Did you know that 50% of retailers use consumer product rebates as part of their marketing strategy? It’s one of the most cost-effective ways to attract new customers and boost sales.
Rebates are easy to administer and offer a high redemption rate, which means you get your money back. You can also use them for cross-selling and upselling other products or services.
If you are wondering about the benefits of using a consumer product rebate, this short and simple guide is for you.
1. They Increase Customer Satisfaction and Loyalty
Giving away something that is already included in the price leaves customers feeling like they got a good deal on their purchase. The best part is that they will feel like they got an even better deal when you put that money back into their hands.
You can also use this strategy to build customer loyalty. If you’re giving something away with every purchase and customers know they are going to get it every time they buy from you, they will be more likely to continue buying from you.
2. They Increase Sales During Slower Periods of the Year
If you offer a consumer product rebate on an expensive product or service, people will buy it simply because they want the money back in their pocket.
This can be a great way to increase sales during slow periods or when you need to get rid of inventory. The best part is that customers will feel like they got a deal, even though they paid full price for their purchase.
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3. They Increase Brand Awareness
Rebates can help build brand loyalty by putting your company in front of customers regularly.
When you offer a rebate, it’s like free advertising for your business. Customers will see your name and logo on their receipts, which can help them remember who they bought from.
You may even get shoppers to tell others about their rebate experience with your company. This is especially true if the process was easy and hassle-free.
4. They Give Incentives to Customers to Buy Now
If you’re selling a product that has an expiring rebate, offer an incentive, such as a discount or free shipping if they place their order by a certain date. This will encourage them to take advantage of the rebate while it still applies and motivates them to buy sooner rather than later.
You can also offer a discount on your current product if the customer buys it with another one that has an expiring rebate. This will encourage them to buy the products that you want them to have, while still taking advantage of the rebate.
Boost Your Business by Offering a Consumer Product Rebate
Consumer product rebates help customers in multiple ways.
They provide savings on their purchase, as well as free products. Rebates also help companies by increasing the number of sales. The best part is that rebates are all about customer satisfaction.
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