Gift cards have come a long way since their ancestors, paper certificates. In this ever-changing stored value environment, simply offering a traditional gift card is no longer enough to maximize the opportunity they can bring to your business. Gift cards offer a greater return on investment than any other product sold in your store. So how do you make the most of your gift card program?
With over 20 years of consumer engagement experience as experts in the stored value industry, SVS has developed some key insights and tactics to grow your business. Based on results from actual customer programs, the following design and variety best practices are intended as a guide to assist with planning your marketing and gift card activities throughout the upcoming year.
Offer multiple card designs
One of the easiest things a company can do to improve gift card sales is increase their variety of cards. Top tier retailers consistently maintain a minimum of six card designs at all times of the year, and 70% of SVS top 10 gift card programs offer more than 20 card designs in every location. When multiple gift cards are displayed, it gives purchasers a feeling of choice, creating a more personal gifting experience.
Keep it interesting
It is important to change card designs on a regular basis. Many purchasers want to give gift cards from the same brands, but don’t want to give the same card design year after year. Six of the top 10 SVS gift card programs flip their inventory at least twice annually.
Consider your audience
Design gift cards with both recipients and purchasers in mind. Consumers who buy gift cards often select designs that appeal to them. It’s best to limit photography to ensure imagery is appealing to all targeted consumers.
Incorporate your brand
Create special card designs using customized features that represent elements of your business. Gift cards are a form of advertising and a strategic opportunity to promote your brand.
Make gift cards stand out
Consumers prefer cards with a customized shape or upscale treatment such as a foil stamp or glittery silk screen. These types of cards have typically sold at a 10 percent faster rate and have a higher average load value than a standard four- color gift card. Gift card sales have increased by 3 to 5 percent when premium card designs are introduced.
Represent your merchandise
The best sales results are produced when gift cards represent product lines and are displayed next to a specific product being sold. These combination cards sell faster than standard gift cards and have increased sales 5 percent.
Display gift cards in multiple locations
Gift cards must be easy to find and represent multiple occasions and product options. The average retailer displays 10 to 12 gift cards in a minimum of three locations within the store. At a minimum, gift cards should be located by each set of registers.
With the Christmas and New Year fast approaching, many businesses are trying to grow overall sales and gift cards can play an important role. Every time a gift card is sold, it represents an increase in future sales, new customer growth and increased customer loyalty. Let the best practices outlined above propel you to success in 2015.
For more information please contact an SVS Sales Representative:
+86-021-68815988
GiftCard_Marketing@storedvalue.com
www.storedvalue.com
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