A gift for your customers and your business
Gift cards are a business tool often devised as an after-thought following customer enquiries and demand. For small businesses, their existence is often not very well planned and is usually a hurried transition from paper counterparts, in an attempt to keep up with the “shop down the road”. When embarking on a gift card campaign for your retail store, it is undoubtedly with the goal of generating revenue as well as increasing brand exposure. When considering 72% of customers will spend more than the value of their card, it means you are not only profiting from the purchaser of the gift card, but also from the receiver.
It seems it is almost impossible not to benefit from selling gift cards for your business; not only are they a portable advertisement for your brand, but they also eliminate the product returns usually associated with gifts as the purchaser isn’t buying a wrong colour or size etc. Nonetheless, the dust can sometimes gather on gifts card campaigns that are poorly executed and not advertised.
Gift cards should be treated as though it were any other product in a store, with effective visual merchandising, pricing strategies, and product development. Not forgetting the online and offline advertising that is required. It really isn’t reasonable to assume that an outlay on plastic gift cards will mean the sales will start flooding in. To ensure you are not investing in a scheme that involves a spend on merchandise, without the return on investment, we’ve explored some key benchmarks that will help to ensure you profit from your gift card schemes. Bear in mind the fundamentals of this C.A.R.D.S model when planning your next gift card campaign:
Get the word out that you offer gift cards. Put signage at the front door and/or around the store and banners on your website. This is a key selling tool for your business, be sure to capitalise on gift card sales by creating specific campaigns for key occasions.
When designing you gift cards, aside from ensuring they are “on-brand” and appeal to your target audience, ensure they are relevant year-round, or you should consider creating seasonal ranges such as festive designs for the Christmas period.
Monitor and report on the sales of your gift cards so you can plan in advance for future stock. If you have seen an influx in sales of gift cards during a particular period, you can ensure your gift card supplies are replenished in time for the next year.
Display gift cards in a high-visibility area, such as near a cash register, to help drive sales and increase awareness of your offering. Gift cards should be displayed in a suitable fixture that effectively showcases your product.
Place small and popular products near the gift cards so when customers purchase a card, they may also consider adding a small item or two to personalise their gift. Make it easy for your customers to put together a tailored gift that will impress the recipient.
If you’re considering setting up a gifting campaign for your business, be sure to get a quote on our website for high-quality plastic gift cards.