With a view to the individual interested parties and new and existing customers, cashback can develop enormous conversion power at any point in the sales funnel. Basically completely independent of the digital point of purchase (PoP).
Advantages of cashback: Any time – anywhere
Whether it is to encourage test purchases, as is the case with the market launch of new products, for example to sell off seasonal goods, or as part of loyalty campaigns – cashback offers a number of advantages. It doesn’t just open up additional buyer and sales potential for online retail. Above all, it guides the promising target groups, i.e. those interested in products and brands, with an affinity for buying, on the way to the transaction. Cashback is therefore an excellent instrument for integrated lead and conversion optimization.
The next stage of development: 3 examples of the advantages of cashback
Providers of digital cashback systems such as Marktguru have long since developed a whole “customer experience” world that pays in to shop brands with a variety of solutions. It enables online retailers a holistic customer management. It not only aims at maximum customer lifetime value, but also offers consumers a unique shop experience. Here are three examples:
The product whisperer
Cashback campaigns can deliver success-relevant added value, especially for maintaining the range of products in online shops. For example, as a starting point for simple, quick and efficient consumer surveys. Independent of the PoP, they can also take place outside the online shop – but they can also be addressed directly to the target group. If they are integrated into an app, as is the case with Marktguru, consumer surveys ensure a maximum user experience. Because they are mobile and can be answered flexibly in terms of time. Based on data and digital technology, innovative cashback systems create a holistic, comprehensible customer journey. In addition to the results of the consumer surveys, the analysis provides many valuable insights into purchasing behavior for the products in focus. If used intelligently, cashback campaigns have great potential in engagement-happy shopper communities: to refinance their costs with valuable consumer insights, if not to overcompensate them. They are also a strong customer dialogue and customer loyalty tool.
The cross-media extension
Cashback apps offer a wide range of contact points with users. Especially if other trade marketing formats such as digital brochures are integrated into it. In addition to receipt screening for cashback, this also includes shopping lists, product searches, prospectus views and offer clicks. Across all of these contact points, extensive high-quality insights into the real information and purchasing behavior of shop customers can be gained online. Online shops at Marktguru can use this first-party data, which can be differentiated down to the product and brand level. For example, to address your own shop customers stand-alone or together with manufacturers, for example via advertising subsidies, with classic display, video or addressable TV campaigns in the media portfolio of Pro Sieben Sat.1 marketer Seven.One Media. This means that cashback campaigns can be effectively extended across media in order to develop new customer potential, i.e. through incremental reach extensions. However, specific target groups can also be repeatedly addressed and activated using retargeting.
Cashback only in your favorite shop
In order to achieve maximum customer proximity, online shop operators not only have their own cashback campaigns through external providers.
You can also offer selected manufacturers a platform for exclusive, branded special offers. This gives them frequency and traffic for their online shop and allows them to offer their shop customers unique preferential conditions. These can be easily combined with cross-selling and upselling opportunities. Manufacturer-specific white label solutions such as the market guru “Cashbot” can be implemented quickly and easily. The solution, which has the look and feel of the manufacturer, guides the shop visitor through the cashback process via chatbot. It includes a direct settlement of the special offer with the manufacturer. Online retailers can thus benefit significantly from the manufacturers’ marketing campaigns without additional clearing efforts.
Also read: New FinTech company starts with cashback integration in the browser.
Dr. Marc-Etienne Geser is the managing director of Marktguru Germany.