Gift cards can generate significant revenue and profits. Plus, they are an easy way for your existing customers to refer new business your way!
These days, many shoppers prefer to give gift cards as gifts – as opposed to picking out something that the recipient may or may not like. So, if you don’t already have a gift card program in place, it’s time to change how you see gift cards! Instead of thinking of gift cards as an operational nuisance (“How do I ring this up again?”), think of them as a true product category that you should encourage your employees to sell!
Often, gift cards spur significant additional store purchases at redemption above the face value of the gift card itself. Consumers often see a gift card as “free money” and may take the opportunity to “treat themselves” to a high-priced item, since they’re “only” paying the balance above the gift card value.
Plus, gift cards are very low-risk. Having them on hand doesn’t “cost” you anything. If they are unsold, no harm done. But if they are sold, that’s a new customer that will be walking through your doors to spend the value of the gift card, if not more!
How to Grow Your Business with Gift Cards
Create a gift card promotional plan.
You’ll need signage, terms and conditions, and consistent communication with your employees about the importance of this new program. Make gift cards a part of your sales goals or incentive programs for your employees. Host a contest to see who can sell the most gift cards in a month!
Make sure your gift cards look good!
A flimsy paper certificate in a plain envelope is not as an attractive of a gift as a seasonally-appropriate plastic gift card in a fun box.
Go one step further…Make your gift cards customizable.
If you can’t offer multiple versions of the actual card, order various gift card holders that are appropriate for different occasions: birthdays, the holidays, wedding, “just because,” etc. This makes giving a gift even easier for your customers.
Make sure your gift cards are easy to purchase.
Make them visible and available in multiple places throughout your store. If you can offer them for sale online or over the phone, do that too! The easier it is for your customers to buy a gift card, the better.
“How do I make custom gift cards for my business?”
As gift cards are the same size as credit cards and IDs, they are generally easier for your customers to keep track of. Plus, they can often be reloaded for reuse, and are easier to track. But, how do you go about getting your hands on custom gift cards for your business? Here are the top two online resources to get you started! They offer competitive pricing and quality products.
- Plastic Resource offers custom gift cards, loyalty cards, and loyalty key chain cards! They can also help you with graphic design of the cards, and can help set up your POS to accept gift cards as a form of payment.
- Duracard offers similar services to Plastic Resource, and can expedite shipping for when you need your gift cards right now. Plus, they provide free samples.
Make sure you’re taking advantage of this sales driving opportunity to create an entirely new product category and to generate more business, new customers and more chances for your business to succeed!