Updated: Aug 8, 2019
Like we said in Q1, it has been a busy year for consolidation in the Branded Currency industry!
Well as of last week some final moves have been made:
The First Data and Fiserv merger is complete, you can read more about it here.
Also completing their merger is FIS and Worldpay, you can read about this transaction here.
But the consolidation did not end there! InComm also recently announced acquisitions of 2 incentive companies:
InComm Acquired Hallmark Business Connections in early June
InComm acquired Meridian Loyalty in early July
So how will all of this affect the rest of us in gift cards, prepaid products, loyalty points, coupons, promotional codes and merchandise credits? With consolidation we have to start looking for growth in new places. This can be done in a couple of ways:
Look at how these products increase sales not just in top line sales numbers, but how they bolster other products and services. Start asking for access to that data. The value of our products are multi-faceted and it is time we looked at them that way.
If you cannot get at new data; reassess how you report your numbers. See what you can do to show things like: customer acquisition, lift (aka, uplift, overspend), what types of products customers are buying, impressions, social interaction, PR, how you have created cost-savings... these are all valuable!
We have to look at new partners for growth. When we at K+H look for new channels for branded currency products, we suggest looking to partnerships with complimentary brands; chances are, they have access to a client you are trying to get to as well.
If you want to talk more about getting creative and profitable with your branded currency programs, schedule some time with us here.