In the business world, winning new customers costs a lot more than retaining existing ones. Gift Cards are proving to be a highly effective tool to not only retain existing customers but also win new customers. However, when we hear the term “Gift Cards”, most people think of them using them as gifts.
In reality, gift cards can several purposes. Gifting is just one of the core functions of Gift Cards. Businesses can use Gift Cards to attract, engage, and retain customers using different strategies.
According to McKinsey & Company, consumers frequently switched brands during the pandemic mainly because of the price and value. Offering Gift Cards to your customers adds to the value and their shopping experience.
You can easily increase the engagement of your targeted customers with your brand by combining the use of Gift Cards with a reward program. For instance, you can offer Gift Cards if a customer spends a certain amount on your products.
Whether you have an online store or a brick-and-mortar store, Gift Cards can increase the footfall in your store. When someone purchases a Gift Card from you, you instantly get two customers – the one who buys the Gift Card and the one who receives the Gift Card.
Customers who like your products and services often want their family and friends to enjoy the same experience as well. When you offer Gift Cards, your loyal customers are likely to do more than word-of-mouth publicity i.e. they might also share your Gift Cards with their loved and dear ones, which ultimately increase your brand exposure.
This goes without saying. Sometimes, Gift Cards go unused for whatever reason. When this happens, the profit is all yours.
When you make refunds in cash or refund the amount to customers’ banks, the chances are that customers might also go to your competitors. However, if you use Gift Cards for refunds, you ensure that customers will buy again from you.
Gift Cards can also be personalized. The 2020 McKinsey & Company report also revealed that 71% of customers not only expect but also demand personalized interactions. Personalized Gift Cards are one of the best ways to impress your customers and surpass their expectations.
When all these things add up, Gift Cards certainly boost your revenue and increase your customer base. So, don’t wait to lose your customers to competitors. Connect with Valuedesign now and launch your Gift Cards without any delay.