It’s common to experience confusion when managing complicated rebate programs. With customer demands changing and the supply chain adapting to a changing environment, rebates have become more complicated.
What are the ways you know your rebates are working?
Here’s a handy checklist that will help you ensure your rebates generate ROI
Ensure your customers aren’t overpaid
Are you reliant on customers to tell you how much rebates they owe you? The chances are that you’re overpaying.
We love our customers, but they frequently miss the mark when analyzing complex programs using spreadsheets.
Make sure your rebate program is accurate by streamlining them using automated software like IMA360. Studies show that on average, companies using spreadsheets to manage customer rebates tend to overpay by 0.20-0.25%.
Reduce the likelihood of late or missed payments
If you miss a payment, or your payment is late, you will incur additional fees. Invest in software solutions, like IMA360, to ensure payments are never late – or set up alerts to ensure you pay customer rebates on time. Additionally, you will be able to take advantage of early payment discounts.
Drive sales by boosting net margins
To win for your business, you need to be able to forecast the margin on rebated products. Your customers might be motivated by reducing prices on some SKUs and adjusting volumes on others. Pricing can be more competitive with flexibility here.
Managing your rebates may be complex, especially if you have been keeping track of them in spreadsheets.
Automated rebate management solutions, such as IMA360, streamline analytics, simplify forecasting, improve business relationships, and simplify rebate management.
Increase the number of incentive programs you offer
By offering your customers rebates, you can increase your margins. You may not experience more volume from your customers if you provide a broader range of products that are targeted toward them.
Make incentives more effective.
You’ll miss the chance to incentivize more sales of your right products if you only offer basic incentives. Your business will increase revenue due to tiered deals that encourage your customers to buy.
Optimize available incentives
Make sure your customers are aware of all rebates you offer. By letting them see how the programs are performing, you can motivate them to make purchases.
You can build new ways to increase your revenue by increasing participation in your programs. Monitoring and adjusting rebates and incentives according to their effectiveness is good practice.
It is possible to influence sales and margins through rebate management software.
With IMA360, rebates can be turned into growth engines. Our scalable SaaS platform was designed with input from hundreds of rebate strategists to help you manage complex rebates and increase revenue. Our features let you collaborate with colleagues and trading partners constructively, while real-time data gives you an overview of your trading relationships and rebate performance. Visit IMA360.com to learn more, schedule a demo, and get a 30-day free trial.
Let IMA360 improve your processes to increase your revenue and optimize profits across your enterprise. Call today to schedule a demo.