Tom Madden, Senior Vice President, Sales and Account Development
No doubt about it, rebates are as popular as ever. Recent research shows that 50 percent of consumers have taken advantage of rebates in the last year. Rebates drive action from consumers, like making a purchase at a specific store, buying a different model, purchasing sooner than planned, buying an upgraded model or making a referral to a friend. They increase consumer traffic, customer engagement and sales, and that’s a powerful combination.
With more than forty years of industry experience, and a significant stockpile of historical data, YA has a number of best practices that we use to design rebate programs for maximum success. Here are five quick tips.
Best Practice One
Create easy-to-understand offers
If your offer is too cumbersome to complete or too difficult to understand, consumers won’t bother with it. When that happens, you lose an opportunity to capture a sale and create a loyal customer.
Best Practice Two
Our research shows that consumers are even more likely to complete a rebate if it is 100 percent digital. Today, offers can be completed in a completely digital process, from digital submission and API validations to delivery of rewards including, eCode rewards via text or email.
Best Practice Three
Choose the right reward value and type
Work with an agency who can help answer questions like: what’s the right purchase price/reward value ratio, should my reward be a dollar value or percentage and what’s the effectiveness of tiered rebates and bundled offers? A good agency will also help you determine the best type of reward to offer. For example, do you offer a prepaid card that can be used anywhere or a prepaid card that can only be redeemed at a specific retail outlet?
Best Practice Four
All touchpoints with your consumer are opportunities to create a positive brand experience, and rebates are no different. When we think about brand alignment, it means that each step in the process—the offer, the reward, the submission web site and the customer service support—are part of the rebate process and should help build brand love.
Best Practice Five
Keep up the conversation by leveraging consumer rebate data. This mindset makes rebates a tool for getting new customers, encouraging them to buy more and allowing them to spread the word.
Let’s begin the conversation
We’ve executed tens of thousands of rebate programs for our clients. That experience enables us to design programs to effectively meet their marketing objectives. If you’d like to have a rebate program that’s and extension of your brand extension and your marketing objectives, contact me to learn more and begin the conversation.