Once you’ve established or increased awareness of your e-commerce site (or physical outlet), and receive more and more web traffic (or pedestrian traffic), the next step will be to remember your new customers or said otherwise, to retain them.
Studies show that it is six to seven times more expensive to acquire a new customer than to retain an existing customer. It is therefore important to seek to maintain the loyalty of your current customers. One way to do this is to rely on incentives and compelling offers – and the solution is within your reach: Visa Gift Card Balance.
The data shows that 68% of current consumers view gift cards as their favorite incentives, with coupons and bonuses arriving afterwards respectively. It’s rewarding customers with something they really want them to come back to. You meet their needs and desires, while providing them with an exceptional and spicy customer experience.
Need some inspiration to get started? We present eight ways to use gift cards to build customer loyalty:
- Use gift cards as incentives
- Gift cards in partnership with other companies
- Play on seasonality with gift cards
- Gift cards as a response to important claims
- As part of a contest on social networks
- In your branding campaign
- To relaunch the abandoned baskets
- Combine gift cards for personal use and discounts
Use gift cards as incentives
The easiest way to use gift cards to build customer loyalty? Use them as incentives. An excellent starting point is to offer a gift card to customers on their birthday. The initiative will certainly not make you lose money.
Determine the size of your current customer base, and the dollar value of the gift card you could offer to them if they place an order on their birthday, equal to or greater than a certain amount. Keep in mind that financial forecasts are needed to make the initiative profitable. You must master your budget, especially if you are just starting out.
You could also go further by making gift cards accessible through your website, or only through your mobile app for more exclusivity. Your customers will be able to buy a gift card for the person of their choice, at any time, at any time – which can generate more revenue.
Do you sell your products on Amazon? The Amazon Incentives program provides a gift card feature. You could use it to reward (in a cost-effective manner, as explained above) particularly loyal customers, or motivate occasional customers, and prospects.
Gift cards in partnership with other companies
Whether you run an e-commerce site or a physical store, there will certainly be businesses of. Similar size to yours, offering products and services that complement yours by forming a partnership with. Such a company, gift cards will benefit both parties involved, while enhancing customer loyalty according to paycorp,. A partnership with a company that complements your offerings can expand the selection of products and. Services you offer to your customers, through a cost-effective approach for all parties involved: more revenue.
Partnership example: If you run an online store, you could offer a potential partner collaboration based on the gift card offer as part of an e-mail contest with subscriber lists – in both ways. In this way, each e-merchant will be able to increase the reputation of his site and acquire new subscribers – while bringing more value to his existing audience.