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Gift Cards: The Gift that Keeps on Giving and the Program that Keeps Turning Profits
Robert H. Baker, Jr.
Question: What does it take to start a successful gift card program?
Answer: A successful gift card program needs to be structured around convenience and ease of use for the cardholder. Some companies, such as First Data, offer turnkey solutions to financial institutions with all the elements needed to run a successful, and more importantly, profitable gift card program.
There are a lot of components to think about when it comes to launching any gift card program. There's the product and campaign development, the enrollment, the issuing of the cards and the program management. The more of these elements that can be delivered by one source, the faster and easier it will be to launch your program.
Other considerations are what types of marketing support they offer. For example, do they make available in-branch posters and brochures, table tents, direct mail pieces, statement inserts and web advertising? Are the materials customizable to meet the needs of customers? How quickly can you get the program up and running?
Also, what type of customer service is available for card users? Make it easy for customers to buy the gift cards, check balances and reload funds. A task easily done online at a website customized especially for your organization.
Today, more than ever, running a successful gift card program has never been easier.
In his role as senior vice president of stored value, Robert Baker oversees the management and development of stored value card initiatives for global payments leader First Data. With more than 25 years of experience in the financial services industry, Baker brings a wealth of leadership and management expertise to his position at First Data which he assumed in September 2001. Most recently, Baker served as the executive vice president and chief marketing officer for WildCard Systems, Inc., a processor of stored value products.
Baker also has extensive experience in the operations and marketing functions from past positions with several multi-state and regional banks. Baker holds a bachelor's degree in marketing and finance. In addition, he is a graduate of The Stonier Graduate School of Banking at Rutgers University.
First published on BankersOnline.com 5/5/03
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