Most modern day business owners find it difficult to incorporate a Spiff (Sales Performance Incentive Funding Formula) or rebate programs in a customer experience setting that can meet both the needs of its customers and present the business in a positive light. A Spiff provides a unique and sometimes satisfying way to compensate customer participation, and in more direct cases, show customer appreciation. But, what happens when your rebate program isn’t great, and your customers are everything but happy? At the bulk of all of your sales is your loyal and dedicated sales team. The majority of sales you get will come through this team you hired and trained. They represent the true image of your business and what you want your customers to see.
Delays in Rebates Can Hinder Business Growth
Delays in providing rebates to customers for past and present service can hinder customer gratification. Delays in rebates can lead to disappointment, mistrust, and rejection. Save yourself the heartache of losing your best customers, ask the tough questions, and make it personal. What do my customers want? Am I offering enough incentives to keep them coming back? Is my sales team motivated to go the extra mile in selling my business? Can I do more to incentive them for their hard work and effort? Is there something more I can do, that I am not already doing? For example, for a sales member who works hard to sell items that are hard to move, or recruit and retain potential customers, the rebate delay process can seem unfair, and the efforts unappreciated. How long should a sales member wait to be rewarded for hard work? What are the company’s policies on timely Spiffs, and how can the process be fast- forwarded? These are questions that every business owner should know the answer to, or at least work to revise the current rules. Since time, trial and error, and continual marketing strategies are necessary tools to implement in any business, these tools can lead the way to creating or adopting better Spiff programs like the ones we offer at Incentive Insights.
How Did Old Rebate Programs Fail?
- A large percentage of past Spiff programs failed to meet the needs of businesses due to several important factors such as lengthy delays and supplier rejection to unmet quotas.
- Traditional rebate or incentive programs acquired a bad reputation and thus hindered future sells, and business growth.
- The redemption process was too long, and customers eventually lost interested.
Even today, the main problems business owners face is enough to warrant some real concerns. Not only do these concerns affect customer satisfaction, they also cause a rift between business owners and suppliers. Businesses rely on vendors and suppliers to keep their stock full and their customers happy. When the model or ideal system fails to function properly, everyone loses, but mostly the businesses, and especially the customers. Once customers have built a strong, trusting relationship with their favorite businesses, they develop a loyalty, magnetic force that keeps them connected, but once that connection is broken the trust is lost. So, how can businesses regain the trust of loyal customers once again? By implementing incentive insights that capture the essence of loyal customers.
What is Different About Incentive Insights?
Incentive Insights rebate programs are customizable to meet the needs of businesses, its staff, and its customers. Most importantly, the new incentive promotional programs have built-in features that allow business owners the freedom to customize its own incentive rebate program. The success or failure of the program is then collected and viewed as valuable data and compared to other incentive programs for future campaign use. Here are some of our customizable features.
- Make rebate programs easy, accurate, and fast to process.
- Help customers can get their rebate or incentive payment instantly.
- Prevent customers from waiting for weeks, or months, by reducing or eliminating mail-in rebate checks that never arrive.
- Allow customer service to follow up on redemption failures if customers do not get their rebate in a timely manner.
- Allow businesses to collect customer name, addresses, telephone numbers, and email addresses as a sign of sincerity, and to provide feedback.
- Engage customer feedback as a sense of sincerity for customers’ concerns.
- Helps the new and improved Incentive Insights model to encourage customers to check the status of their rebate at any time, without visiting the merchant.
Incentive Insights Provides Instant Rebates and Higher Sales
A high percentage of customers return to businesses that appeal to their need. Businesses in return, compensate customers for their loyalty. It’s a win, win solution for everyone involved. Whether it is a one-on-one personalized incentive or a collective group of incentives, the rebate options will help solidify the business to consumer relationship. According to a study conducted in 2016 by ACCESS: Customer Loyalty Statistics, 83% of customers say their loyalty is driven by likability, while 86% says they are driven by trust. Consumers are the bloodline of any business, and without their continual support, millions of businesses will close their doors. However, it is not too late to cash in on a Spiff program the works.
Motivation is the Key
The first step to implementing an effective incentive insights program is to motivate your sales team, and this often begins with the sales manager. The sales manager is a leader and a motivator. His or her job is to motivate the team in the areas of sales, customer satisfaction, and company morale. What can the sales manager offer his team in return for, work hard, dedication, and company loyalty?
Incentive Insights Helps Businesses Determine Short and Long-Term Goals
Setting short-term goals for your business is the first step toward implementing long-term goals. Before you can bring together a plan that truly works for everyone, it has to be tried and tested. Incentive programs are designed to collect, store and compare valuable data, that you can use in future campaigns. This information allows you to take a glance at what consumers like, how your sales increase or decrease over time, and what percentage of your business goals you are currently meeting. Offer Several Incentive Insights and Let Customers Choose Offering customers and sales teams more than one incentive to show respect for choices. Some consumers might choose a rain-check over a rebate, while others might actually want the product. Allowing consumers the power to choose, sends a powerful message, that they are in control of what they buy. The old rebate system has too many drawbacks that are not good for new or thriving businesses. To get the most out of your employees, and gain the trust of your customers, offer them an incentive program that shows appreciation.