Gift vouchers are a very powerful marketing and customer retention tool for retailers and service providers of all sizes, and they can be applied to a wide variety of situations, helping to enhance cashflow and maximise your revenue. One of the most common applications is to sell vouchers for gifting purposes – it not only guarantees business through your door, but can often result in empty vouchers going straight to the bottom line. Analysis suggests that only 95% of all vouchers are redeemed. The 5% which are not redeemed often cover the expense of having the vouchers printed.
Personalised vouchers act as an excellent advertisement for your business and they can help to keep customers returning to you. It is well documented it is far cheaper to retain an existing customer than it is to recruit a new one particular.
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An added bonus is that customers using vouchers invariably spend more than the value of the voucher.
You could give a voucher as a reward to an existing consumer who refers a new customer for you, or send a voucher to past customers who haven’t made a purchase for some time to encourage them to come back. Perhaps send a gift certification to customers on their birthday, or just run a seasonal promotion where you deliver a voucher to all of your clients and set an expiry date on the voucher to encourage quick buys.
They can be used in conjunction with present in house promotions to reward repeat purchasing customers. Offering an incentive of the voucher to any customer spending over £x during a fixed period, can drive up sales values as customers attempt to reach the investing threshold to gain the voucher. Discount vouchers can be used as a refund or credit score transaction to retain cash/profit margin within the business.
According to the Voucher Association, £3. 1 billion worth of gift vouchers are sold annually in the UK, producing massive profits for retailers and service providers. However , fraud is on the increase and millions are lost each year due to poorly produced discount vouchers, which can be easily replicated on home desktop publishing software. Despite this, safety is an area often overlooked by companies using gift vouchers, that is surprising when you consider that gift vouchers are as good as cash to merchants. It is therefore important to be able to verify the fact that voucher you are redeeming is authentic.
There are a number of covert and overt features used by security printers to allow you to authenticate vouchers instantly. Covert functions include watermarked paper, which provides a highly effective form of protection against counterfeiting, and it is difficult, if not impossible, to reproduce by copiers and scanners. Security paper with this feature is distributed only to authorised manufacturers, making it difficult for counterfeiters to obtain. One of the most efficient protective measures against fraud will be the application of a hologram. Holograms also add interest and value to a coupon, they offer quick visible authentication, are usually widely recognised and cannot be duplicated through photocopying or computer scanning services.
Specialist inks are also used to provide quick verification for vouchers. Invisible Uv cured inks are only visible under an UV light fixture and thermochromic inks react to change colour or disappear when put through heat (usually just by rubbing along with your thumb). Microtext is extremely small text, not readily visible to the naked eye, and is used to authenticate a document with the aid of a magnifying glass. A mixture of some or all of these overt and covert security features should preferably be used to produce secure vouchers that are protected against fraudulent conversion.