Customer Rebate Claims Provide Your Business With An Opportunity To Gain Valuable Customer Data
Many companies offer a rebate in hopes that it will push consumers to purchase their product and then they’ll forget to submit the rebate, thus never receiving their reward. While it might seem like it’s the company who wins in this particular situation, in reality it’s the customer and the company who lose in the end.
A company should offer a customer rebate program with more than just the desire to temporarily boost sales. Companies should offer rebates with the hope of receiving completed submissions and ultimately valuable customer data–which in the end will prove to be worth more than a short term sales hike.
Stick around as we explain this concept of collecting customer data through rebate claims, how to best go about doing it, and what your company can then do with the customer data collected.
Never Turn Down An Opportunity To Collect Your OWN Data
We want to let you in on a little secret, data sourced by third-parties is out and self-reported data is in.
It’s true! And if you read last month’s blog, The Benefits Of A Digital Warranty or Product Registration Program, this probably doesn’t come as a surprise to you.
As we touched on in the recent post, businesses and marketing professionals have all realized the importance of collecting consumer data. As a result, many of them have sought out ways to get their hands on whatever consumer data they can at whatever cost. The problem? They don’t ever stop to question where the data actually came from, how accurate it is, or how they’ll use it.
If these third-party data investors could only take a step back they might see that more isn’t always better–especially when it comes to consumer data. In fact, the best source for collecting quality and accurate customer data is the customers themselves! Who would have thought?
Offer Your Customers An Incentive They Can’t Resist In Exchange For Their Data
While in our last blog we suggested offering your customers a warranty as a method for collecting your own self-reported data, warranties aren’t always for everybody. Perhaps a more appropriate incentive for your business model is a rebate program.
When properly planned and executed on, a rebate program can be instrumental in motivating consumers to purchase your product and then submit their information.
Design your rebate submission form to fit your company’s needs
Determine what pieces of customer information would be the most valuable for your business to have and then include them on your rebate submission form. For best results, make this a collaborative effort. All aspects of your business from the new product development team to your marketing and sales departments can benefit from customer data.
Ideas for types of information worth collecting (and that customers won’t mind giving) include:
- Personal Demographics. Might it be beneficial for your marketing team to know where the majority of your customers reside?
- Purchase Information. Is it worth your sales team knowing which retailer is associated with the rebate?
- Customer Satisfaction Scores. Your customer service team will likely be itching to hear whether or not your customers were satisfied with their purchase or not.
- Product Reviews. When developing new products, could it be useful for your product development team to hear about possible areas for improvement?
Also keep in mind, asking for something your customers don’t want to give can result in loss of participation and in some cases, negative brand awareness.
Choose a rebate type that will resonate with your customers
In order to ensure your customers follow through with their end of the deal and submit their rebate, there are a few things to consider.
- Which type of rebate will resonate most with customers? Offer a rebate that doesn’t align with your customers’ preferences and you likely won’t see the rates of participation you were hoping for.
- What type of rebate submission process will work for the most customers? Create a rebate program that only allows customers to submit digitally and you’ll likely see few submissions from your “65 and older” customers.
- What type of reward will incentivize the most customers? Offer a reward that doesn’t entice your customers and they won’t follow through with the process.
Remember, the goal is to create a rebate that will encourage submissions, not deter them, so give your customers what they want. The more participation you’re able to get, the more data you’ll be able to collect.
For more on how to plan and execute a successful rebate program, download our Incentive Insights Guide To A Successful Customer Rebate Program.
What Your Company Can Do With Its Fresh New Data
We’re willing to bet your company already has a few ideas of ways to integrate fresh, new, and might we add–self-reported customer data into various efforts. But have you thought about these ways?
- Improve future incentive programs. Many of the decisions you’re required to make while planning an incentive program rely on how well you know your customers. So as you can imagine, this new data will allow for future incentive programs to be optimized.
- Personalize marketing efforts. Personalization in marketing is huge today. In some industries, consumers have almost come to expect it! The more you know about your customers, the more you’ll be able to compete with other companies who personalize their marketing efforts.
- Product development. Supply your product development team with the data they need to continue creating products your customers will love.
As a rebate fulfillment company, we’ve see first hand what there is to gain from offering a rebate program. While collecting high quality, accurate consumer data is certainly a plus, there are many more benefits.
When a company tasks us with processing and fulfilling their rebate submissions, we’re able to present them with a clean, well-organized data report. From here, they’re able to take it and do what they see fit with it. From what we’ve seen, our clients have been able to do some great things with the insights we provide them.
Learn more about the customer incentive program solutions we can offer your business.