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.
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
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.