A product-based gift voucher is considered the “traditional gift card”. They are available throughout every industry and we have all had experience with them, either as a buyer or recipient.
They are loved by us all. Why?
Well, buyers love them as they can purchase a suitable and thoughtful gift, even if they don’t know exactly what the recipient would like.
Recipients love them as they are given the gift of freedom and choice. After all, they get to choose what they want and when they want it.
And finally, they are loved by sellers as they boost income throughout the year but particularly during those quieter months. Not to mention, they are a great add-on purchase and therefore, have the potential to become real bread and butter customer products.
So, What Is A Print Or Product Gift Voucher?
For most of us, a print or product-based gift voucher is exactly what we think of when we think of gift cards.
The concept is that the buyer purchases a gift voucher for a value of their choosing. For example, £5, £10, £20, £50, £100 etc. The recipient can then choose when they use the funds on the gift card and what to spend them on. For example, they could spend all the funds on prints or could purchase a combination of prints and other products.
Why Should You Offer Product Gift Vouchers?
Before we get into the nitty-gritty, here is one fact you need to know.
Gift cards are highly desirable to customers and always a popular purchase. Don’t believe me?
For the past eight years, gift cards have been the single most requested item on holiday wish-lists! (That’s what I mean by popular…)
If you choose to offer gift cards to customers, it’s sure to be a winner.
Generates More Income
It’s been proven that customers consider money on a gift card to be free or a discount. It’s not their money and therefore they’re not as sensitive about spending it. This results in about 65% of gift card recipients spending, on average, 38% more than the gift card value. This is a major plus point for you!
Equally, gift cards are great products to offer current clients. For example, if you are a wedding photographer you could offer your newlyweds the opportunity to purchase a gift card as a thank you gift for members of their family and friends. This would make an incredibly thoughtful gift for any recipient and would allow them to purchase prints or products of the happy day they were involved in.
Increases Your Customer Base
Every gift card you sell results in your business interacting with at least two people. The customer who purchased the voucher and the recipient who received it as a present. This means that your customers are effectively paying you to receive a new customer!
Gives You Cash Now
Gift cards are a fantastic way of giving your cash flow a boost now. When a customer purchases a gift voucher, that money is yours right then and there. If the recipient redeems their gift card that’s great, but if they never get around to it, the money is still yours. In the current climate, this is priceless.
Things To Consider
Before you offer your customers a product-based gift voucher, there are a few things you should consider to ensure that everything runs smoothly for both you and the customer.
Think About Your Customer Base
Consider what genre or genres of photography you specialise in and what products would most appeal to your customers. Are prints your most profitable product or is it a bigger investment such as canvases?
Focus on these products for your gift vouchers as they will appeal to customers the most.
It is very popular to have a deadline date in the UK but in other countries (e.g. in the US), it is not legal to put a deadline date on a voucher. If the customer has a voucher, the value of that voucher is valid at any time. So, make sure you are within the realms of local law!
Need some inspiration for your product voucher web pages? Take a look here!