27 January 2021 | Sales Incentives
Whether you want to clear stock, push a specific product line or accelerate sales overall, a cashback program is a great sales enablement and closing tool. But how do you truly excel at a cashback program and turn it from good to great? Here are three top tips.
Tip 1: Be Very Specific
Once you have defined the goal of a specific cashback program, it is important to define your target audiences in order to have the correct products and approaches for the program. Well-defined target audiences are also important for marketing purposes – to promote the program and products. Also, clearly define the product qualifying categories, serial numbers (if there are specific units), qualifying cashback payout amounts per period, as well as limits (for example, only five units are eligible per month). Set a specific timeframe for the cashback promotion and the period in which claims will be considered and communicate these clearly. Finally, be clear on whether the claims will be handled manually or automatically. An automatic approach through licensing a software service can save time and ensure smooth execution.
Tip 2: Focus on User Experience
Ensure you have a well-branded web page with a unique name for your cashback program where your target audience can get all the information about the program and submit claims through a user-friendly process. Promote your cashback program and the cashback products with marketing material, such as banners and info sheets. It is also important to communicate with your users beyond just marketing material – this can include confirmation of claim submissions, cashback approvals and payment information. Keeping them informed and engaged will improve their overall user experience and your results. Automated email communication is a good way to keep users updated with the cashback process. This will ease your processes and enhance user experience. Finally, further improve user experience by communicating with them in their native languages. Localize programs by implementing multilanguage options.
Tip 3: Keep Track of All Aspects
Define and implement streamlined processes to verify invoices according to the specified criteria and approve and transfer cashbacks in a consistent and timely manner. Automated processes, efficient project management and proper account management are key to successful programs. Keep track of the entire cashback program through detailed reporting that will provide insights about your progress and can help to inform future decisions. A good way to do this is by licensing a software service that can track data and offer detailed, up-to-date reporting.
[CHECKLIST] How to Take Cashbacks to the Next Level
By taking your cashback programs to the next level, you can excel against competitors. This checklist contains important points that will guide you through the process, as well as helpful tips that can give you that edge.Download Checklist