Gift cards outperform other marketing tools for most businesses. Unlike coupons or discounts, they are prepaid and don’t require a large investment for the business. That makes them very attractive for both large chains and independent restaurants.
Gift card programs offer many benefits, including:
- introducing your restaurant to new customers,
- over half of consumers using a gift card will visit more than once to deplete their card, providing additional upsell opportunities, and
- two out of three consumers spend nearly 40 percent more than the gift card value.
Choose the right provider.Examine your restaurant and find a gift card provider that matches your needs.
For restaurants, gift card programs represent a major opportunity for increased income, increased customer engagement, and increased audience size. But it can be hard to know how a restaurant’s gift card program is measuring up without comparable data.
So, to help restaurants learn how to sell more gift cards, including information about exactly how gift card programs for restaurants can be tracked and measured, you can find all of the most important gift card program details right here. […]
Successful programs give brand advocates a simple way to refer your brand to friends, family, and colleagues. Some programs are also used to bolster relations throughout local communities, as well as for trade programs, employee dining, and guest recovery. Overall, gift card programs are beneficial for top-line revenue, but at the same time, they can become a drain on accounting resources and add friction to franchisee relationships.
See if you can relate to any of the gift program horror stories below. And check out the tips offered to steer clear of them.
Restaurants are expanding the revenue potential from gift card sales by adding retail sales channels, promotional incentives, e-gift, mobile, and bulk sales.
One of the biggest hurdles in implementing or updating a gift card program is optimizing best practices for gift card accounting. This is because some of these new growth channels have both discounts and extra fees associated with them. Accounting practices can make the difference between a highly successful revenue generating program and one that has a negative impact on both a company and individual careers.
Let’s take a look at one of two crucial issues of gift card accounting: how to fund a discount. In the post, we’ll discuss how to track breakage. […]