Short video discussion advocating that paint-your-own-pottery studios implement modern gift card systems (not paper certificates) to boost sales, attract new customers, and capitalize on holiday demand; presenters cite Starbucks’ $1.6 billion in outstanding gift cards as an illustration of the market potential. The hosts also promote associated web/social channels.
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 outstanding gift cards? That's like the general public just g Starbucks alone for $1.6 billion at 0% interest.
Amazing.
Just to kind of put that in perspective, 85% of 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 a marketplace out there. It's a nice way to get some extra 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 probably never met before. So get those gift cards upgraded and ready to ship them out.
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