3 Ways Gift Cards Can Help Your Business Grow
Introducing New Customers—people like to listen to their friends and family members for recommendation on where to go to make purchases. The purchase of a gift card from someone who knows your business is a great way for them to refer you to one of their friends or family members. Alternatively, if someone knows their friend likes a certain store, they may take a trip there to check it out in order to purchase a gift card for their friend. Whether this occurs in a brick-and-mortar or through an e-commerce shop, the person is being exposed to your business, and this is a vital step in creating a sale.
Increasing Sales—this is occurs in several different ways. First off, when someone purchases a gift card from your business, you are guaranteed that money, so if the receiver of the gift card has an unspent balance, you’re still profiting. Additionally, rarely does someone spend exactly $50 if it’s a $50 gift card, and so on. Therefore, they are more likely to buy goods or services worth the value of the gift card, and then some. Finally, the simple fact that this gift card means $50 extra the customer did not have before, they may be more likely to splurge and purchase other items that they might not have gone for if it was solely their own money.
Improved Brand Awareness—a customized gift card is yet another marketing tool and form of advertising to put out there, so when someone receives your gift card, they are carrying around with them a card with your logo that can only be redeemed at your store. Not only is the person who purchased the gift card coming into your business and handling the card with your logo, this exact process transfers over to the person receiving the gift card and ultimately when they end up in your store to redeem its value.