GCS Mod 1 Let’s Get Ready To Sell
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Questions and Answers

What is the most requested gift during the holiday season and for birthdays?

  • Books
  • Electronics
  • Gift cards (correct)
  • Restaurant vouchers

    • What percentage of people who have a gift card will spend more than the value of their gift card?

  • 50%
  • 72% (correct)
  • 25%
  • 10%

    • Which type of gift card is showing a 200% growth according to the text?

  • Home improvement gift cards
  • Restaurant gift cards
  • Digital gift cards (correct)
  • Physical gift cards

    • What is the average amount that men spend more per gift card compared to women according to the text?

    <p>$20</p> Signup and view all the answers

    Why are gift cards an important revenue stream for salon companies?

    <p>They help meet new salon guests</p> Signup and view all the answers

    What is one benefit of gift card promotions for existing salon guests?

    <p>They offer a guest loyalty program</p> Signup and view all the answers

    What is the main focus of the first segment in the module?

    <p>Understanding the importance of gift cards</p> Signup and view all the answers

    What is a benchmark assessment?

    <p>A survey that measures your progress over time.</p> Signup and view all the answers

    How often can you access the online educational resources in the Summit Salon Blueprint series?

    <p>24 hours a day, 7 days a week</p> Signup and view all the answers

    What is the purpose of the special deliverable document provided in each module?

    <p>To set goals for the upcoming 12 months</p> Signup and view all the answers

    What is the current size of the gift card industry in the United States?

    <p>$180 billion</p> Signup and view all the answers

    Why is it important to know your own gift card statistics?

    <p>To determine the average gift card sold</p> Signup and view all the answers

    What is the purpose of separating gift card sales into a savings account?

    <p>To protect gift card sales during the holiday season</p> Signup and view all the answers

    Why does the average gift card sale fluctuate throughout the year?

    <p>Due to seasonal factors</p> Signup and view all the answers

    What is a common objection to creating promotions for gift cards?

    <p>Customers only purchase promotions for themselves</p> Signup and view all the answers

    What is one way to engage guests in promotions?

    <p>Provide a loyalty program</p> Signup and view all the answers

    What is the purpose of a gift card according to the text?

    <p>To encourage repeat visits</p> Signup and view all the answers

    What is a common objection about new guests who redeem gift cards?

    <p>They only come for the free gift</p> Signup and view all the answers

    What is one way to encourage guests to rebook according to the text?

    <p>Create a conversation that includes a plan</p> Signup and view all the answers

    When were gift cards introduced into the economy?

    <p>In the 1990s</p> Signup and view all the answers

    What percentage of gift cards were not redeemed when they were first introduced?

    <p>20 to 25%</p> Signup and view all the answers

    Why do salon owners and business owners consider gift cards as 'free money'?

    <p>Because people often lose or don't redeem them</p> Signup and view all the answers

    What mindset shift does the text encourage for business owners regarding gift card redemptions?

    <p>From hoping people lose gift cards to viewing redemptions as opportunities</p> Signup and view all the answers

    What action step does the speaker recommend for the gift card money that comes in?

    <p>Set up a separate savings account for the gift card money</p> Signup and view all the answers

    What does the speaker suggest about the gift card industry?

    <p>It is a growing industry</p> Signup and view all the answers

    What does the speaker mention as a fun fact about gift cards?

    <p>Men buy higher amount gift cards than women do</p> Signup and view all the answers

    What does the speaker ask the listeners to do after completing module one?

    <p>Pull reports for gift card sales from the last 12 months</p> Signup and view all the answers

    Gift cards are an important revenue stream for salon companies.

    <p>True</p> Signup and view all the answers

    Gift card promotions can only benefit new salon guests.

    <p>False</p> Signup and view all the answers

    Gift cards can be considered as a form of guest loyalty program.

    <p>True</p> Signup and view all the answers

    True or false: The gift card industry is projected to be a $180 billion industry in the United States.

    <p>True</p> Signup and view all the answers

    True or false: 93% of US consumers purchase or receive gift cards annually.

    <p>True</p> Signup and view all the answers

    True or false: Consumers spend an average of $239 per year on gift cards.

    <p>True</p> Signup and view all the answers

    True or false: The speaker recommends accessing the online educational resources in the Summit Salon Blueprint series only once.

    <p>False</p> Signup and view all the answers

    True or false: Men spend on average $20 more per gift card than women do.

    <p>True</p> Signup and view all the answers

    True or false: Gift cards are the number one most requested gift during the holiday season.

    <p>True</p> Signup and view all the answers

    True or false: 72% of people who have a gift card will spend more than the value of their gift card.

    <p>True</p> Signup and view all the answers

    True or false: 25% of gift cards are digital, meaning purchased online.

    <p>True</p> Signup and view all the answers

    True or false: Gift cards can be a part of a guest loyalty program.

    <p>True</p> Signup and view all the answers

    True or false: Existing guests can take advantage of gift card promotions.

    <p>True</p> Signup and view all the answers

    True or false: Gift card promotions can encourage guests to come back.

    <p>True</p> Signup and view all the answers

    True or false: New guests who redeem gift cards never come back.

    <p>False</p> Signup and view all the answers

    True or false: It is important for businesses to have gift cards on their website to drive growth in the industry?

    <p>True</p> Signup and view all the answers

    True or false: Salon owners should know their gift card sales statistics, including total sales and number of gift card units purchased?

    <p>True</p> Signup and view all the answers

    True or false: Gift card promotions should be based on the average gift card sold during the same month of the previous year?

    <p>True</p> Signup and view all the answers

    True or false: Gift card sales should be separated into a savings account specifically for gift cards?

    <p>True</p> Signup and view all the answers

    True or false: Gift cards were introduced into our economy in the 1990s?

    <p>True</p> Signup and view all the answers

    True or false: In the 1990s, a large portion of gift cards were not redeemed, up to 20-25%?

    <p>True</p> Signup and view all the answers

    True or false: Currently, 97% of gift cards are redeemed?

    <p>True</p> Signup and view all the answers

    True or false: The speaker encourages business owners to have a mindset shift regarding gift card redemptions?

    <p>True</p> Signup and view all the answers

    True or false: The gift card industry is not going anywhere

    <p>False</p> Signup and view all the answers

    True or false: Men buy higher amount gift cards than women

    <p>True</p> Signup and view all the answers

    True or false: It is important to set up a separate savings account for gift card money

    <p>True</p> Signup and view all the answers

    True or false: The next module will focus on visual inspiration

    <p>True</p> Signup and view all the answers

    Study Notes

    The Importance of Gift Cards as a Revenue Stream for Salons

    • Gift cards are important for salons as they help attract new customers and serve as a compliment to the salon's services.
    • Gift card promotions can also be used as a guest loyalty program for existing customers.
    • The Summit Salon Business Center helps salons develop a plan for gift card sales.
    • A benchmark assessment is conducted at the beginning of each module to gauge progress.
    • The Summit Salon Blueprint series provides online educational resources accessible 24/7 for a year.
    • The series can be used for training new hires in the salon company.
    • The gift card industry in the United States is a $180 billion industry.
    • 93% of US consumers purchase or receive gift cards annually.
    • Consumers spend an average of $239 per year on gift cards.
    • Men tend to spend $20 more per gift card than women.
    • Gift cards are the most requested gift during the holiday season and for birthdays.
    • More than 50% of purchasers say that gift cards enable the recipient to buy their own desired gift.

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