Developing a rebate program for your business, regardless of the industry or sector, can be a powerful tool for drawing new customers into the fold and ensuring current customers continue shopping with you instead of looking at the competition.
However, crafting a consumer rebate program isn’t as simple as blindly picking out discounts or products to offer as rewards. Attempting to craft a rebate program without the insights provided by analytical data is a fool’s errand, and it will more than likely result in inferior results. To maximize the rebate program results and know what your customers are interested in, you need to look at the data. No matter the industry, data is always and will always be king. The more information you have at your disposal, the easier it becomes to craft outreach programs, including rebates.
One of the best ways to build a rebate program from the ground up is to take advantage of double-blind data verification. Using this process, you’ll cross-examine your data and identify the best points of interest for customizing your rebate program.
To better illustrate the fundamentals of such a program, here is what you need to know about double-blind data verification and why you need to use it for your rebate processing.
What Is Double-Blind Data Verification And How Does It Work?
Having one line of data is good, but it doesn’t always tell the whole story. There are a million ways to interpret the data. In the words of Homer Simpson, “You can come up with statistics to prove anything.” That is why your business needs to hire a solution provider that uses double-blind data verification.
What exactly is double-blind data verification? It is when two independent data capture typists enter the values they see in the documents and the system does a comparison to see if the typists have typed the same characters. These typists are completely blind to what the other organization is doing (they may not even know there is a second party reviewing the data). Once the two typists complete their data entry, it is possible to compare the two results to determine what correlates and might differ.
Often, even when done with the purest intentions, there can be some bias within data capture. Utilizing at least two blind parties to type your data and a neutral computer application to analyze the captured strokes eliminates the possibility of biases that might exist. No matter the data source, it is always essential for the information to be reviewed and reviewed by at least a second party. You will receive the same comprehensive analysis of your business data when taking advantage of double-blind data verification.
What Are The Benefits of Double Blind Data Verification?
Ultimately, it all comes down to enhancing the data you are using to guide the direction of your business. The better your data, the easier it is to navigate the often stormy waters of business (regardless of if your business is local, regional, or international).
With double-blind data verification, you will experience heightened accuracy, and it removes all human bias from decisions. Additionally, there is no additional upfront cost when Incentive Insights is performing the double-blind verification. Keep in mind, in the end, this will help your business reduce costs on the back end. Thanks to the analytical data you now have access to, you will lower reprocessing rates, have fewer address corrections, and simply have cleaner information to go off of. Plus, you will have improved results for not only your rebate program but other sales and marketing tactics you execute as well. The more your business relies on this data, the more money you will eventually save.
By cross-examining the data, you will catch outlying data that might make it into the system. Even a single incorrect address or wrong account number can cause all kinds of problems later on down the road. It might hinder your relationship with specific retail partners and, in the end, cost you contracts. On top of this, it will enhance your overall quality control by catching these errors and ensuring both your basic capture quality and your staff and work quality is, at minimum, up to par. It will ultimately enhance your overall quality control level beyond what other businesses rely on. And in the cutthroat world of business, the cleaner your operation, the better off your business is.
Discover How Incentive Insight Can Transform Your Data
Your business is only as good as your data. By taking advantage of a double-blind data verification process, you can clean up your ability to read the data, and pinpoint the optimal methods for improving your rebate programs and other marketing practices.
The best way to take the next step forward into the world of rebate fulfillment and sales incentive and spiff offers is to give our team at Incentive Insights a call. Whether you have dabbled in the world of rebate marketing in the past, or this is an entirely new experience for your business, there has never been a better time to get a leg up on the competition than today. Our team at Incentive Insights look forward to working with you.
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.