Blackhawk Network’s own Hollis Thornton was recently featured on a recent episode of Flourish in a Flash’s “branded currency” podcast. She discussed the basics of B2B gift card opportunities, key strategies in this changing climate, and essential fraud considerations retailers need to keep in mind for program management.
Thornton gave an overview of what B2B opportunities look like for both veterans and those who are new to the gift card space. She also shared how the gift card market is growing, with nearly a quarter of this growth in the B2B category and profiled some of the major components of B2B gift card programs such as discounts, card types, denominations, order management and fulfillment, legal and compliance regulations and fraud prevention.
Some of the key suggestions Thornton provided podcast include:
- Target the right audience. The same way that brands want to reach the right consumers at in-store gift card malls, B2B gift card programs also need to focus on attracting the right audiences. It’s important to know what your audience values the most when it comes to a gift card program, such as ease and choice.
- Offer incremental redemption options. Whether it’s a loyalty program for consumers, a B2B program with employees or health and wellness incentives, it’s important to offer multiple redemption touchpoints. Users don’t want to wait five years to get rewarded and offering incremental redemption options helps keep users engaged.
- Set goals for your B2B program. Brands need to ensure they are aligned internally and with partners when it comes to what they want to get out of a B2B gift card program. Create goals around key metrics such as sales, redemption and reengaging customers. Keep in mind individual brand goals and audience before selecting partners for your program.
- Track your progress. Make sure you leverage tools to track the goals you set. Ask questions and work with your aggregator to see your progress, category ranking, sales, redemption and other data that can be helpful in moving forward.