Successful Rebate Processing - 6 Steps to a Smooth Rebate Program After the rebate program has been implemented and the goal incentive has been met, the rebate processing stage begins. An important part of having a successful rebate program is having an efficient rebate processing program in place. When processing a rebate, accuracy is crucial, otherwise there could be a loss of profit or reputation.…
Read MoreHow to Measure Success of Rebate Programs Rebate programs should drive sales, not frustration. Unfortunately, many organizations fail to maximize the potential of their rebate offers and lose sight of what makes them so valuable in the first place. Companies offer rebates for three primary reasons: - Gain market share - Reduce competitor market share - Increase sales While customers love rebates,…
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Rebate Programs A rebate program is used to incentivize sales. In short, a buyer makes a purchase from a seller, and afterwards the buyer can claim a rebate from the seller. The rebate is a money-back reward for purchasing a certain value, volume, or percentage of goods. It is essentially a delayed discount. Rebates are a more suitable option than discounts, because if a company continuously discounted…
Read MoreRebate Examples Before we dive into some examples of rebates, let’s define what a rebate is. Rebates are a retrospective payment from a seller to a buyer, given after the agreed upon incentive is met. The purpose of a rebate is to motivate the buyer to purchase more goods, as well as build customer loyalty. There are multiple different types of rebate incentives sellers will use, which are strategically…
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Rebate Processing - Behind the Scenes of Rebates Rebate processing is when a financial incentive between a seller and buyer is agreed upon, tracked, and claimed. Rebate programs are implemented as a way to increase sales growth, while protecting price integrity. The rebate acts as a payment from the seller to the buyer, which is paid retroactively to the buyer after the agreement has been met. Rebates…
Read MoreRewarding Customer Referrals: Refer a Friend Programs When was the last time you tried something new based on a recommendation? From reading a book recommended by a family member to eating at a new restaurant your friend can’t stop talking about, many of our decisions are influenced by referrals. In fact, research shows that 92% of consumers trust referrals and recommendations from friends and family.…
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Leveraging Incentive Programs to Generate Brand Authority and Web Traffic Given the rise in e-consumerism, and the pandemic’s role in an increased level of online shopping, brands looking to generate higher authority and boost web traffic are up against a lot of competition. Gone are the days of exclusive in-person shopping where brands could only connect with their customers face to face, generating…
Read MoreBuilding Brand Advocacy: A Comprehensive Strategy Introduction to Brand Advocacy Brand advocates are customers, clients, and even employees who passionately support and champion a brand, promoting it organically to new and potential customers. Customer brand advocacy is a powerful tool in any company’s arsenal, boosting customer retention and acquisition efforts alongside traditional marketing campaigns.…
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