This guide outlines strategies for using rebate marketing to boost your business and attract more customers.
Growing a business is hard. It doesn’t matter if you’re selling plants online, or offering dog grooming services, but once you’ve become established and want to expand to attract more customers, you may find yourself becoming puzzled and feeling overwhelmed on how best to do this.
There are, of course, many options available to help businesses develop, and this will vary based on what you can offer your customers. However, one area that’s often overlooked in lieu of better SEO or a prettier website is rebate marketing.
This is an effective solution for businesses of all sizes that want to grow, and if you have never heard of this or are curious to learn more about it, then read on. This article will showcase how rebate marketing can not only help your business to grow but thrive. Enjoy!
What is rebate marketing?
Starting with a definition, what is rebate marketing? Rebate marketing is a promotional marketing tool that many businesses and wholesalers use to increase the chances that their products will be purchased.
In simple terms, it looks like a partial refund or discount, and is applied once the item has been purchased. You may think it is the same as Buy One Get One Free, but it differs in that rather than the discount being applied when the item or service is purchased, it’s applied afterward.
Rebates also usually require the purchaser to initiate the claim after they’ve bought the item or service to get the rebate. It’s typically seen between wholesalers and retailers, but it can be used effectively across a wide area of retail and sales.
The aim of rebate marketing is to make the allure of savings clearer and invoke a mechanism that will keep customers or buyers interacting with the supplier even after the transaction has taken place. The long-term goal is to sustain a relationship between the supplier and the buyer.
How rebate marketing grows business
So, you may be wondering how you can use rebate marketing to grow and expand your business. It’s pretty simple really and will be explained here.
Attracting New Customers
The most obvious way that rebate marketing can help your business to grow is by attracting new customers. You can offer a rebate to customers on the initial purchases they make, and then they’ll have the incentive to use your product or your services at a reduced cost, minimizing their financial risk.
This is effective for new business or if you’ve been in business for a while, rebate marketing can be useful if you’re launching a new product or service. In simple terms, you’re reducing the cost of the product or service to new customers through rebates, which will make anxious customers more likely to make their first purchase.
To give an example, suppose you’re a mobile dog grooming service that offers monthly services, such as nail grooming, shampooing, and conditioning. You could offer a rebate to customers who sign up for your monthly service via Instagram or Facebook, which will attract new clients and their precious pooches.
This encourages the sign-up process and allows you to showcase your business’s skill at providing the service. The goal is that you end up with a big client list and your customers end up with some very pampered pooches!
Boosting Sales Volume
You can even use rebate marketing options to increase sales volume, which is, of course, the core thing you want when you’re looking to grow your business. You can offer your customers and clients tiered bulk purchases on higher-value orders, which will encourage them to spend more than they may have initially planned.
This will help to boost revenue but, if you’re selling products rather than services, it will get rid of inventory, cut down the cost of storage, and help you and your team to get into the market with a bit more aggression.
Encouraging Repeat Business and Customer Loyalty
As stated in the first point relating to rebate marketing, if you offer an incentive for a lady with some very pampered Pomeranians to sign up for a dog grooming service, the chances are that she’ll keep using your business for their monthly blow-dry and conditioning.
Customer retention is another part of business growth, and by offering rebates as part of a loyalty program or subscription, you can encourage customers to continue using you for goods or services. This will boost loyalty and will also help you to keep your clients happy, while also increasing your income.
Promoting New Products and Services
Returning to the mobile dog grooming example. You can offer your customers a rebate when they sign their dogs up for a blow-dry session with the newest detangling blow dryer, which your business has only just purchased.
In this instance, it’s fun, it’s cute, but it also offers a service; dogs with tangle-free fur, who won’t be as stressed getting their fur dried through a long process. This can generate interest in this product or service and encourage current customers as well as new ones to try it out.
Also, if you’re the only mobile dog groomer who can offer a detangling blow dry, you’re going to encourage other dog groomers’ clients to switch to your services. If you can offer something new and offer rebates, you can keep customers interested in what you can provide.
Enhancing Competitive Positioning
This leads nicely to the final point. If you’re a mobile dog groomer, the chances are that you’re not the only one. The marketplace is competitive, and rebate marketing can help you to differentiate yourself from your competitors. Offering rebates on pooch grooming can make your services more appealing to customers who are worried about spending a lot of money and could sway their decision in favor of your business.
Final words
The end result is that your mobile dog grooming business is also more exposed and gets more requests as well as bookings. This will help your business to grow, and all from offering a 5% discount post-sale on pooch conditioner!
