How To Use Co-Branded Gift Cards to Drive Sales
Co-branded cards have been around for decades in the form of credit, debit and affinity cards. These cards pair two brands (typically a bank and a non-financial partner) for the purpose of driving business. Both parties are clearly branded within the design of the card and, depending upon the partnership agreement, the cardholder normally acquires perks for using the card (typically the perks apply to the non-financial partner.)
Another card type that has recently seen more action in the co-branding space is the gift card. As retailers try to find ways to gain or maintain market share against the Amazon e-tailers of the world, some have found success in co-branding gift cards. By working with a partner, retailers can elevate their brand and uncover new customers – ones that may have never heard of them or shopped in their stores. And since 70% of consumers typically spend over the value of their gift cards, retailers can be assured that they will see a bump in sales with a co-branding campaign.
We have helped some of our own clients participate in these types of co-branding partnerships and wanted to share a few examples of how you can use co-branded gift cards to drive your sales.
Join forces for the greater good
Join forces with a school, church, non-profit or other volunteer organization that is looking to use your card in their fundraising efforts. The partner organization can sell your gift cards, co-branded with their organization’s logo, to their friends, family and colleagues. A portion of the proceeds can be donated back to the organization or a charity of their choice. By partnering for a charitable cause, you elevate your brand reputation and gain new customers – possibly ones that have never visited your store or restaurant before. Plus, you will have an army of people selling your co-branded gift cards for you – it doesn’t get much better than that!
Corporate gift giving
Offer to co-brand your gift cards for corporations looking to give gifts, incentives or loyalty rewards to employees or clients. Make the process easy – provide an online platform which allows the corporation to order cards at their convenience and in variable quantities. Some card printers can provide the online ordering platform for a small fee, so make sure to ask your card vendor if this is an option.
Offer to co-brand gift cards for membership organizations. The organization can offer your gift card as a perk to members upon joining, during renewal, or as a holiday gift. Find organizations whose members would be a natural fit with your brand. Some examples include: