Gift cards are growing in popularity amongst many sectors of the economy today, and for good reason. You might think that your business is too small to get in on the action, but that is simply not true. Large big-box stores might have made gift cards famous, but small business owners can use the basic premise behind the concept to their advantage as well. Consider the following 10 reasons why small owners should offer gift certificates and cards.
Offering gift cards or Gift Certificates is a way to generate instant cash for your business, without having it affect your inventory. In fact, many gift cards go unused, meaning the business will retain that money indefinitely.
If you offer gift cards, your loyal customers will be likely to buy some to give away to friends and family. This will bring in a steady stream of new customers that likely would have never found you otherwise.
Many consumers will view a gift card as a discount mechanism. They may come into your shop with a $25 gift certificate and immediately look for items that cost a bit more than they would otherwise be able to spend. As a business, you win by being able to generate a more profitable sale than would otherwise have been possible.
As a small business, you might be hesitant to offer a refund to a customer who does not have their original receipt. In this situation, you can offer a gift card in exchange. This will actually save you money in the long run, as the new product purchased with a gift card will include a mark-up for your business.
As the holidays approach, many consumers today are looking for great stocking stuffers. Gift cards obviously fit the bill, particularly if your business is service oriented or only sells big merchandise.
Gift cards are perfect for envelopes. This makes them attractive for the giver and receiver alike. In addition, you can create a custom gift certificate that gives your business instant marketability, while still being able to fit comfortably within any standard sized envelope.
Employers are constantly looking for a way to incentivize their employees. Gift cards are a great way for them to do this. You can promote your gift cards to businesses in the region that might be looking to start up their own incentive program.
Gifts cards are built-in marketing tools. Others will see their friends and family receiving your gift card, and you can bet that more than a few will take note of your contact information.
The old adage of “you must give a little to get a little” certainly rings true for small business owners. Gift cards are great giveaways. You can give them to suppliers, loyal customers, and others to show your appreciation.
There are many great causes out there in need of some items for their charity auctions. Rather than handing out cash, gift cards are a great way to improve your good name throughout the community while doing some good at the same time.
These 10 reasons alone should motivate you to begin offering gift cards. As a small business owner, you need every possible advantage to generate revenue, and this is certainly a potentially powerful one.
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Posted on October 13, 2016