Prepaid cards have come a long way in innovation since their introduction in the 90s. As rewards, loyalty and payments experts, we love thinking about new and innovative ways businesses can use Visa and Eftpos gift cards to achieve their business objectives. Working with such a wide range of clients has exposed us to the endless possibilities the humble prepaid cards play in developing unique programs.
Often, we find our clients wondering how gift cards can be used to meet multiple business objectives but not quite knowing where to start. To help with the process, we’ve compiled a list of the best ways to use prepaid gift cards.
1. CUSTOMER ACQUISITION
Objective: Increase the size of your customer database.
Ready to grow your customer database? Attract new customers to your business by sending an engaging direct marketing with a Visa or eftpos gift card. This will incentivise customers to shop in your online or physical store. For the best customer experience, opt for a fully branded digital Visa from True Rewards, which offers our Web-to-Wallet technology for instant reward delivery and fulfilment.
2. COMPETITION PRIZES AND RAFFLES
Objective: Engage new and existing customers.
Ready to maximise engagement and create a positive brand association with your customers? Run a campaign in the form of a competition or sweepstake that offers a prize in the form of a branded Visa or Eftpos incentive. Collect customer details through an online entry form and send a gift card to the winners. Extend your sweepstakes with a second chance draw for the non-winners to keep them engaged.
3. CROSS-SELL CAMPAIGNS
Objective: Increase sales of a specific product or service.
Have you identified opportunities where your business can increase sales? Then, a cross-sell campaign is just what you need! You’ve chosen the product, now all that’s left is to identify the right customers to target and send them an incentive. An email or advertising campaign with a branded gift card will be just the right motivation for that customer to buy your new product.
4. CASHBACK PROMOTIONS
Objective: Generate sales during a specific time frame.
Is there a time each year when business is slow? Would you like to increase sales during that time? Run a cashback promotion that offers customers a branded Visa or eftpos gift card with their purchase. With the promise of a reward they can spend anywhere, you’re certain to get customers in the door. Support your campaign with a customised cardholder portal and cross-channel communications to maximise impact.
5. EVENT DAYS
Objective: Increase event attendance and engagement.
Events are a great excuse to engage your customers or community. If your company has an upcoming milestone or there’s an event on your marketing calendar that should be promoted, you’ll want to communicate the details and provide incentive to attend. Include a gift card with your event promotion – it’s a great way to say thanks to your attendees or to encourage customers to spend during your event.
6. MARKET RESEARCH INCENTIVES
Objective: Increase survey participation.
If you’re organising a market study or survey, you’ll want to give people an incentive to participate, especially if it’s going to be a long and time-consuming process. Gift cards are an excellent alternative to petty cash. They will give your participants a more accessible and secure way to enjoy their reward, improving the quality of your market research.
7. LOYALTY PROGRAMS
Objective: Increase revenue and loyalty without increased costs.
Everyone knows that it’s cheaper (and often easier) to keep existing customers than to acquire new ones. Instead of increasing your budget for advertising, allocate a portion for customer loyalty. Connect your loyalty program with the True Rewards gift cards using our APIs, allowing you to automate rewards fulfilment. You’ve already built the relationship, you just need to remind them that you’re there!
8. MEMBER RETENTION
Objective: Increased growth in return members.
The key to member retention is ensuring your member feels welcomed and recognised. True Rewards, part of the iGoDirect Group, offers a member engagement platform that can be white-labelled and customised with the rewards your members want. You can reward your members with ‘Earn and Burn’ points via digital Visa gift cards, which are the most popular and flexible form of reward.
9. RESELLER REWARDS
Objective: Strengthen relationships with resellers and boost sales.
If you’re struggling to meet sales targets, a reseller reward program powered by gift cards can provide just the right incentive. Reseller reward programs can be set up very quickly and you can even use different reward denominations based on the sale size. Including your logo and or branding on the card will ensure maximum brand impact and remind your resellers how good you are to them!
10. REFERRAL PROGRAMS
Objective: Engage existing customers and acquire new ones.
One of your biggest brand ambassadors are the customers you already have. Why not use them to help grow your business? Contact your customers via direct mail or email and encourage them to spread the word about you. When one of their referrals makes a purchase, reward your customer with a branded gift card. This will show your appreciation and encourage them to make even more referrals. This is a great option for resellers as well!
11. STAFF RECOGNITION
Objective: Improve employee engagement and productivity.
A happy staff member equals better performance. Sometimes we are so caught up in our own work, that we often forget to make time to recognise others. Implementing a staff recognition program can be very simple and achieve amazing results. Recognise your top performers with Visa or Eftpos gift cards. They’ll love a reward they can use anywhere and you’ll even notice other employees striving to receive one. Tight budget? Design options are flexible – choose from standard, co-branded, or fully customised designs.
12. SALES INCENTIVES
Objective: Increase sales and staff motivation.
We can all fall into a pattern when it comes to our profession. And, despite our intentions, giving 100% can be a bit of a challenge, especially if we lack the proper motivation. If your sales team seems less than enthusiastic, it’s probably time to give them something bigger to work towards. Start a sales incentive program that rewards the top performer with a Visa gift card as an alternative to a cash bonus. Denominations can even be customised as a percentage of the sale to encourage your team to go that extra mile.
13. EXPENSE MANAGEMENT
Objective: Give your employees or contractors an easy, secure way to manage expenses.
Instead of issuing corporate credit cards, companies can distribute pre-loaded Visa cards for controlled spending, used for travel and per diem allowances. Teams can use Visa cards for petty cash, subscriptions, or marketing spends while maintaining budget controls.
14. GIFT CARD MARKETPLACE
Objective: Open up a new revenue stream on your website.
Sell digital gift cards directly to consumers to create a new revenue stream. With True Reward’s APIs, we can re-skin our rewards widget to your brand and desired user experience.
15. CUSTOMER PAYOUTS
Objective: Issue instant payments to customers in a hassle-free way.
Businesses with disbursement needs can leverage digital Visa prepaid cards to issue on-the-spot reimbursements and payouts to their customers. Examples include insurance claims, refunds or payments to handle customer complaints. Digital Visa cards can be open-loop or private label, allowing companies to restrict its use to specific merchant category codes or locations.
