There’s a reason why all major retailers offer their customers the option of buying a gift card for gifting purposes: gift cards really work. And combined with a Loyalty Software Program, they can help promote a sustainable and healthy business growth. Here’s how you can integrate the two and reap the benefits:
Offer Experiential Rewards
Gift cards are the most opportune tool to offer experiential rewards. Make sure you make the most of the increasing premium on ‘experiential’ rewards by offering gift cards that provide customers with a unique and memorable experience. It might take some thinking to zero in on the perfect ‘experience’ but the sky’s the limit! Usually, clothing stores offer a personalised shopping experience, restaurants offer a live cooking session, salons offer a free beauty treatment, acnd gyms offer customised health advice!
Influence Spending Behaviour
A gift card is essentially a paid ‘gift’, where the choice of choosing the ‘gift’ lies with the recipient. This provides an opportunity to your business to influence customer spending by smartly designing your loyalty program and gift card schemes. For instance, you can combine existing offers and deals of the Loyalty Software Program with different gift cards and give away a free product or an X% discount on a minimum shopping amount. Since a part of the bill is already paid for, customers will be tempted to make the most of the offer and are more likely to spend on non-utilitarian products as well.
Improve Sign-Up Rate
New customers who are redeeming a gift card on their first purchase are the perfect audience to be educated on the many benefits of your customer loyalty program. During the billing or check-out, you can introduce or discuss offers on products that they have purchased and inform them of the highlights of your program. Consider gift cards as an extended form of referral programs with your loyal customers, who not only recommend your business in their social circle, but also ensure that their acquaintances actually land up on your doorstep and engage with your business! How you use this opportunity is entirely up to you.
Introduce New Products
Using the above-mentioned strategy in another unique way, you can also bundle a new product with gift cards and introduce a new product to new and existing customers to cultivate a liking towards the same. Depending on the value of the new product, you can pre-bundle them with gift cards of appropriate values. For example, if your new product is priced at $10, you can give it away with gift cards worth $100 or more. Thus, gift cards are an effective tool to influence customer choice and preferences and can help develop a taste for new business products soon after their launch.
Integrating gift cards with your loyalty program is likely to get you new customers and increase customer retention rates. If you have been on the lookout for an intelligent and cloud-based Loyalty Software Program, make sure you get in touch with us to know more about how your business can benefit with Loyera. Hardware independent, feature-rich, and integrated with POS and E-Commerce, the best part about Loyera is that is comes at absolutely no cost for small businesses!