…ok, a hairdresser with 35 years in the business and a chain of 18-odd successful salons!
Vouchers – one of my favourite, yet underutilised, retail marketing tools – are even better that I thought.
You see, I was running a “Zero Budget Marketing” seminar for Wella. And I said that the crew at Loyalty Magic had confirmed for me what I’d always suspected – that when you get given a gift voucher, you spend on average 5-8 times the value of the voucher.
And this is where the hairdresser of my story says – try 10-20 times. You seen, his chain is SuperCuts. They hand out $10 “cheques” that people can bring in to cash in on a haircut/colour/style/etc.
He said people regularly brought these in and spent close to $200 – and this was a COMMON occurence.
So for all those who doubt the value of giving away a little something for nothing, I offer this story. $10 to get $200 – and a guaranteed sale, not $10 that MIGHT bring you $200.
Retailers – go give away more gift vouchers!