Article

How to increase revenue using Cashback

May 2022

Sophia Binder

Content Marketing Manager

Have you ever found yourself not quite reaching your sales target at the end of the quarter or not being able to get rid of old stock? Have you had difficulty pushing a new product or looking for ways to use your leftover budget? Then Cashback campaigns may be the answer you were looking for.

What is Cashback? 

Cashback can be used as a type of acquisition and loyalty program. And Aklamio can actually enable businesses to reward customers for specific actions taken or for special events throughout the entire customer lifecycle. It allows you to reward users for committing to your brand both online and offline in a seamless and user-friendly experience. Therefore, Cashback can quickly become a key part of your acquisition and retention efforts. Ultimately, it enables you to grow revenue, while improving customer loyalty by adding value to their experience with your brand. 

You can integrate your Cashback program into your system so that your customers don’t need to take any extra steps. That means that new customers can follow your pre-established journey – for whatever action you decide to reward – avoiding any customer confusion. 

You should also consider having an omnichannel approach. This allows businesses to drive sales, increase traffic, and integrate all touchpoints. An omnichannel strategy improves the customer experience and provides more channels for customers to make a purchase – no matter where they are. 

There are two different types of Cashback that you can offer your customers: 

  • Online cashback

Users can be prompted to collect a cashback reward at any point in the online purchase process. Be sure to offer a frictionless experience – no additional registration should be required of them.

  • Offline cashback

With this option, Cashback rewards are given to customers over either your hotline or at the POS. For many businesses, offline Cashback is equally as important – telcos for instance can benefit greatly from using Cashback, whether over the phone with clients, in-store, or after technician visits to a customer’s home. 

Use Cashback to grow your revenue

  • Acquire new customers

Cashback enables you to reward a new purchase and gain new customers. Through the use of such a reward, customers are inevitably more engaged across the entire customer journey. Their brand experience is improved and made more valuable. Cashback can be used for special occasions or throughout the year. For instance, if you’re running Black Friday campaigns, trying to get rid of your old stock, or have some budget left over this quarter – you can benefit from running a cashback campaign.

  • Upsell & cross-sell to existing customers

Using cashback, you can promote new products to your existing customers, upsell a new version of your product, or incentivize customers to extend their existing contracts. Cashback campaigns are therefore a quick and easy way to upsell and cross-sell to your existing customer base. 

  • Retain existing customers

Surprise and delight your customers to reduce churn rate and reward loyalty. Strengthen your most important asset – the customers you already have – by making them feel special. Give Cashback on their birthday, on a specific holiday, or for having been with your brand for a certain number of years. 

Why Cashback is right for you 

  1. Flexibility: Cashback can be switched on and off. It can be used at any point in the customer lifecycle and you decide on the budget. This is very useful if you need to increase your sales quickly.
  2. Integration into user-flow: Cashback integrates seamlessly into your website and other channels. With Aklamio, we’ll ensure that it will strictly adhere to your branding. Once fully integrated, your customers won’t have to do anything extra.
  3. No maintenance effort: Aklamio takes care of fulfillment or customer payout. You don’t have to manage customer requests or handle the maintenance of vouchers. Aklamio also manages customer support. All in all, you’ll have more time and resources to focus on other priority projects.
  4. Seamless experience: Keep customers engaged on your website with Cashback. There will be no need to redirect the traffic to other sites.
  5. Omnichannel capabilities: You can make the most of all of the channels using Cashback – you’ll have the ability to reward your customers no matter what channel they’re using.

Cashback allows you to reward your users for committing to your brand at all touchpoints. It can be a great way to increase your revenue and nurture the relationships you have with your customers. Making Cashback a key part of your acquisition and retention strategy will undoubtedly give you peace of mind whenever you need to see results fast. 

Want to find out how Aklamio can help make your Cashback programs a success? Reach out to us here.