Donna Bordeaux explains why small businesses should use gift cards. Starbucks has $1.6 billion in outstanding gift cards, which act as interest-free loans. Modern POS-compatible cards boost sales, attract customers, and improve cash flow during the holidays.
Do you sell gift cards? Most people minimize the effect of what gift cards can really do. Starbucks is a great example of this. Did you know that Starbucks has $1.6 billion in outstand gift cards? That's like the general public just gave Starbucks a loan. $1.6 billion at zero percent interest. Amazing. Just to kind of put that in perspective, 85% of the banks in the US don't have $1 billion or more in their holdings. Amazing. So my point in bringing this up is focus yourselves on selling gift cards. It's a heck of marketplace out there. It's a nice way to get some extra cash into your business, especially now. Make sure that you have those readily available. Also, if you're still using paper gift certificates, please move on. The world has move on to a solid gift card program so that you will sell more. People don't want to give a paper gift certificate anymore because they just get lost. So upgrade yourselves to a card. Make sure that they are actually usable with your point of sale system and get to selling. Especially here in the holiday season, this can be a big boon for you. It will also bring you new customers that you've probably never met before. So get those gift cards upgraded and ready to ship them out. I'm Donna Bordeaux from Calculated Moves. Please follow us on Facebook, Instagram and LinkedIn. Make sure you check out our blog and our website from the link below. Subscribe to our YouTube channel and hit the bell to be notified when we post. Contact me, email me@donnaalculatedmoves.com it.
