Welcome to our price strategies video series. In this series, we are going to take you on a virtual journey and show you the ways to save money, time, and headaches when it comes to managing your pricing strategies.
So, let’s get started!
Wouldn’t you love to keep your customers happy? I hope you are answering with a resounding YES!
Rebates are a great incentive program, but they come with a ton of processes and headaches to manage and keep track of. One thing holds true, you need to make sure you are not overpaying or underpaying.
You need a strategy, not just offer them because “that is what everyone else is doing”.
Top points to consider:
- Rebates are part of the industry. You need to know how your competitors use them. You need to have concrete reasons as to why or why not you should offer them.
- Programs and rebates need to be well thought out. You need to have a plan, a strategy, and a process to track, report on, and incentivize not only your customers but your sales staff too.
- Rebates should not be based entirely on growth. Eventually, every distributor has a flat year. If the rebates are heavily skewed in the growth direction it could take revenue away from your channel when they need it most for driving sales forward.
- The best rebate programs are built around distributor behavior. If you want to displace niche competitors on the distributor’s shelf, link the rebate to being the only product line on their website. Want better visibility in their showroom, base the rebate on being the only product line displayed. We could list a dozen more points like this but, you get the picture.
With Rockton Pricing Management (RPM) we take the guess work out of the who, what, and when your customers get paid.
- Rebates are easy adjustments to setup in Rockton Pricing Management
- Rebates can be done as percentages or amounts
- Rebates can be setup to accrue in any GL account you designate
- Rebates can be driven by item, customer, date and location specific using a variety of filters
You can break out unlimited adjustments to a single line item on an order, so it doesn’t just have to be a rebate calculation. In the example below, the item is being sold with a rebate, a customer incentive and a sales commission with each adjustment going to a separate GL account.
Rebates are just one of the many pricing strategies that can be cumbersome and time-consuming but also beneficial and successful if the right tools are in place to manage them.
Whether you have Dynamics GP, Business Central, or Acumatica; RPM has you covered. There is a way to manage rebate programs effectively so you can ditch those spreadsheets and manual processes.
Because who doesn’t want to spend less time worrying about losing money on rebates and more time actually getting things done?