Trying to move excess stock? Frustrated with slow sales? Cashback programs are a versatile marketing strategy to stimulate sales with you keeping control and better still, only incurring the cost against a completed sale.
Online or instore, running a cashback promotion will keep your brand at the forefront of consumers’ attention, keeping your brand and product ahead of competitors. This article explores how cashback programs can help manufacturers and brands reach consumers – whether it’s through channel partners or direct to consumer.
What is a Cashback Program?
A cashback program is where businesses provide money back to the purchaser but don’t discount the product directly therefore not reducing the value of the product. Offering consumers and resellers a monetary reward for their purchases increases sales and retention as the more they buy, the more they will receive back.
For manufacturers looking to stimulate business and keep their stock and inventory moving, cashback programs can be a highly effective sale and marketing tool, at a low cost.
To create a successful cashbacks program, businesses need to consider its effectiveness and efficiency in stimulating business and building sales growth. The program also needs to be compelling for the customer and reseller.
OKI’s effective Cashback Program for Resellers
In their business objective to boost reseller sales, high quality printer manufacturer OKI have implemented an effective cashback program for their resellers. For a limited time, resellers were able to claim a certain amount of money back on their purchases. The cashback value will depend on the purchased product. To claim the cashback, resellers simply went to OKI’s website, where the cashback process is clearly explained in 3 steps.
- Purchase an eligible OKI product
- Claim the cashback by completing an online form
- Receive their reward in the form of a prepaid gift card after the claim is successfully validated and approved
The key drivers in the success of OKI’s cashback program is straightforward for resellers to make their cashback claims. The entire process is online and easily accessible. OKI’s promotion also drives urgency and fast response as resellers are given a limited time to make their purchase and submit their claims.
Why Use a Cashback Program?
A cashback program guarantees a business, new sales as well as increased earnings from existing customers.
As a versatile marketing tool, cashback programs can be used to:
- Reward customers after they perform a desired behaviour, such as purchasing a product in a certain time frame, renewing a subscription, business referrals or participating in a product trial
- Proactively drive customer acquisition
- Acquire new customers through referral
- Offer concessions and bonuses for customers
- Thank customers for their purchase
- Avoid discounts and save businesses from devaluing their brand and products.
To make cashback programs even more attractive for customers, offering a prepaid Mastercard or Visa as their reward allows them to spend it in over 37 million outlets instore and online.
Cashback Programs: A Versatile and Low-Cost Solution
Whether its consumers directly, through retail stores or creating an incentive for channel partners, cashback programs are versatile and flexible. With low set up costs, only the promotional costs is incurred against a sale. It’s the perfect solution for all different avenues.
Offering Cashbacks for Consumers
Manufacturers and brands can run cashback promotions independently of retailers or channel partners and directly to the consumer. Consumers can simply submit their receipt irrespective of the store they have purchased from and claim their cashback straight to the manufacturer and brand.
Cashback Programs through Retailers
Cashback programs can be implemented completely independently of retailers with brands choosing to reward purchasers irrespective of where they buy their product. Alternatively, the program can be designed to rewards purchases made at a specific range of partner retailer/s.
Cashback Incentive Programs for Channel Partners
Encouraging channel partners to focus on your products can be challenging. Cashback programs can help incentivise channel partners to sell your brand over your competitors. When brand preference is the key to successful channel partnership, a cashback program is the perfect strategy to boost channel sales.
Prepaid Gift Cards: The Perfect Cashback Reward
As a cashback program helps brands and manufacturers avoid discounts that can devalue their brand, offering customers branded gift cards will heighten brand awareness. Prepaid gift cards have greater appeal with participants because they are reminded of your brand every time they use the card. Customers will have a billboard of your brand in their wallet.
Unlike other cashback programs, Corporate Prepaid Cards have a range of cashback options to choose from. You can choose to offer your customers, resellers and clients:
- A Mastercard, Visa or eftpos card – whichever suits you best
- Single load or reloadable cards
- Plastic cards with Tap & Pay functionality or virtual cards for fast email delivery
- Choose from our wide range of designs or customise your card with logo overprints with your company logo or fully customised / branded cards
- Offer any denomination up to $9,999 for the cashback value of your product
Keeping a business brand at the top of their customers’ mind and providing a profitable reward for customers, cashbacks are the answer to staying ahead in a competitive market.
Our team will implement a cashback service program for your business with efficiency and ease, saving administration and time resources.
- Create your cards
- Create your branded cashback website within 2 weeks
- Set up the cashback program for your approval
- Administer the program per your qualifying cashback claims such as claims processing, fulfilment and reporting
- Send you all results from the program
- Provide a live dashboard, giving businesses the option to receive a final campaign wrap-up report
The Only Option for an Effective and Efficient Cashback Program
The Corporate Prepaid Cards Cashback Program is not only versatile, it is better, cheaper and faster at delivering cashback rewards for businesses and their resellers and customers.
As Australia’s market leader in prepaid cards, Corporate Prepaid Cards has been selling VISA and Mastercard prepaid cards since 2005. Being the market leader in prepaid cards, Corporate Prepaid Card offer the most effective and efficient cashback program in Australia.
Even during economic downturn, when budgets are tight and sales stimulation is needed, cashback programs help manufacturers and brands will help stock moving, keeping business buzzing with growth and activity.
Running a cashback program internally?
We provide prepaid Mastercard and Visa cards to a range of manufacturers and brands for cashback rewards for internally run cashback programs.
We provide one of the leading car manufacturers with prepaid Zero balance Visa cards which allows card stock to be in market at all the dealersh