Short, but insightful was this final session of this first season of the eCommerce Growth Show. Using gift cards is probably a more efficient way to retain your customers than you thought.
Give this episode a watch!
And see you next season with something amazing!
Who is Nadav Berger?
Nadav Berger – VP of Marketing at Rise.ai – Young-Veteran Mareter, with experience in the creation and application of worldwide go-to-market strategies, especially in the worlds of B2B eCommerce software.
Nadav holds over 3 years of leading and coaching marketing and sales teams and has vast experience in the worlds of inbound & outbound marketing, building strong business alliances with partners and customers, and building advanced funnels.
Key takeaways from this episode
Achieving more with Gift Cards
Up to nine months ago before COVID, everything was about growth. Companies, businesses, brands, everyone said about how they can grow faster. I think COVID brought some sort of new understanding of how you can not only grow but also save money for corporations, optimize internal processes, achieve more with what you already have.
That is eventually something that our tool provides in a 360 way. We provide a full set of tools to manage each brand currency; it comes in the form of a gift card, it comes in the form of store credit. It can also be like your brand box or whatever you name it. And this tool gives you various ways to communicate with your customers.
For example, selling gift cards, sending store credit for rewarding customers, for rewarding good customers to help incentivize them – achieving more with their outstanding customers – and increase retention. If we’re talking about the operations part of things, you can use store credit for refunds, you can save a lot of the costs that you’d have if you put it back to your bank account and even more than that, you can inspire future action and really get this not such a good experience to become a much better experience in the future and create future engagement with those customers.
The core of the service is aiming to re-engage customers and to nurture the relationships with the customers that we’ve already acquired. We do have some tools that are more acquisition oriented like referrals and gifting, but the core of the service is engaging with customers and building stronger relationships with them.
Using Gift Cards to increase customer engagement
The VIP loyalty programs and punch cards are two separate types of programs in the world that take into account either lifetime spent or in tiers or discounts, those two really help in communicating to customers the message that the more frequently that you buy, you’ll have quicker value coming at you.
If for a lifetime value, you get five percent for each purchase, then every time that you buy, you get an incentive. And if you’re getting to high-level spending, then you get 10 percent for an order and you have to look for and where to upgrade yourself as a customer versus something that looks like I ordered three times and the fourth time I’m getting something for free. I’ll get there faster if I understand that this is a value that I’ll get from this purchase.