5 Common Consumer Rebate Expectations
We live in an age where the customer is king, and businesses must do everything in their power to exceed the expectations of consumers. This includes their rebate expectations. To stand out from the crowd, companies need to be exceptional in every aspect of the customer experience, from marketing communications to post-purchase service and all stages in between.
But many organizations still face a challenge in the realm of consumer rebates, where there remains a sense of dissatisfaction among the general population. To help brands get back on track in this important facet of the customer experience, let’s look at five consumer rebate expectations:
1. Simplicity: Everyone has had to navigate his way through a complex, multistep rebate process that requires far too much effort. It’s the responsibility of the company to create a streamlined and straightforward rebate fulfillment process that maximizes convenience for the customer. Buyers will be pleasantly surprised at just how easy rebate fulfillment can be once they see it done right.
2. Speed: Rebate programs are notorious for the weeks and months it typically takes to for consumers to receive their cash or credit. For customers to willingly partake in rebate offers, they need to know that their claims will be fulfilled within a reasonable span of time. By digitizing these processes and providing consumers with a customized rebate portal, organizations can finally facilitate speedy payments.
According to MobiSave research of 1,800 grocery shoppers, “79 percent said that receiving their rebate almost immediately without needing to reach a threshold or wait for a check in the mail was very or somewhat important.”
“Satisfy a full range of rebate preferences.”
3. Choice: It doesn’t take a marketing genius to figure out that consumers love the ability to choose. This goes for products and services, as well as rebate offers, so companies should ensure their programs are flexible enough to satisfy a full range of customer preferences. Consumers should have the option to get cash back, store credit or items they consider valuable.
4. Privacy: As Stupid Cents pointed out, people have concerns about how their information is used. It follows that some consumers would be skeptical of rebate programs. Companies can ensure that they keep customer information private and secure by storing everything in a centralized system. Through digitization, organizations can also combat fraud and other hazards that emerge in rebate program management.
5. Personalization: Businesses are quickly learning that personalizing elements of the customer experience can bring about significant revenue boosts. Marketing teams are generally the ones spearheading these efforts, but rebate program coordinators can also take advantage of this concept by offering tailored, targeted rebate opportunities.
Collecting and analyzing rebate redemption data allows organizations to see exactly who cashes in on rebates, what products they buy and other correlating factors. Deriving these insights will let program leaders craft more personalized offers based on the histories of their audiences. Ultimately, this data will pave the way for a simpler, faster and more flexible rebate program that consumers will love.