A great way to make additional revenue and maximise your sales is to offer gift vouchers for your products and services.
Here’s the potential
One of the fascinating facts about gift vouchers is that once purchased, many of them go unredeemed. Meaning, you never actually spend on the service cost of the voucher.
This means you get to pocket ALL the revenue from the sale.
A great example is one of my own, last year I received a restaurant gift voucher as a wedding gift, almost 1 year later and I am still yet to spend it!
It’s not that I am not interested in the gift voucher, the restaurant is one of my favourites. I just haven’t got around to booking my reservation yet.
And this is what you’ll find with a portion of your voucher sales too.
Your vouchers will be bought as thoughtful gifts to someone special. Sometimes the receiver will book right away and become loyal visitors of yours, and sometimes they may forget to use the voucher altogether. This is where you still win- as the sale is done, but you’ll never fork out the service cost of that voucher.
So, whatever your services you offer, it makes sense to promote and sell them in the form of the gift voucher. Just so you can capture that extra revenue.
Managing your gift vouchers
As you grow and progress you’ll need a useful strategy in place to manage your vouchers properly.
Things to consider for gift voucher management
- Storing gift voucher details
- Tracking analytics for increasing sales and accounting
- Managing the expiry life of a voucher
- Marketing gift vouchers properly
- Presentation of gift vouchers
- Add-ons for gift vouchers
- A system to sell the gift vouchers (online and on location)
- Delivery of vouchers
- Having a 3-month extension voucher
- Well-designed gift voucher platform
- Shopping enhancing features
Storing gift voucher details
In time you’ll need a useful system where the details of purchased gift vouchers are stored.
The best way to do this would be to have a digital management system. A great system will allow you to manage and process your vouchers simply and effectively.
You’ll need a system that can do the following:
- Details of who purchased the voucher, when it was purchased
- Who received the voucher
- A voucher barcode to track the voucher (in case it gets lost or misplaced)
- Expiry date tracker
- A voucher redemption process
- Analytics of voucher redemption
- A voucher delivery process
- A payment processor
Managing life expectancy of a voucher
By putting an expiry date on your vouchers (normally 6 months – 1 year depending on the monetary value), you can get control over your vouchers and services.
This is important as you don’t want someone turning up to your business with a 4-year-old voucher, for a service you don’t offer anymore.
As mentioned above, you’ll also want an effective way to redeem used vouchers. This is to stop fraudulent copies of vouchers being made and used repeatedly.
Now if you really want to take it up a notch, using a digital system to redeem vouchers also will allow you to track your voucher analytics. You’ll get to see;
- How many vouchers don’t get redeemed.
- Which are the most popular- so you can keep selling these.
- Which vouchers may not be selling at all- so you can better invest money and time on promoting other more popular vouchers.
With this tracked information, you can make effective marketing decisions based on the analytics and improve your future sales.
Marketing your gift vouchers properly
To really take your sales to the next level, the marketing of your gift vouchers will play a huge part in the process.
Marketing your vouchers is such a HUGE process, there are many things to think about. Because of this, we have split up our marketing of vouchers into separate posts, where you can read in more detail.
Marketing your gift voucher in-house is a great way to get visitors to be aware. Check this post here to see how you can improve in-house promotion.
There are so many events throughout the year that you’ll want to capitalise on and ensure you maximise your gift voucher sales. We have another whole post dedicated to this so be sure to check it out too, by clicking on the link here.
Using the power of storytelling to enhance your marketing promotions. Check this post out here.
You’ll want to promote your gift vouchers digitally too. As this section is so detailed we’ve got another blog post, dedicated just to the digital marketing of gift vouchers. We will be posting it soon.
Presentation of gift vouchers
Your vouchers will also need to look the part. Remember, people will be buying them as gifts!
Make the vouchers suit your audience.
If you are targeting children, loud and colourful usually works nicely. If your target audience is for a more expensive and mature clientele, then design the voucher to look more elegant and deluxe.
Add-ons for gift vouchers
Whatever your product or service you are gifting, you can create extra revenue from it by having add-ons with your voucher.
What is an add-on?
It’s something complimentary to your product or service that customers can buy with their gift voucher, to enhance the experience making it extra special and personalised.
For example, let’s take a spa experience gift voucher. You could have the option to ‘add-on’ a glass of bubbles or chocolate covered strawberries to really make the experience worthwhile.
The add-on option gives the buyer an opportunity to make their gift extra special.
Check out a past post of ours which goes into more detail on add-ons for your gift vouchers by clicking on the link here.
A system to sell your gift vouchers
To truly make the most money from your gift vouchers, you will really need to have them available online.
You may have loyal customers that travel from across the country to experience your offerings. They may want to buy a gift voucher for a family member or friend, so make this process easier for them by offering the vouchers on your website.
You’ll need a system in place that can process online payments and transactions effectively. Plus, the purchasing of the voucher online needs to be simple and easy to use. Just like a familiar shopping online experience.
Make sure your gift vouchers are easy to find on your website too, this is crucial!
Delivery of vouchers
You’ll want your delivery of the vouchers to suit all customers’ needs too.
This can take a physical form that will need to be fulfilled and sent in the post. Or a popular option for many is to send the voucher via email.
Maybe some people will want them delivered to their own address, or sometimes to the address of the receiver.
Also, it’s always good to have an option to pick up your voucher from in-house too.
All in all, you want the purchasing of your vouchers to be an extremely easy process. Complicated and difficult shopping experiences will almost always make customers give up the process and abandon their purchase.
Having a 3-month extension voucher
For those people who forget to spend their voucher within the expiry period, it’s a great idea to have an option for them to purchase an extension voucher. 3 months in which to spend it is usually a reasonable amount of time.
These are very popular and provide a solution to those who really do want to use their voucher without paying the full cost of another.
The extension vouchers must be priced properly. Not more than the price of the original voucher, but enough so that you make a decent amount of extra revenue from them.
Gift voucher platform design
You also want your gift voucher website to be attractive, but also fit with the design of your own brand.
It also needs to work easily and effectively so that your customers can navigate around the page.
It must be easy to use on the back-of-house end for you and your staff too. You’ll need an easy and simple way to retrieve the information you’re looking for.
Your gift voucher platform will also need to be mobile compatible too! Check out our post here on the importance of having a mobile-friendly website.
Shopping enhancing features
This will include things like making multiple orders, adding promotional codes being able to process high volume orders in a single day (important for days like Black Friday! A protected payment process for security.
You’ll also want the ability to add promotional codes to some vouchers if you are doing a short-term promotion.
Start using a great gift voucher system now
Seeing the benefits of gifting your services and products yet? There’s a lot of potential extra revenue to be made in the gift voucher market. Make sure you jump on board and sell your vouchers the proper way.
Contact us at Enjovia where we can help facilitate and support all your gift voucher and marketing requirements. We’ll do it all for you, so you won’t have to do a thing.