Businesses usually have two goals: increase sales and customer acquisition. Many stores do this by throwing money at marketing. However, there are better strategies. You can accomplish both goals while simultaneously reducing fraud and increasing brand awareness. Want to learn this secret strategy?
This strategy is one used by large corporations. However, it is accessible to smaller businesses too. It is one of the reasons behind Starbuck’s success. Companies that offer perishable items, like food, find that their sales increase with this strategy. This secret strategy has a lasting effect on consumers. Almost everyone has experienced it one way or another. In fact, I bet if you open your wallet right now, you will figure out the secret.
The secret is gift cards.
At Acumen Connections, we offer a number of payment processing programs. Your store can start accepting credit cards and debit cards. We can also set you up with gift cards and stored value programs. Today we will look at the benefits of gift cards and what these programs can provide for your store.
As we stated earlier, gift cards can increase sales. Loyal customers will buy gift cards to use on a future date. In fact, gift cards are almost a promise that that customer will keep coming back. In addition, most customers will usually use gift cards as part of a larger purchase. They may use a $30 gift card and $20 cash to purchase a $50 item. Gift cards also lead to impulse shopping. A lot of the time, shoppers see gift cards as play money. They are more likely to buy an item if they have a gift card, than if they have to part with cash.
Gift cards also increase customer acquisition. They do this in two ways: receiving and gifting. Have you ever received a gift card to a store where you do not shop? You probably used the gift card to buy something there. If you had a good experience, you are likely to go back. Have you gifted a friend with a gift card for a store you have never shopped? This is actually how I started shopping at Trader Joes. I went into a Trader Joes to get a gift card for my aunt and uncle that are huge fans. I had a good experience, and two weeks later I went back to buy snacks. New customers find your store by gifting or receiving gift cards to your store.
Decrease fraud with gift cards. If a customer tries to return an item with a receipt, you might give them cash back or put the funds back on their card. However, if a person tries to return an item without a receipt, you will now have other options. You can offer them a gift card instead. Of course, they will only be able to use that gift card at your store. It is no secret that some people try to scam companies out of cash by “returning” an item they never bought. Not getting actual cash for these items might be a deterrent for some scammers at your store. Gift cards can help decrease fraud.
Increase brand awareness with gift cards. We talked earlier about the increase in customer acquisition from gift cards. That is part of the increase in brand recognition. Brand recognition also comes from birthday parties and family get togethers. A person might open a card and exclaim “Oh! You got me a gift card to ________! It is my favorite store! Thank you!” and suddenly everyone in the room has now heard the brand name positively. Brand recognition also comes from the physical card. Every time they open their wallet, they see your logo. Gift cards are convenient, and many people prefer to receive gift cards for holidays.
You can even cut costs by offering reload-able cards to your customers. They can add their own money to the same gift card over and over again. Instead of producing multiple gift cards for the same person, they only need one. Best of all, gift cards will work with your existing point of sale equipment.
Gift cards help during crisis situations. Remember when everything had to close for COVID-19? Some restaurants and stores were still keeping a revenue stream via gift cards. They were pushing gift cards so that customers could buy them in March for use in May. Customers wanted to help support their favorite businesses. They were buying gift cards. Even if a company needs to close temporarily, they can still make revenue with gift cards.
We offer different types of gift card or stored value programs. These programs are tailored to match your organization’s needs. We work with large and small businesses. Regardless of your organization’s size, we can find a solution for you. Businesses of all types can increase profit by offering customized gift cards. Gift cards are convenient. Many shoppers are actively seeking gift cards to their favorite stores.
100 reload-able gift cards. We offer a large selection of designs. We can even add your company information!
500 reload-able gift cards. Choose from a wide variety of unique designs. We can have the cards printed with your company information!
1000 reload-able gift cards. You can customize the cards and the carrier. There are more options for designs. You can send us your own original card design. Or you can use our custom design tool and upload your company logo.
With all of these programs, we can also provide countertop displays and signage for your store. The gift Card Custom program is unique. Along with countertop display and signage, in-store merchandising is also available.
Have questions about our gift card programs? Give us a call at 800-864-4644 or email us at email@example.com. At Acumen Connections, we are your premier payment processor. We are here to help you.