Rebate programs operated without coordination are programs indifferent from their competitors. Not only is it a decentralized approach to administering channel marketing programs, but it narrows the opportunity for a program to be truly effective.
Rebate programs should be carefully curated, having effective communication internally across teams and externally to consumers, they should align with the brand marketing strategy and should fall within budget.
The best rebate programs are the ones that are well planned, executed, and communicated. To improve your coordination and marketing strategy, we’ve designed four best practices for your rebate program:
Outline program goals and design a plan
What do you want to get out of your rebate program? Do you want to increase revenue? Increase brand awareness? Improve inventory velocity? Encourage new products? Or all of the above? There are many different strategic considerations when you roll out a new rebate program, so it’s important you understand what you want out of your program.
In terms of designing a plan, to make the program effective it’s worth thinking about it from at least three different perspectives: first, how it’s going to drive traffic; second, when it will drive traffic; and third, how it will be perceived by the consumers themselves. Devise a plan to achieve your goals that encompasses these perspectives, so your programs stay coordinated.
Collaborate with your marketing team
Get input and insight from your team. Collaborate and work with people from your team who are responsible for other incentive tactics such as sales incentives, co-op advertising, and volume rebates.
Having the insight from peers ensures your coordinated and that the goals and objectives you’ve outlined cover all bases, including tactics you might have overlooked. Collaborating also ensures the marketing team is insync, amping up your programs reach potential.
Determine a budget and stick to it
The budget for your rebate program should be already set, and should fit the parameters of your outlined goals and objectives.
The key is to optimize your given spend, and utilize your budget in a strategic way. Having analytics in place that allow you to look at your program will provide you with insight into SKU’s, channel performance, most redeemed rebates, customer demographics and so on. That allow you to effectively allocate your spend.
In addition, you should also plan out what your plan of action should be when you’re over budget.
Communicate with your customers
Having open communication with your customers enables you to gather any feedback they might have missed while also drawing attention to anything that is not working right. It allows you to stay on top of your program and have the conscious view of how your program is being received. This can be done through feedback polls if you have an incentive platform, or through your call-centres.
The best rebate programs are the ones that are well planned, executed, and communicated. Getting coordinated with your program is important for not only your brand but for everyone involved with the rebates process.