A Business Contradiction? Buy Digital Gift Cards to Sell More

  • author

    BHN Rewards

  • posted

    Apr 25, 2024

  • topic

    Digital Marketing, Sales

A Business Contradiction? Buy Digital Gift Cards to Sell More

The old adage “you have to spend money to make money” is still around for a reason. And when you buy digital gift cards to incentivize your prospects and customers, that’s exactly what you’re doing.

You’re making an investment that pays for itself over time, either in new business or customer retention. To help you maximize your budget, check out these suggestions for getting the most bang for your buck when you buy digital gift cards to increase sales.

READ MORE: Streamline E-Gift Card Delivery for Sales and Customer Service

Reduce Demo No-Shows

Everyone knows that sales is a numbers game. The more people you can get in front of, the more sales you’ll inevitably make. Offering a digital gift card to attend a sales demo or product presentation shows potential customers you value their time. Even better, rewards will reduce your no-shows, so your sales team isn’t wasting time on flaky leads.

Speed Up the Sales Cycle

Once a rep has overcome a qualified lead’s objections and given an amazing demo, they still might end up just waiting—and waiting—for a signed contract. When potential customers are dragging their feet, you may want to buy digital gift cards to help give them that final push across the finish line.

Consider making a limited-time offer for a substantial reward to create a sense of urgency. For example, sweeten the deal with a $150 digital gift card of the client’s choice if the contract is signed by a certain deadline.

Take Advantage of Rebates

Similar to making a limited-time incentive, offering a special rebate can make purchases more exciting to customers and help you close sales. Consider these findings on consumers from our research with Aberdeen Group:

  • 40% will go to a different retailer offering a rebate on the same exact item.
  • 40% will consider purchasing online if a rebate is online-only.
  • 23% will consider purchasing a different brand of the same item Consider if a rebate is offered.

Notably, rebates don’t just entice new customers to make a purchase for the first time—they also play an important role in building relationships and even bringing customers back to the fold:

  • More than half (54%) are likely to return to a brand if they’ve received a rebate.
  • That same number (54%) would recommend a brand that offers a reward-based promotion over one that does not.

It may seem counterintuitive to buy digital gift cards and offer them as part of a promotion instead of a discount. But take into account that more than half (55%) of U.S. consumers and 64% of millennials and Gen Z plan to spend such funds at the same merchant that issued them, according to the 2023 BHN Consumer Payment Preferences Study. Plus, it’s a great way to incentivize customers when you’re selling a product or service that doesn’t need to be replenished or replaced often, such as appliances and yearly subscriptions.

Incentivize Referrals From Current Customers

Referrals have always been a good source of leads: They end up creating 65% of new business opportunities these days, according to ThinkImpact. Offering your current customers a reward for making a referral warms up leads for your sales team, and your customer’s colleagues and contacts are probably hoping for this kind of inside tip.

Start Off on the Right Foot

When a new customer comes on board, welcome them with a digital gift card. Not only does this show you value your relationship with them, it helps increase ongoing engagement and pave the way for future cross-sell conversations (not to mention those potential referrals!).

Make Things Right

When a customer has a valid complaint, you can ensure you retain their business when you offer a meaningful appeasement reward for their trouble. After all, acquiring a new customer is always more expensive than retaining an existing one. Empowering your account management and customer service teams to send rewards at times like these is money well spent. Again, it may seem better to offer a discount rather than buy digital gift cards for appeasement, but you end up sending a much better message to the unhappy customer.

Did you know that BHN Rewards integrates with CRM software like Salesforce and Microsoft Dynamics 365, as well as many marketing automation platforms? Check out our full list of integrations to learn how you can easily buy digital gift cards for sales, marketing, and more.

about the author
BHN Rewards

BHN Rewards puts the power of digital rewards to work for marketers, researchers, and HR managers. Don't forget to check out all the great content in our Resources section!

BHN Rewards puts the power of digital rewards to work for marketers, researchers, and HR managers. Don't forget to check out all the great content in our Resources section!