By Tinatei Tunyan
August 3rd, 2021
In our current digital age, Gift Cards have become a driving force for many businesses to reach new customers, increase revenue and reinforce customer loyalty. It is a bandwagon that most big brands are already on, and you should be too as a business owner. Integrating gift cards into your brand might be the push your business needs to increase growth. Reading this article is the first step; Below, I will detail three main approaches you can take to creating gift cards for your business.
Self-managing is the most tedious and involved for you as the business owner among all three options listed. It requires finding an affordable card supplier. For example, Plastic Resource provides high-quality cards that you can choose, customize, or have designed for as low as $0.22 per card. These cards can be redeemed in-store and also reloaded for continuous usage. With this method, you are responsible for your distribution, marketing, and sales. If you are someone who enjoys micromanaging, this is the perfect choice for you. You can choose to provide your gift card at other retail stores or sell it exclusively at your location. Much more work and research like laws associated with sales of gift cards are required with self-managing your gift cards.
The second and my personal favorite is going digital. With the technology and connectivity, we currently have. Owning digital gift cards allows you to easily reach customers worldwide and reduce the cost of making cards while being environmentally friendly. Platforms Like GiftOga have made it possible to integrate with your existing POS systems while providing a marketplace where individuals and companies can patronize your services. All you have to do is go online, create a business account, create an e gift card and start selling. GiftOga takes care of all the technical aspects, and the best part is they only get their commission from sales you make on the platform, meaning it does not have any upfront cost.
The last option would be to get professional insight or consulting from gift card consulting firms such as Powerhousebrands. They specialize in helping businesses launch and improve their gift card programs. They are experts that can step by step walk you through the process and help you get to your gift card goals. The only drawback is that hiring a gift card consulting firm can be costly if you do not have the budget like more prominent brands do. You can always start with either of the other two options and incorporate gift card consulting if you feel it is an option you want to explore.
Hopefully, this was a good idea of what your first step in creating your gift card should encompass. These three listed options are by no means the only methods out there. It is my educated recommendation. You can always read more in-depth articles and get industry knowledge from The Gift Card podcast, where topics about different aspects of Gift Cards are discussed. The recent episode featured Matt Davies, a 20 year Gift card consultant. He had some valuable information for businesses that are launching or already launched their gift cards. Please give it a listen.