With the holidays upon us, gift giving is top of mind. And with more customers opting to give gift cards, businesses like yours have another opportunity to boost revenue before the new year.
However, gift cards aren’t just for the holidays. Whether it’s a birthday, anniversary or graduation, gift cards offer a flexible option for both gift-givers and receivers alike. With a simple strategy in place, you can capitalize on their popularity and create an additional stream of revenue throughout the year.
Here’s how to get started:
Promote In-Store and Online
By providing customers a variety of ways to purchase gift cards, they are much more likely to buy them in the first place. Offer both physical cards in-store as well as digital ones on your website, mobile app and social media pages.
You can promote in-store gift cards with signage at your checkout and throughout your space. Your staff is also key to implementing a successful gift card strategy — encourage them to suggest gift cards to customers year-round and especially around popular holidays.
Make it Convenient
Convenience is key. Offering gift cards both physically and digitally is a great first step. Next, you’ll want to incorporate these strategies to make your offering as convenient as possible:
- Preset gift card amounts: Promote general dollar amounts, from $25 to $100 values, to help customers purchase gift cards quickly without needing a deep understanding of your service and product menu.
- Offer gift-ready bundles: Combine seasonal inventory or branded merchandise with gift cards for eye-catching bundles that are easier to sell and more exciting to give. You get bonus points for gift wrapping so they are present-ready.
- Ensure a seamless experience: When it really comes down to purchasing and redeeming gift cards, the customer experience is most important — although gift packaging is a fun and recommended add-on. Make sure your business management software is set up to both sell and redeem gift cards with ease.
Provide Perks for Buyers
Everyone loves to receive a little something for themselves and that’s no exception with gift cards. To further promote sales, offer perks for gift card buyers like discounted rates, exclusive services or even a buy-one-get-one promotion. A recent study found that 59 percent of people spent more than the value of the gift card itself, so it’s likely you’ll be able to upsell and boost revenue once it’s redeemed.
Gift cards are both a great gift option for customers and a simple way to increase profits at your business. By promoting your gift card offering in-person and online, ensuring convenience and offering perks for those gifting them to friends and family, you will reap the rewards of a gift card strategy, not just in December, but all year long.
Lauren McAlister is the marketing content specialist at MINDBODY. Contact her at lauren.mcalister@mindbodyonline.com.
