Drive marketing strategy with a better stored value solution
Stored value programs – including gift cards, loyalty points, and merchandise credits – are a critical part of a comprehensive marketing strategy that involves gift card and loyalty programs, as well as merchandise and promotional credits.
A strategic stored value solution can be a problem-solver for marketing leaders providing accurate, real-time customer data to fulfill marketing needs: from building a 360-degree customer profile, to optimizing offer management and ultimately, driving sales, revenues, and growth.
What is different about strategic stored value?
Many businesses run their stored value programs in various silos – for example, gift card, merchandise, and promotional credits – are all managed separately and neither gather nor share customer data. This is a massive missed opportunity to get actionable insights from customer activity and use those insights to drive marketing decisions.
Strategic stored value incorporates all of these different components into a single solution that centralizes and unifies data, achieving real-time, accurate information that can be used to improve insights and drive business results.
Read more: Stored Value 101
How does strategic stored value work?
The average stored value program tracks purchase and redemption data, but not much else. Organizations that sell gift cards through third-party retailers, like CVS, often find that even minimal information is unavailable (or unreliable).
A strategic stored value solution, however, gathers far more data, including assets like gift cards that are sold through third-party retailers – and maximizes the ways it can be used.
The redeeming customer is often a different individual than the purchaser, so gathering and accessing redemption information means expanding the customer base.
Gift cards, merchandise, and promotional credit programs – also known as stored value programs – are an essential part of business operations. However, most companies are not taking advantage of the enormous opportunities for insight, integration, and optimization afforded by a strategic stored value solution! A standard stored value solution may provide the most basic of data – but when it is integrated into a customer profile and connected to place, time, and customer history, it can provide valuable insight that further impacts business results.
A strategic stored value solution allows businesses to gather – and utilize – critical customer data adding depth to customer insights.
If your business is considering a strategic stored value solution, contact Clutch. Our easy-to-use platform allows you to build a stored value solution that meets current needs and is scalable and flexible enough to meet future needs as well.