In today’s market, companies in all industries and across all specialties are engaged in hot competition.  Every company is trying to outdo the next and, more often than not, the tool they use to showcase their value and relevance is incentives. Because there are a wealth of great companies doing business today, customers are pickier than ever and, more and more, they’re looking to a company’s incentives and promotions program to help them make a purchasing decision.

While there are dozens of different promotional products available for use today, modern customers are increasingly attracted to gift cards. In addition to being valuable, gift cards are highly customizable and easy for brands to distribute for a variety of purposes and occasions. Read on to learn more about the top five industries that can benefit from using gift cards in today’s economy.

Five Industries Benefitting from Gift Cards

While gift cards are becoming a popular promotional item across the board, these five industries are reaping huge rewards from the use of gift cards in marketing:

1. Banking

There’s no doubt about it: banking is changing. In today’s financial world, banks are in hot competition for consumer attention and one of the best ways to secure it is through incentives. Because banks and credit unions specialize in handling and managing customer money, offering attractive dining, travel, or shopping gift cards is a great way to get customers attention and encourage new accounts and transactions.

Plus, since customers generally stick with banks for years at a time, providing valuable gift card promotions to new and existing customers is an efficient way for banks to improve customer acquisition and retention rates and continue to build a solid base of recurring customers.

2. Satellite & Cable

Satellite and cable are subscription service businesses. and we all know this industry has been hugely disrupted by the introduction of the streaming and on-demand models. Because of this, the satellite and cable industry has been forced to reinvent their incentives to continue to attract new customers. Because there’s such hot competition for consumer attention in the satellite and cable industry, companies that offer their customers high-quality, high-value gift cards are becoming the most successful. Consumers who are still utilizing subscription satellite and cable services expect post-purchase gift cards that allow them the ability to shop as they choose and purchase a relevant reward that will provide value for them and their family.

3. Hospitality

In the hospitality business, gift cards have always been an important factor and this is more true today than ever before. Consumers within the hospitality industry want valuable, exciting gift cards that help add to their experience and encourage them to differentiate one company from the next.

In the hospitality industry, the popularity of gift cards is booming, and consumers are showing more and more of an appreciation for the built-in simplicity of a prepaid gift card. Regardless of whether the card is aimed at shopping, dining, or travel, the hospitality industry, and gift card incentives continue to go hand in hand.

4. Home security

In 2016 Home Security is about much more than just alarm systems. Today’s consumers want to interact with home security companies that are genuinely concerned about their satisfaction and happiness, which is why they’re choosing increasingly to interact with home security companies that offer valuable and exciting incentives.

Because of this, more home security companies across the country have been enlisting the help of gift cards in their marketing strategy. In addition to grabbing the attention of consumers, these gift cards also help companies stand out from the crowd and add extra value to a company’s existing rewards strategy.

5. Furniture

To be competitive as a furniture company in today’s economy, it’s critical to offer rewards for consumers. Because of this, furniture companies have begun offering gift cards as a way to encourage customers to make purchasing decisions and come back for subsequent needs. In the furniture business, gift cards related to shopping, and home goods are particularly effective as they run parallel to the business itself and provide customers with valuable, relevant rewards they can use anytime.

The Rise of Gift Card Marketing

Today, running a good business is about much more than just offering a quality product. Today’s most successful companies offer outstanding rewards programs, as well. While gift cards are a fantastic incentive for companies in all industries, these five businesses are benefitting the most from gift cards right now. In addition to helping attract new clients and retain existing ones, gift card incentives are helping businesses in the furniture, home security, banking, hospitality, and satellite & cable industries stand out from the crowd and provide unique value to their customers.

To learn more about the value of gift cards across all industries, or to put together your gift card marketing strategy today, contact Mpell Promotions .