Consumer data collection is an essential part of marketing your product as well as determining the wants and needs that your customers may face so that you can help provide them with the solutions that they are looking for. A well-done rebate program can not only increase your sales numbers for your product, business, or company but it is also a great way to gather data to help learn about your current client base. This rise in sales combined with the increased consumer data collection available with a rebate program will definitely leave you with a significant return on the small investment that is made. To make the most out of your rebate program, it is essential to perform proper claim auditing and data reporting. When trying to run an efficient rebate program, you will want to consider the following to get the best consumer data collection and the best return on your investment.
Make Well Researched Sale Projections
One of the critical parts of creating a rebate program and starting consumer data collection is setting the amount of rebate you will offer to consumers. It is necessary for the rebate amount to be enticing enough to not only attract the customer to the product but make them determine the amount is worth the additional time they will spend on completing the rebate. Remember it is vital to balance the amount of rebate with the price of the product so you will still end up with a positive return on your investment. To make sure the numbers are where they will need to be, it is best to create a rebate program that will give you projected sales and look at past similar incentives to find the perfect sweet spot where the rebate amount needs to be.
Set Up a Monitoring System Early
Unfortunately, with any rebate program, there is also the risk of fraud. One way to identify possible fraudulent rebate claims is by noticing that the sales and rebate claims are disproportionate to the estimated return and projected sales. Sadly, not all programs will identify or produce these red flags early and sometimes by the time the risk of fraud is realized, it is too late to be rectified. To help prevent the risk of fraud by being vigilant on sales and rebate amounts as they occur, it is vital to implement a program that can help track sales and claim information and provide you with notification of red flag fraud occurrences. A modern channel management program can help to offer you these insights and assist consumer data collection throughout your campaign.
Be on Top of Sales Engagement
While saving money is an integral part of the most people’s shopping experience, knowing about available rebates can be difficult for the consumer without the help and promotion of the sales force tasked with selling the product. Depending on your type of product, the sales team may be the gateway to your customer knowing about your product as well as the driving force that actually gets your product into the consumer’s hands. So the question is how you can be sure that the sales professionals selling your products have reviewed and understood your product rebates? Sales team confusion or lack of participation can result in a failed rebate promotion costing you time, money, and sales, without you finding out until the rebate has ended. When designing your rebate program, you will need to make the rebate program easy to comprehend for the sale force who will be selling it and follow up to make sure the sales representatives are not only reviewing ‘your rebate information but also understanding it.
Stay on Top of Regional Performance
While your blanket sales data is essential to painting the final overall picture of the sales and success of your rebate program, you don’t want to ignore regional and state sales data that can provide you with valuable insights on your consumer base. You also may determine that different regions may require different strategies. This geographic information is essential to marketing since individualized customer data collection can help you identify where to focus future advertising and marketing funds. So when creating your rebate program, set it up so you channel marketing team will be able to peak in throughout the program on more specific geographic performance such as regional and state data.
Think About Consumer Data Collection on the Submission as Well as the Payout
The rebate submission habits of your customers can be as important as the actual sales information. You will want to find out how long your typical consumer waits between their purchase of a product and filing the rebate and how long it actually takes them to receive their actual payout. It can also be beneficial to find out which types of rebate submissions each area uses more prevalently. Do more consumers utilize mail-in rebates or opt for electronic forms when available? When submitting an electronic rebate do they do it more quickly after the initial purchase or is the time the same as those who mail? Knowing the answers to these questions will help you to tailor future programs based on what your customer base is more comfortable with to promote quicker follow through after the initial purchase. You can also adjust payout methods based on the ones your customer base is more likely to select. Collecting the answers to all these questions through a channel management program will help you to come up with the most effective strategies and help you to market correctly to your target consumer.
The Takeaway
Customer rebate programs are not only a great return on investment they are also a vital way to gather customer information as well as their buying and rebate habits. To make the most of your rebate program utilize a channel marketing program that can provide you with projections, insights into sales, and information on rebate submissions and payouts can provide answers to who your customers are and how you can meet their current wants and need.
Nathaniel Smathers, a contributor to the Incentive Insights blog, brings a fresh perspective on business strategies and market trends. With a background in marketing and a passion for data-driven insights, Nathaniel offers a unique blend of expertise and creativity. His approach to dissecting complex market dynamics and transforming them into actionable strategies makes him an invaluable asset to our team.
