In recent years, more and more people have been opting to give experiences rather than physical/material gifts. You might be wondering what qualifies as a gift experience. Well, in this article, we’ll dive into the world of gift experiences and explain why business owners should consider offering them.
Understanding Gift Experiences
Gift experiences are service-based gifts that provide a life experience or adventure rather than a material gift. These experiences can range from spa treatments, wine tastings, and cooking classes to more adventurous activities like skydiving and hot-air-balloon rides. The gift giver purchases the experience, and the recipient can then schedule and enjoy the experience at their convenience
Benefits of Selling Gift Experiences
Highly Profitable
When it comes to profitability, gift experiences are hard to beat. Customers pay for the experiences in advance, which means the business has already made a sale. What’s more, statistics show that around 15% of gift experiences are never actually redeemed by the recipient. This is pure profit for the business.
Increased Customer Loyalty
Gift experiences create a lasting impression on the recipient, which often translates to increased customer loyalty. Furthermore, customers that have positive experience may even make recommendations to friends and family.
Diversify Revenue Streams
Selling gift experiences can help businesses diversify their revenue streams. This can be especially beneficial for businesses that are seasonal or have fluctuating sales. Gift experiences can provide a consistent source of revenue throughout the year.
How to Start Selling Gift Experiences
Research Your Target Market
Before creating gift experiences, it is essential to research your target market. This will help you determine what types of experiences will be most popular among your customer base.
Create Unique Experiences
To stand out in a crowded market, it is crucial to develop unique and memorable experiences. This could involve partnering with other businesses or creating a themed experience that aligns with your brand.
Create a Marketing Strategy
A successful gift experience program requires a strong marketing strategy. This could involve creating a dedicated landing page on your website, running social media ads, or partnering with influencers to promote your experiences.
Tips for Selling Gift Experiences
Make it Easy to Purchase
To make it easy for customers to purchase gift experiences, businesses should consider a gift experience platform like Voucherstore that streamlines purchasing for both the business and customer.
Offer Personalisation Options
Gift experiences can be made even more special with personalisation. This often involves adding the recipient’s name and a personal message to the experience certificate. Additionally, businesses that sell online can easily allow add-ons (like a bottle wine) that allow the buyer to enhance the experience.
Create a Memorable Experience
The key to a successful gift experience is creating a memorable experience for the recipient. This could involve providing exceptional customer service, offering unique amenities, or partnering with other businesses to create a truly unforgettable experience.
Challenges of Selling Gift Experiences
Managing Inventory and Capacity
Gift experiences require careful management of inventory and capacity. Businesses need to ensure that they have enough availability to accommodate gift recipients while also avoiding overbooking.
Creating a Consistent Experience
Creating a consistent experience can be challenging, especially for businesses that offer multiple gift experiences. It is essential to ensure that all experiences are of the same high quality and that they align with the business’s overall brand.
Conclusion
Selling gift experiences can be a profitable venture for businesses looking to diversify their revenue streams and increase customer loyalty. By creating unique and memorable experiences and developing a strong marketing strategy, businesses can tap into the growing demand for experiential gifts and provide customers with a personalised and unforgettable experience.
The Voucherstore team is available to assist you in creating suitable gift experiences. Feel free to contact us if you need advice.
FAQ’s
What are gift experiences?
Gift experiences are service-based gifts that provide a life experience or adventure rather than a material gift. These experiences range from spa treatments and wine tastings to more adventurous activities like skydiving and bungee jumping.
How can selling gift experiences benefit my business?
Selling gift experiences can benefit businesses in several ways, including increased revenue, customer loyalty, and diversified revenue streams.
How can I create a unique gift experience?
To create a unique gift experience, businesses should research their target market, develop a unique experience, and create a strong marketing strategy.
What are some challenges of selling gift experiences?
Challenges of selling gift experiences may include managing inventory or capacity, and creating a consistent experience across multiple offerings.
How can I make it easy for customers to purchase gift experiences?
To make it easy for customers to purchase gift experiences, businesses should consider a gift experience system that allows customers to purchase online.
