Consumer rebate strategy – 360insights reveals 4 steps for getting it right
Consumers rebates aren’t a new idea. In fact, you might think them to be a bit outdated in a world where conventional mail-in methods are no longer such a popular choice among consumers. But according to Ibotta, 71 percent of millennials use coupons and other offers. When done properly, rebates can provide a much-needed boost to your business – it’s just a matter of building the right strategy. So what does it take to craft the perfect consumer rebate strategy, one that actually compels shoppers to cash in on these offers and drives up sales for your organization? Let’s look at a four-point checklist that will help you capitalize on this tried-and-true method.
1. Determine what works: Before you start putting together a consumer rebate strategy, you’ll need to harvest as much information about your company’s past efforts as possible. What have been the most popular rebates historically? How do people like to receive their returns? What products are typically associated with successful rebate programs? Find out as much as you can with the data you have.
Also, look into the sales channels in which associates redeem rebates on behalf of the consumers. Express rebate programs such as these may reveal different patterns than online ones, and it’s important that you account for these differences when mapping out a new program.
2. Make things easy on the shopper: The reason why so many companies out in the sales channels and consumers avoid rebates altogether is because these programs generally have a poor user experience on both sides. If you want to bring a winning rebate program to your organization, put experience first for shoppers and the staff responsible for managing the fulfillment process.
“Put experience first for shoppers and the staff.”
The best way to ensure a quality rebate experience is to deploy advanced software dedicated to the management of the entire process. By leveraging a centralized solution, you can deliver a smooth and simple rebate experience for shoppers and staff alike.
3. Track, measure, analyze and improve: With your program up and running, you need to adopt a mindset of continuous enhancement if you want to keep your offers relevant and reap results from your rebates. If you’ve made the right selection, your program software should constantly harvest and analyze data that points your business in the direction of more sales and deeper customer satisfaction.
An analytics program can also help you personalize offers based on previous purchases, which, according to Synqera, is a preference of 85 percent of American consumers. The more tailored your promotions, the more repeat purchases you’ll enjoy over time.
4. Ensure compliance and fraud prevention: While the rise of digital rebates has made it easier for consumers to redeem their claims, you can’t risk falling victim to fraud – an issue which has gained prevalence in the information age. Your rebate solution should be completely secure and validate the authenticity of all users and claims, protecting your organization from fraud and ensuring compliance with key regulations.
It’s up to you to find out what your company’s perfect rebate program looks like, but these tips will surely set you down the right path.