Want to build stronger connections with your clients? Then it's time to move gift card marketing to the top of your to-do list. This crucial part of sales enablement will generate the necessary attention from customers with many other benefits.
Gift marketing increases your sales, generates more quality leads, builds brand awareness, and increases customer loyalty. But that's not all. Gift card marketing is also an excellent opportunity to enhance the customer experience and make a memorable impression.
If you're looking to boost your sales enablement metrics, gift-giving can help win over customers. Here are some of the top ways you can use it.
Learn How to Motivate a Customer to Join Your Community
How To Get Success In Sales Today
Sales enablement involves creating an environment that helps your sales team succeed. It includes everything from tools and content to ensuring they have sufficient training and support from managers.
Many businesses invest in sales enablement to help salespeople be more adaptable, grow their networks, and negotiate effectively. Companies that do a good job at sales enablement have better sales productivity and higher customer satisfaction rates than those that don't.
Gifting is a crucial component of sales enablement that powers your marketing strategy. You can get closer to your customers and make them notice you through gift marketing.
Learn more about tracking your gift marketing and reasons to implement it in the next sections.
The 5 Gifting Metrics in Sales To Care About
When it comes to sales, metrics are critical for measuring sales performance over time. But what about gifting metrics? What do they say about your business?
Here are five metrics that will help you know if your gifting efforts are paying off:
A response rate is the percentage of people who respond to your gifting campaign.
It tells you how many people are interested in what you offer. If low, it means your offers are not attractive enough. If high, many people take an active interest in your products and services.
Notably, direct mail marketing (which is how gift marketing is done) is one of the most effective forms of marketing, with an average response rate of about 9%. So you can expect good numbers overall.
To determine the response rate of your direct mailing campaigns, divide the number of responses you receive from a particular campaign by the number of gifts you send.
A redemption rate is the number of people who use the gift card divided by the number of cards sent.
It measures how many customers actually use their gift cards. A higher redemption rate means customers utilize the opportunity to get a gift.
So what makes this metric so important? It shows that customers trust you enough to redeem their gift cards and make purchases from you again in the future.
Cost Per Conversion
It’s one of the most important metrics to measure your gift marketing campaign. The cost per conversion metric refers to how much it costs you to reach out to prospects and how many customers you acquire from the process.
A good cost per conversion should be small. Divide the total cost of gifts sent by the number of prospects who become customers to calculate the cost per conversion of the direct mail campaign.
The return on investment (ROI) for gift marketing is the amount you earn from each dollar spent.
Knowing how much each gift costs and how much revenue it generates is helpful for planning.
A close rate is the percentage of successful deals. To calculate it for gift marketing, divide the number of closed deals by total sales leads in your pipeline during a specific time. For example, if you had sent 1000 gift cards and closed 100 of them in a month, your close rate would be 10%.
If your close rate is low, you're probably not closing enough deals, or they aren't ready to purchase yet.