As we step into another fresh year, we wish that 2013 fills your life with success and happiness!
We hope that the fresh new year would give many more reasons for strengthening our partnership and we would achieve greater milestones in the months to come…
This edition is specifically aimed to take you back to the six basic steps that would help to bolster the Gift card program.
Continue reading to know more…
A QWIK preview of some of the consumer promotions on www.woohoo.in during Christmas & New Year!
In order to make the most from your Gift Card program, we would recommend a six pronged strategy as elucidated herewith:
1:Set Objectives for the Gift Card Program
- What should be the Gift Card sale contribution to the total sales?
- What are the barriers to realizing the above objectives?
- What interventions are required to overcome these barriers?
2: Set Gift Card Sale Targets and Incentives for the Franchisee
- The targets for each franchisee should be shared with them at the start of the Gift Card program.
- These targets should be fixed on the basis of volume of Gift Cards sold and value of Gift Cards sold.
- The targets should be broken down into quarterly, monthly, weekly and daily time frames for each franchisee.
- The franchisee should in turn give individual targets to the sales team within the store.
- The corporate should also work out an incentive plan for the franchisees.
3: Break Targets into measurable goals for the Franchisee
- Each franchisee should identify the total number of customers required to attain the franchisee target.
- They should also ascertain the number of new customers required to improve the Gift card sales performance and the interventions needed to meet the target.
- Each franchisee should identify the average load value at that outlet so that its easier for them to ascertain the number of transactions required to meet the value target.
4: Education and Training for the Store Staff
- The ENTIRE sales team at the stores should be trained by the Store Manager on when to sell the Gift card and how to approach the customer for selling the Gift card.
- The store staff should be trained on what queries to expect from the customer, how to handle them and how to keep the consumer interest alive in the category.
- Leaflets/ Booklets/ Training manual to be handed over to the store team.
- In case of people movement at the stores, the new recruit should be fully trained by the store manager on the Gift Card program just like he is trained on other aspects of retail business.
- Have a slot for Gift Card program during Franchisee Meet / Store Managers’ Meet to elicit their feedback on the program.
5: Track Program Performance
- In order to track program performance, QwikCilver dashboard gives all the information pertaining to Gift Card transactions viz. Daily, MTD, YTD performance reports, Inventory stock reports, Outlet wise performance reports.
- All the above information is available real time to enable the store managers/ regional managers to address the issues related to store performance.
- Track the non-performing stores on a monthly basis viz. the ones which have not even done a single sale transaction and take corrective actions immediately.
- Improve store performance by running time bound contests amongst store teams.
6: Strategic Review and Program Improvement Strategies
- A quarterly review of the Gift Card program with the Regional managers and the store managers.
- Deciding on the milestones to be achieved for the next quarter.
- Deciding on the store level interventions that need to be taken with more urgency to take the program to the next level.
- Celebrating success and the key performers -Store Champs and Regional Champs
- Institutionalize awards for achievers in the Gift Card program category similar to what exists for other product categories.
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