How Panel Rebates Can Work to Your Advantage
Rebate programs support joint growth for both parties. A commitment to work together results in stronger, more efficient processes, including the opportunity to review completed projects and define areas for improvement. Rather than sporadic ad hoc collaborations, repeated partnership allows the supplier to understand the client’s expectations around communication, data collection techniques and preferences, and more.
Forging an alliance can also lend itself to strategic level business planning. Based on the opportunity, a research panel supplier may dedicate specific team resources to focusing on managing an account, saving a buyer time rehashing their needs with a new set of project managers for each project. Improved communication can save businesses time and money.
Dedicated profiling or recruiting efforts may also be possible. For example, suppose a firm is angling to land significant alcoholic beverage research work in the coming year. In that case, a partnership with a sample supplier could include more in-depth profiling on the topic to support these efforts. Rebate programs reinforce a mutual commitment to each other to continuously improve the process and approach.
TIPS FOR GETTING THE MOST OUT OF A REBATE PROGRAM
To get the most out of a rebate program, buyers need to plan and assess. Analyze your data to understand your current partner outlook. How much are you spending? How many research panel vendors are you currently using? If you are juggling a handful of providers, could your time be better spent partnering with one vetted supplier?
Check on program progress at least a couple of times per year. Set up quarterly meetings to ensure you are on track to meet expectations. At the end of the rebate period, plan a call to discuss the results and how you can further work together to support mutual success.
WHEN PARTNERSHIP IS NOT A GOOD FIT
On occasion, a supplier may not be able to meet a project’s needs; for example, they may not be able to reach the target audience or accommodate the project timeline. While keeping a stable of suppliers in the wings is common practice for many buyers, if the budget is spread across many vendors, buyers may miss reaping the program’s benefits.
BUILDING A STRUCTURE OF TRUST
Trust is the key to any great relationship. Rebate programs encourage commitment to build a formal structure of trust. The buyer entrusts the supplier with the allocated spend, and the supplier rewards this loyalty. Businesses on both ends benefit from streamlined processes and growth. Connect with Paradigm to learn if a rebate opportunity is a fit for your business!