Expressing appreciation. Sparking motivation. Showing recognition for a job well done. Every year, companies large (revenues of $1B+) and mid-sized ($100M – $1B) look for ways of incentivizing and rewarding their various audiences. And every year, they allocate huge chunks of their gift-giving budget to (drum roll please)… you guessed it. Gift Cards.
Exactly how much do U.S. enterprises spend on these people-pleasing incentives? Try $24 billion on for size, according to the Incentive Research Foundation (IRF). To say there are big bucks in the Incentive Industry is putting it mildly. Is your brand fully engaged?
Who spends what…where
On the whole, both mid- and large-sized companies purchase Gift Cards primarily for an average of 2.5 to 3 different audiences: Employees, Sales and Customers. Yet how much of the budgets are allocated to each audience does vary according to company size – and the stats are somewhat surprising. For instance, mid-sized enterprises apportion their largest budgets towards channels, followed by gift cards to customers. (see graph)
All in all, the money-making prospects are there to discover. Include B2B in your Gift Card marketing plans, and you’ve hit on a winning strategy big time!