In his second appearance on HALO Talks, 38 year industry veteran Frank Ancharski discusses his current role as COO of leading RaaS ("rewards as a service") gift card provider, Promotion Vault.
"People really still don't get that 'free' and 'discounted' dues don't work. It erodes your revenue stream and EBITDA. We're on a Mission to let people know there are far better options than discounting memberships and dues . . . this isn't a gimmicky thing or tchotchke, we're a real life behavioral change company," he states. Promotion Vault offers a completely digital, zero-waste gift card solution with top brands like Amazon, Lululemon, Starbucks, Nike, Under Armor and many others.
Frank and Pete discuss what "breakage" is and why it's a good thing, why "point" systems can harm your balance sheet, how the CEO of a well known brand switched from "zero down" to a $25-50 gift card on a join which resulted in significant increased cash flow and revenues, why continuing to sell on price hurts the entire industry, how using gift cards can be critical to increasing your company's valuation, and more!