We’ll start off by saying that we think every business can benefit from adding a gift card option for their customers. Now you might say, of course we’d say that, we’re a gift card provider but bear with us and we’ll tell you 6 reasons why.
If you’re reading this and you’re a business owner, we think it’s safe to say that you’re always looking for ways to grow your business and increase your revenue. We’re here to help with that since one often overlooked solution is implementing a gift card program. From increasing revenue and customer base to building loyalty and brand awareness here are the top ways a gift card solution can help your business grow.
Increase Your Sales
There are two aspects to gift cards being a proven way to drive sales. Firstly, the customers who purchase gift cards as just that, a gift for someone. Secondly, the customers who use gift cards and who typically spend more than the card’s value, leading to increased revenue for your business.
Additionally, gift cards can be used to promote specific experiences, products or services, leading to more targeted sales. Think of a summer special offer, a gift with a purchase of a gift card or even a bonus on registration of the gift card.
Grow Your Customer Loyalty
It’s the holy grail for lots of businesses and with it bringing a guaranteed customer base it’s easy to see why. Gift cards can be a powerful tool for building customer loyalty. Maximise this opportunity to show customers using those cards how great your business is and turn them into loyal customers long after their gift card balance has been used up.
Additionally, gift cards can be used to reward your existing customers for referrals or social media engagement. If you have a customer who you know is an advocate for you and has driven some business your way why not surprise them with a gift card for your business? A small reward can go a long way and provide priceless positive word of mouth.
Improve Your Cash Flow
It’s something that can be overlooked in how beneficial it is, but remember that since gift cards are a form of prepayment this means they can help improve your cash flow instantly. If there’s a busy time coming up it makes sense to offer gift cards so you can capture some of that revenue. When customers purchase gift cards, you receive revenue upfront, which can be particularly useful for seasonal businesses.
Enhance Your Brand Awareness
Every business wants to be well known and gift cards can be a powerful tool for increasing brand awareness. By offering gift cards as prizes in contests or giveaways that you run on your own channels, or by partnering with other businesses to cross-promote gift cards, you can increase your brand’s exposure and attract new customers.
Increase Your Operational Efficiency
Gift card programs are typically managed through a software platform, like crave.cards, which can help streamline your business operations. You can easily track gift card sales and redemptions, automate gift card promotions, and even offer e-gift cards for added convenience. We have all of these features and more. We’re always happy to show you how things work so if you aren’t already a customer why not schedule a demo?
Additional Revenue Streams
Many gift card programs offer the ability to sell digital gift cards and reloadable gift cards. In fact, with crave.cards we offer the ability to make unlimited top-ups for your cards. We also give you the ability to bulk order cards; this is a great tool to help increase your corporate business, especially with the recent changes in the small benefits exemption scheme. These additional revenue streams can really help to diversify your business and increase your overall revenue.
To sum up, implementing a gift card program can have a significant impact on your business’s growth. With increased sales, customer loyalty, cash flow, brand awareness, operational efficiency, and additional revenue streams, a gift card solution is a simple yet effective way to take your business to the next level.
If you already have a gift card provider but are interested in learning more about crave.cards and potentially switching we’d be happy to have a chat with you. Drop us a line here and we’ll come back to you soon.