4 Reasons Why Your Business Needs A Prepaid Rebate Program
Looking to generate additional sales for your business? Research has shown that a well-executed consumer rebate program incentivizes consumers, bring in sales, increase brand awareness, pushes certain products, and secures recurring and loyal customers. However, to a consumer, there is nothing more frustrating or a bigger turnoff than when a company offers a rebate that is hard to redeem, complicated, or poorly designed. Purposefully creating a rebate program with low redemption rates can–and often does–lead to bad reviews, and in today’s interconnected online world, this kind of consumer backlash can go viral extremely quickly. Online reviews can make or break your brand, and remember, once a bad review has been posted, it isn’t going anywhere. So what is the solution, and how do you ensure a positive response to your rebate program? The answer is prepaid cards.
Using a prepaid rebate program will protect–and increase–the value of your brand and create a happy customer base that will not only lead to recurring shopping experiences, but also free, word-of-mouth advertising, which money can’t buy. Stand out from the competitions and make sure that your business is the first that comes to mind when your consumer base needs to shop.
Here are 4 reasons why your business needs a prepaid rebate program:
1. Quick & Consistent
As a consumer, it can be a real hassle to wait 6-8 weeks for rebate rewards to arrive via mail. Payments to prepaid cards can be made in minutes, and are an excellent way to express to your consumers and clients that you care about their business. Fast payments will lead to repeat business, increased engagement, and a rise in consumer referrals.
2. Simple & Easy
In today’s digital age, consumers don’t want to have to manually fill out forms and use snail mail–it’s slow, it’s irritating, and it’s a major inconvenience. Online redemption or instant redemption using a prepaid platform makes redeeming a rebate an enjoyable experience, which, to the consumer, is half the point–they want to feel rewarded for their loyalty to your business.
3. Cut Down on Costs
Outdated manual systems that require mailed-in forms and mailed-out checks require a serious amount of labor, driving up the costs to your business and driving down rewards to your consumers. A digitalised, automated system like a prepaid card program requires far less labor, and so everyone wins.
Having a transparent rebate/rewards program benefits both your business and your consumers. A well-informed consumer who can easily track the entire rebate process is a happy consumer, and they are therefore less likely to bog down your customer service lines with complaints or inquiries. Likewise, real-time reporting of rebate campaigns can prove to be an indispensable advantage for business, providing them with information such as such as purchases, preferences, and more. It also requires less manpower to be able to find this information, which will save your business money.