B2B Gift Card Program: Is Your Brand Missing Out?
Did you know that 70 percent of all U.S. businesses use gift cards for incentives, equaling about $24 billion in spending annually? If your gift card strategy doesn’t include a B2B component, you could be handing money to the competition and missing out on a valuable revenue generator.
Why should your brand incorporate a B2B gift card program?
1. B2B sales lift revenue.
A well-executed program places your brand into the hands of more consumers. Gift card redemptions increase revenue for your brand via upspend, i.e. the amount of money a consumer spends over the gift card’s face value. Up to 75 percent of consumers spend more than the value of the card at redemption. Launching a strategic B2B program with the guidance of an expert agency like SBGC gives your brand the opportunity to capture sales you might otherwise lose or even send directly to the competition’s bottom line.
2. B2B sales keep you competitive.
B2B buyers have plenty of options when it comes to choosing brands for their programs. Proactive management of a B2B gift card program helps you stay current and relevant in the marketplace, particularly among your competitors. What’s more, if the competition doesn’t currently offer gift cards in B2B channels, your entry in the arena will give you the advantage of being first to market in the channel resulting in an increased chance of revenue. An experienced team like Stoner Bunting Gift Cards (SBGC) provides the buyer connections and sales management resources to place your cards into the right programs that build your competitive edge.
3. B2B sales boost brand awareness.
A gift card functions like a miniature billboard for your brand. It occupies space in the recipient’s wallet. It gets passed from hand to hand during transactions. Wider access to consumers through a gift card sales program places a tangible reminder of your brand into circulation for stronger brand awareness. B2B gift card sales also carry word-of-mouth value, particularly if they’re connected to a rewards or incentive program. For example, a consumer might say to a coworker, “The company gave me a gift card to Buffalo Wild Wings® for my tenth work anniversary, so we’re going there for dinner tonight.” This offers additional opportunities to create a positive impression for your brand.
4. B2B sales make hard-to-gift items readily giftable.
Consumer goods are viable gift options in many situations. However, if your business sells products or services that are physically difficult to give, gift cards are an ideal way to get your offerings into more consumers’ hands. For example, B2B card sales offer consumers the chance to enjoy experiences, whether that’s taking music lessons from Guitar Center® or building a customized friend at Build-A-Bear Workshop®.
Leverage the experience of B2B gift card professionals.
SBGC offers the industry connections, resources, and expertise you need to maximize B2B gift card program sales. Talk with a member of our team to learn how we’ll help your program’s bottom line.
