Profit from loyalty
Rebate programs are extremely valuable. They incentivize your customers to sell product. Well-managed programs can build customer loyalty for your business while promoting mutual, financial growth.
Focusing on the retention of customers and the repeat business they bring is a smart strategy. In fact, statistics show that “80% of future profits come from 20% of existing customers,” according to Gartner Group and Leading on the Edge of Chaos. Thus, maintaining customer satisfaction is good business policy, especially in today’s competitive animal health market.
80% of future profits come from 20% of existing customers.
Global manufacturers should aspire to build and keep customer loyalty. Every rebate program enrollment represents an opportunity to develop a long-standing, mutually beneficial working relationship.
When vet practices, buying groups, or corporations commit to you, they believe your rebate programs will help them get the most value from the purchase of your products. Once contracts are signed, nurture these burgeoning relationships by encouraging customer engagement.
An excellent tool for promoting this engagement is a customer portal.
Data Technology Evolution Transforms The Customer Portal
Today’s world is a highly digital one, enabling businesses to be more connected with their customers. Today’s customers prefer it that way, expecting connectivity to be at their disposal, available where and when they want it, offering immediate access to relevant information. Today’s customers want companies to help them help themselves.
In Salesforce.com’s The Future of Customer Portals, it notes that “59% of consumers and 71% of business buyers say self-service availability has a major-to-moderate impact on their loyalty.”
Customer portals have morphed from being strictly transactional to fluently interactive thanks to increasingly sophisticated data management technologies. By offering seamless connectivity and a holistic view, these technologies capably transform static data into real-time, relevant information.
For animal health manufacturers, investing in a rebate management software solution that has kept pace with this technology evolution is a win-win. Such a solution will achieve an optimum ROI along with transparency and visibility for both the organization and the customer.
Transparency and visibility are key factors in building loyalty.
Connectivity + Convenience = Cash Flow
Imagine the convenience for a vet practice logging into their own, secure portal, anytime, anywhere, and instantly being able to track how much product they’ve sold for any rebate program they’ve committed to.
With this real-time sales data in hand, a practice can determine where they currently are in meeting their threshold, as well as how much more they would need to sell to reach the next tier. For vet practices struggling with cash flow, an additional rebate percentage point could translate into thousands of extra dollars.
This easy access to current sales data encourages proactive rather than reactive behavior. With this visibility, practices can seize opportunities that will improve their cash flow. Reaching or exceeding rebate goals has a positive impact on the customer. Such satisfactory experiences build loyalty with the manufacturer, resulting in a steady stream of revenue.
Other features to look for in an engaging, interactive customer portal include:
- ‘What If’ tools for creating different scenarios with different parameters that then calculate the resulting rebate
- 24/7 access to rebate statements, details of sales purchases, and transparent calculation of rebates due
- Ability to open payment dispute cases
- Complete access and visibility to the portal for sales reps
“You can have the best rebate program in the world, which can make you very efficient, but if you’re not allowing vet practices to have access to that transparency and the results of the efficiency of that data, then you’re missing out on a huge opportunity.”
Matt Earle, Proagrica Sales Director
Proagrica, we’re here to help. Contact us today to learn more.