Consumer Incentive Programs
Consumer behavior is motivated by a number of factors — price, exclusivity, brand awareness, word of mouth and more.
Consumer behavior is motivated by a number of factors — price, exclusivity, brand awareness, word of mouth and more. Unfortunately, this means consumers may not always choose your product or service when presented with similar options.
As a manufacturer or retailer, you want to meet ambitious sales goals while building customer loyalty. In today’s market, you may need to give consumers a compelling reason to choose you over your competitors. Consumer incentive programs can help you influence consumer behavior to benefit your business, attracting new customers and strengthening relationships with existing ones. At the same time, consumer incentive programs can serve as powerful tools to collect the data you need to improve your business.
Offering consumer incentives comes with many benefits, whether you run a year-round campaign or offer occasional consumer rebates. Not sure where to start with sales incentives? Consider working with a consumer rebate management company like Incentive Insights.
What Are the Benefits of Consumer Incentive Programs?
A consumer incentive is any reward you use to convince customers to buy your product. One common example of an incentive program is a consumer rebate.
When you run a rebate program, you offer your customers a financial reward for making a specific purchase. After buying your product, the customer fills out a simple form and sends it to you electronically or through the mail along with a proof of purchase. If you determine they have met the terms of the rebate, you send them their reward in a form you determine. Some types of rebates you might choose from include check, gift card and digital prepaid card rebates.
Although the main goal of a consumer incentive program is usually to drive sales temporarily, these programs come with lasting benefits for companies that implement them:
Offering money back for customers who purchase your product can create a positive association with your brand. Customers who benefit from the rebate will be more likely to seek out your products in the future. This is especially true if you make it fast and easy to claim the reward.
A consumer incentive can help you stand out from the competition, distinguishing your product from options that look similar on paper.
A generous rebate program can generate positive word of mouth “buzz” for your company. People eagerly tell their friends and family when they get a good deal, driving sales of your product during the campaign and even afterward.
When customers contact you to claim a rebate or another incentive, you can ask them to answer a few questions, including everything from where they bought your product to where they spend time online. You can use the data you collect to confidently adjust your long-term sales and marketing strategies.
Why Work With a Consumer Rebate Management Company?
Although consumer incentives come with many short-term and long-term benefits, your company might not see a large return on investment if it lacks the staff and resources necessary to process and fulfill rebates internally. That’s why many businesses choose to work with a consumer rebate management company.
At Incentive Insights, we provide a number of rebate processing, fulfillment and management solutions to make your consumer incentive campaigns less stressful and more successful. Our team can ensure your customers receive their rebates in a timely manner and verify the data you receive to provide useful insights that are actually relevant to your campaign goals.
Unlike our competitors, we allow you to fully customize every aspect of your incentive program, including what information you ask customers to provide. We take the time to listen to your needs and create a custom technology, software or portal solution tailored to your unique brand and requirements.
How Can You Make Market Research Incentive Programs Work for You?
Data is one of the biggest benefits of a consumer incentive program. When used for market research, incentive programs can eliminate guesswork and give you a more accurate picture of your customers. This is because the data you receive comes straight from the people who buy your products, not from removed third parties.
To help you get the most out of your data, Incentive Insights creates comprehensive and customized reports written in language that’s easy to understand. You can use these reports to:
- Improve targeted marketing efforts
- Develop more successful products
- Revise your channel sales strategy to maximize profit
- Offer more enticing direct-to-consumer incentive programs
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Contact Incentive Insights to Get Started With Consumer Incentives
Incentive Insights has been in the business of data collection and rebate fulfillment for over 20 years, so we know what makes a consumer incentive program successful. If you want to motivate consumers to buy your products and build a better understanding of your customer base, we want to help.