Money For Nothing
How would it be if I could tell you how to get money for nothing? Well, that's exactly what I'm going to do in this blog.
A few years ago, probably about or six or seven years ago, we were working with a client who was selling gift vouchers. They were doing it by having people fill in forms and fax them in. I said to them, why don't you do it directly from your website, put a button on your website, let them order there. And then you can automatically issue them with your gift vouchers. Over that Christmas period that did what we said, they made $60,000 more just by adding that button on their website and automating the process.
Now, this is going back quite a long time. Nowadays, booking platforms, particularly Now Book It if you're using Now Book It you can do this immediately, if you're not using them, I suggest you have a chat to them. They give away the option to do that for free. So it's part of your booking platform that you can get a button to sell gift vouchers directly from your website, from your social posts and emails.
The reason that I tell you this is that I had the delight of seeing one of my clients start to do this in 2020. And then at the end of the year send me through a report saying that she had sold 926 gift vouchers and banked $86,289.50.
Now they had never sold gift vouchers like that before, they'd only had something in house where you had to ask for it. She'd sign a card give it to you. And that was it. They did $87,000 in gift voucher sales in 2020, when people were kind of scared to spend their money. This is while other people in the restaurant trade were struggling to get money, she was getting money sent to her bank account through the night while she slept.
Also there is a breakage rate and what I mean by that is that's the people that buy the gift vouchers yet don't use them. The breakage rate is usually somewhere between 13 and 16%, where you actually get the money in your bank, yet nobody redeems the voucher. Now there's laws and rules about how long the vouchers have got to be in valid. In New South Wales at the moment, I think it’s three years. So make sure wherever you are in the country or in your country, that you abide by the rules.
Selling gift vouchers and gift certificates through your website is a great way for you to get money put in your bank without actually doing anything for it. Yeah, sure enough people are going to come in and spend them or most people are afterwards and that's an opportunity for you to upsell and cross sell too. So there you go. That's how you get money for nothing. If you want more information like this working with us, contact us through the contact us page.