The importance of choosing the right stored value option by Martin Cooper
Monday, 30 July 2012
In our world of stored value, the temptation is to go straight for the latest technology, because the industry in general is pushing this, whether it be e-codes or contactless payment, etc. In addition this is because promotional agencies, understandably, concentrate on the promotional mechanic but perhaps leave the choice of reward and supplier a little late in the day or have to settle for what?s available at the 11th hour, however, with a bit more thought and planning, there are numerous reward options available that would better fit the target demographic.
Multi-retailer gift options such as the Love2shop gift voucher which can be spent in 20,000 stores are a great rewarding option because they are so tangible, people are used to them and they offer more choice than a single gift voucher can. Popular single store gift vouchers/cards for stores such as M&S and John Lewis are good if you are targeting a specific type of person who you know shops in a particular store, but if you are trying to appeal to a wide range of people then you may be best opting for a multi-retailer gift voucher instead.
Alternatively you could opt for multi-retailer gifts cards, such as our flexecash* Love2shop/Love2choose cards, which are becoming increasingly popular because they can be personalised with company or scheme branding and savings can be made on secure postage as they can be sent out inactive. From a recipient?s point of view they are easier to carry around than a bundle of gift vouchers and if lost or stolen they can be replaced.
Another option you may wish to consider are multi-retailer gift codes such as Love2reward's flexecodes. Although they don't offer as manyretailers as flexecash Love2shop they do include leading retailers M&S and Amazon. flexecodes are popular because there are no fulfilment or postage costs. They are also the quickest to arrive which is a big positive and are ideal for recipients who enjoy shopping online, but be aware that they obviously rely on having a current email address for all your recipients; our system reports on hard bounces, but accurate data is key to this proposition.
As well as shopping and retail centred reward options there are also travel incentives such as the Love2travel gift card which make fantastic, aspirational rewards. They are perfect for sales promotions and competition prizes. The Love2travel gift card provides a one-stop-shop for all your recipients holiday and travel requirements as it provides access to a full service, ATOL bonded travel agency with complete protection, excellent value for money and the biggest choice of suppliers - including over 200 UK and Worldwide tour operators, 300 airlines and in excess of 200,000 hotels around the globe.
The above highlights just some of the many stored value options available to the promotional marketer; the important thing to remember though is to get an experienced supplier involved early on in the planning - it gives them time to be more creative in their proposed solutions e.g. their relationship with retailers may enable them to negotiate added-value propositions, or to propose effective off-line to on-line mechanics using prize draws.
*flexecash is the pre-paid card platform which issues the Love2shop/Love2choose cards.
This facility is provided by Park Card Services who are Authorised and regulated by the Financial Services Authority to issue electronic money. (FRN: 900016)
About the Author:
Name: Martin Cooper
Job Title: Head of Sales
With over 20 years in Rewards and Incentives Martin has worked with both merchandise and stored value suppliers and understands the pro's and con's of both. Martin has been with Love2reward since 2006 and has assisted the company from being a solus supplier of paper gift vouchers, to becoming the much more diversified incentive and reward solutions provider it is today.
The key to Love2reward's success has been the realisation that the method of reward delivery, whether that be paper gift vouchers, plastic gift cards or e-codes, is secondary to the pivotal role it can play in aligning corporate clients, their staff or their consumers with all the retailers and redeemers that Love2reward represents. These key retailer relationships together with ownership of all their reward mechanics and platforms, makes for a really powerful proposition within the world of
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