The hospitality industry is highly dependent on regular cash flow to keep their business running. High fixed costs result from rents, taxes, salaries etc. In times where people are urged to stay at home and restaurants facing temporary shut down, the industry is facing a huge impact on footfall and ultimately revenue.
So, how can restaurants and other hospitality businesses secure their cash flow and combat the coronavirus implications? Your loyal customers might even have asked you already how they can support you during these hard times.
One of our recent articles has covered one possible solution – signing-up for delivery apps. This way your customers can still enjoy their favourite meals whilst staying safe at their homes.
Another way to get some money into your account instantly is through boosting gift voucher sales. We’ve already seen hospitality businesses offering gift vouchers for their best customers. Find out more about why gift vouchers and cards could help you right now and how to promote them.
Why Gift Vouchers?
The idea behind gift vouchers is simple. Buy now and use later. Your business gets the money immediately and your customers can enjoy a nice meal once the situation has eased up a bit. This also provides you with more security for the future, as you know guests will come to redeem their vouchers and gift cards.
Even better, it might also get you potential new customers in. Encourage your existing customers to surprise their family and friends with a gift card. Did you know that 60 % of customers say they have been introduced to a new company through a gift voucher? Another nice benefit, research has shown that most of the customers exceed the amount of the gift card whilst in your venue by spending additional money on extras. Especially when the law in certain places (like our native Scotland) prevent offers on alcohol – meaning you’re almost guaranteed that any redeemed vouchers will exceed their value.
How To Sell Them?
The first thing you might think of now is your website. A pop-up or landing page can help you to make it more visible for website visitors straight away.
The next channel should be your social media accounts. Use normal posts and Instagram stories. If you want to take this one step further, promoted or boosted posts can help you to spread the word quicker and more widely. Don’t forget to encourage your followers to share it with their family and friends.
When it comes to your existing customers, sending out an email newsletter is the best way to reach them. Use this opportunity to thank your customers for their loyalty, but also to update them on the status of your business. Anything to keep this valuable communication to your customers up now will help you further down the line.
This all doesn’t sound too complicated right? Gift vouchers and cards offer various benefits for hospitality businesses right now. From getting some extra money in your till and staying in touch with your existing customers to securing footfall for the future and giving customers something to look forward too. So what are you waiting for? Get your vouchers ready and start promoting them.
Little extra tip – our own Gifting section. Our product team has built an easy way for businesses to offer gift cards or accept donations. Featuring a bespoke microsite that you can share with your customer database via email campaigns, social channels and as a link on your website. It’s available for all our users, alternatively if you don’t have an account with us yet, sign-up here.