs can be a powerful tool when it comes to promoting a brand over a competitor as well as driving demand and purchase decisions. Interestingly, according to DCR Strategies Inc., rebates make consumers 75.4% more likely to make a purchase. However, these programs can be too complex or challenging to manage. When it comes to a rebate program, they should always align with the brand as well as be well-organized, coordinated, and executed.
Here are key factors to get the most out of your rebate program:
1. Figure out what has worked in the past
2. Provide user-friendly programs
3. Ensure fraud prevention
4. Offer multiple forms of payment
Figure out What Has Worked in the Past: Do you want your rebate program to be successful? Collect as much information about your past efforts as possible and go from there. For example, what have been the most popular rebates? How do people prefer to receive their returns? When a rebate is successful, what products are associated with it? The more data you have, the better. Then take that data and use it to put together an effective and robust rebate program.
Provide User-Friendly Programs: One reason rebates are avoided is because their programs tend to have poor user experience. In order to ensure an attractive rebate program, you must provide an exceptional experience for the customer, as well as those managing the fulfillment process. Ensure best in class software and a centralized solution that can deliver and manage the whole process. Offer rapid processing and payment with online claims submission as well as a mobile application for convenient claim submission. In fact, 57% of consumers have said they would like to redeem their rebates via smartphone. In the end, this makes for a smooth and easy rebate experience for channel partners and consumers.
Ensure Fraud Prevention: When it comes to dealing with rebates, as much as we hate to admit it, you can become a victim of fraud. This is an issue that tends to arise from time to time. But one way your rebate program should solve this problem is through automatic fraud mitigation and repeat offender profiling. Your current solution should secure and confirm the legitimacy of all users and claims, ultimately protecting the brand.
Offer Multiple Forms of Payment: Another way to get the most out of your rebate program is by offering something your competitors may not. One example includes multiple forms of payment and reward redemption options. When your channel partners have a variety of options when it comes to payment, such as branded pre-paid visa gift cards, checks, ACH, or dealer credit memo’s, you are giving them a larger selection to choose from. Make sure it’s always a seamless process and you always get the proper ROI. When you offer more, channel partners are more willing to trust your brand.
81% of consumers admit it is frustrating dealing with a company that makes it difficult to claim rebates and rewards. However, a properly executed rebate program will not only protect the brand but keep customers intact by making sure their whole process is seamless. By implementing these key factors above, your rebate program will be stronger than ever, creating success for all involved. We would love to hear from you. If you want to talk further about this topic or have any other questions about your channel programs, give us a call at (319)-294-7501 or email us at firstname.lastname@example.org
Corporate Marketing Specialist