B2B NewsPet industry news5 Ways Rebate Management Software Increases Customer Retention

5 Ways Rebate Management Software Increases Customer Retention

-

- Advertisment -spot_img


Across the supply chain, many organizations have found it difficult to properly identify their most loyal customers due to multiple layers of different vendors, retailers, distributors and manufacturers. However, when businesses do identify these loyal customers, they need a way to maintain loyalty. Maintaining loyalty is a critical part of a customer retention strategy.  

Businesses using rebates are in a lucky spot: they have a customer retention tool baked right into their core business strategy. That’s right: rebates are a great retention strategy.  

But using rebates as a customer retention strategy can be challenging without the right tools to influence buying behavior while maintaining margins.  

Let’s dive into how rebate management software can increase customer retention.

  1. Strengthen Collaboration with Your Customers

Once you have gained a customer, it might be tempting to sit back and let the customer make the next move, but staying alert and thinking ahead is essential to retaining the customer. Being proactive and reaching out to your customer will lead to better customer engagement and customer happiness. Listening to customer feedback and putting it to good use will also lead to higher satisfaction.

Rebate management software with built-in collaboration features allows you to organize your customers in a single location to keep track of agreements, their progress and their interactions with your business. By opening up collaboration and having an easy way to remind them about your deals, you can retain more customers that you may lose otherwise.

  1. Offer a Variety of Rebate Programs

Rebates are great tools for keeping customers coming back for more. Loyalty drives retention and encourages repeat business, which in turn helps companies generate revenue and achieve overall growth. Some rebate programs help trading partners move additional stock or promote certain product lines while other programs are designed to protect margins and increase earnings.

Manufacturers use a variety of rebate programs to bolster loyalty from buying groups or distributors who purchase from them. The more volume a distributor or buying group purchases, the more they might earn in rebates, securing loyalty from that trading partner. Distributors offer rebates in a similar capacity when selling to retailers.  

The great thing about rebate management software is that it’s built specifically to manage rebates, whether simple or complex. You have the ability to set up a wide variety of deals and invite your customers to collaborate on them to reach their thresholds.  

Read our White Paper: Understanding Which Incentive Type is Right for Your Business

  1. Build a Standardized Rebate Process

With rebate management software in place, you can build structure around your rebate programs and give customers a chance to maximize the value of each agreement. If you have all your data in one place, you have everything you need to review your efforts and figure out what program is working best and where things need improving. This means uncovering inefficiencies and achieving successful outcomes to drive customer retention becomes much easier.

  1. Measure and Report Effectively

25% of distributors report not knowing how they measure their rebate goals. Meanwhile, 46% of manufacturers believe that better awareness of their trading program from their trading partner would improve the effectiveness of their rebate program. This tells us that customers and suppliers have an opportunity to work together by using rebate management software that increases visibility into rebate programs while simultaneously providing more reporting capabilities.

Read our White Paper: The Importance of Measuring Your Rebate Programs

  1. Calculating Rebates Owed or Due Accurately and On Time

There are two sides to calculating your rebate programs:

  • If you’re a supplier, you calculate how much you owe your customers and tell them what you’re paying them in rebates.  
  • If you’re a customer, you likely rely on your suppliers or buying group to tell you how much you’re making in rebates. However, 57% of distributors in buying groups don’t know the rebate amount earned from each manufacturer.

If you’re not using rebate management software, chances are you and your customers aren’t calculating the numbers quite right. And chances are, that’s led to a dispute or discrepancies which can ultimately damage customer retention.

This is not the best way to do business. You both want your numbers to be accurate—and the same. This means using rebate management software that allows both sides to manage all their trading agreements and rebates in a single location.

Improving Your Customer Retention Rate Starts with Enable

Rebate management software can massively improve your customer retention rate, especially if you select software like Enable with numerous advanced features to foster relationships for you and your customers. Among these features are tools to help you measure and track your rebates, hold deal information, sign off agreements and gather detailed reports to inform your future rebate strategies. See for yourself: https://enable.com/schedule-demo  



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

撒网预热进行时,小轮车推广进校园

伴随着奥运会资格系列赛·上海的临近,城市体育节撒网预热期的推广活动日益火热。4月以来,不同主题的运动项目进入商圈、学校,让更多人体验到这些城市运动项目的乐趣。近日,“极限宝贝bmx初体验骑进校园”系列活动亮相上海市黄浦区 Source link

撒网预热进行时,小轮车推广进校园

伴随着奥运会资格系列赛·上海的临近,城市体育节撒网预热期的推广活动日益火热。4月以来,不同主题的运动项目进入商圈、学校,让更多人体验到这些城市运动项目的乐趣。4月30日上午,“极限宝贝bmx初体验骑进校园”系列活动亮相上 Source link

话说杨浦丨“赛艇女孩”,你在哪里?

上海海洋大学的历史可上溯至1912年成立的江苏省立水产学校。2006年,位于杨浦区军工路的上海海洋大学前身——上海水产大学,积极响应上海市教委号召,成功组织了“阳光体育大联赛”。宣传、动员过程中,学校 Source link

「贵州日报·教育」聚势赋能 提质扩容——贵州财经大..

2023年11月21日贵州日报16版(点击图片,阅读全文)全省高等教育高质量发展大会对当前和今后一个时期全省高等教育工作作出部署,描绘了新时代贵州高等教育发展的新蓝图,干货满满、令人鼓舞、催人奋进。风 Source link
- Advertisement -spot_imgspot_img

台湾教育界人士批评民进党当局“去古文化”乱象

来源:新华社新华社台北11月6日电(记者刘斐石龙洪)台湾“历史教育新三自运动协会”6日在台北举行记者会,批评民进党当局为达成不可能实现的“去中国化”政治目的,进行不负责任的“去古文化”教育,牺牲学子们 Source link

走出大山看世界!云南怒江崇仁完小师生团完成沪上游学..

8月13至16日,受中交疏浚邀约,来自云南怒江崇仁完小的19名师生代表来到上海,参加为期四天的“中交助梦?看世界”暑期访沪交流活动。崇仁完小坐落于海拔2000多米的横断山区。该校师生总共327人,学校 Source link

Must read

Offset Shares a Video of Cardi B Giving Birth to Baby Kulture

What was expected of her was the same thing...

Lady Gaga and Cardi B Meet at the Grammys

What was expected of her was the same thing...
- Advertisement -spot_imgspot_img

You might also likeRELATED
Recommended to you