In a survey, respondents repeatedly stated that product and trip incentives were more appealing than cash, with gift cards being the most popular award item in the merchandise category. Today in EZ PIN blog we talk about 10 reasons why are gift cards better than cash.
Approximately three out of four respondents thought that items and gift cards might be used to create a more engaging and memorable program than cash. Furthermore, nearly four out of five respondents say that items and gift cards are remembered for longer than cash awards. Gift cards, in summary, offer the flexibility and adaptability of cash without the drawbacks.
Why Gift Card is Better Than Cash
Offering gift cards from renowned industry companies as part of your incentive or premium program can drastically enhance participation in your program. Brand recognition is a crucial aspect in end users’ purchasing experiences, and by providing gift cards for brands they already know and are already shopping for, you may raise brand awareness and increase participation in your program. You gain not only from the brand of gift card you carry, but also from the brands of items and services offered by the gift card provider: the advantages of offering strong brands to your program are quite persuasive.
The following are the top ten reasons why gift cards are better than cash incentives:
- Trophy value: Gift cards are more memorable than cash since they serve as a lasting remembrance of accomplishment.
- Viral value: Employees share how they used gift cards with one another.
- More discreet: Mentioning non-cash prizes is nice.
- True gift perception: Gift cards are not seen as a kind of recompense.
- Universal benefits: Gift cards combine the advantages of items with the advantages of cash.
- Spending without guilt: Recipients don’t feel bad about pampering themselves.
- More likely to boost work performance: Gift cards, not cash, have been shown to improve work performance in studies.
- Family Support: Because the participant’s family is involved in reward selection, they are more likely to support the participant’s objectives.
- Pleasing loved ones: There is a tremendous motivation to earn an award for one’s significant other or children.
- Long-term positive feelings toward organization: Gift cards help to reinforce good associations with the organizations that sponsor them.
Trophy Value
It’s critical that the recipient remembers what the reward was for if you’re trying to link a behavior to a specific result and reward that result. Trophy worth is a permanent remembrance of the accomplishment and the organization that bestowed the honor.
Viral Value
Wouldn’t you want to tell everyone at work if you got a gift card to an electronics store and spent it on a big huge screen TV?
Many individuals want to live vicariously through someone who has a gift card, but few people want to hear how someone used their cash reward to pay bills — in fact, knowing that someone used their cash reward to pay bills is a discouragement.
More Discrete
When it comes to gift cards, people are much more willing to talk about what they received than when it comes to cash. In short, the value of earning a non-cash incentive is enhanced by the award’s visibility and the fact that discussing is socially acceptable.
True Gift Perception
Cash gifts make bad rewards, according to a long-held adage in the incentive sector, since recipients see the reward as part of their overall compensation package rather than as a one-time, earned incentive item. When the money does not arrive at the same time the next year, the employee is dissatisfied.
Universal Benefits
People constantly state that having a choice in their prizes is preferable. When consumers receive a gift card, they can choose the product(s) they want to use it on. Gift cards differ from pure items or travel in that they give you the opportunity to choose what you want to do with your money.
Spending Without Guilt
Many non-cash incentive rewards are seen as frills that participants can’t afford to buy for themselves or their families. A gift card, on the other hand, can be used guilt-free for something personal by the recipient.
More Likely to Improve Work Performance
Employees in the United States reported receiving a year-end cash bonus, but 32 percent said the bonus did not improve their work performance.
Family Support
It is critical to have a supportive home environment in order to succeed. Family members quickly join in when folks are working toward a reward at work. The promise of being able to benefit is one of the reasons.
Pleasing Loved Ones
Many kind people who would never buy themselves a treat are ecstatic at the prospect of purchasing something for their significant others and/or children, but lack the means and justification – especially when there are so many other pressing needs.
Who doesn’t want to be the hero who brings home a new game system for the kids or a high-end kitchen equipment that a significant other has been lusting after?
Long-term Positive Feelings Toward Organization
How many individuals recall how they used the money they were given to fix the backyard fence and get a pleasant fuzzy feeling about their organization? How many people will recall where the funds to repair the fence came from?
According to what has been said above, you now know 10 reasons why gift cards are better than cash. You can start selling gift cards to customers and organizations and EZ PIN is here to help.
The EZ PIN network intends to meet all your needs as a reseller by facilitating the distribution and availability of gift cards. Gift cards are more than just money. They are moving and inspiring manifestations of human emotion. Our cutting-edge solutions are designed to help you connect with more customers and increase earnings. We are completely dedicated to your development.
