The month-long Clubcard Exchange promotion launches today (14 May) and will allow customers to change £5 of Clubcard vouchers into a £10 exchange token, which can be spent on a range of non-grocery products including clothes, furniture, toys and electrical goods.
A television and radio campaign will run from today until 20 May and will focus on explaining how the promotion works and how it can be used to make vouchers go further.
Creative by The Red Brick Road shows a young boy doing chores to earn pocket money before asking for a Clubcard voucher instead of his usual £5 in order to buy a £10 toy at Tesco.
Janet Smith, Tesco Clubcard director, said: "By increasing the value of Clubcard vouchers, it makes a real difference and makes budgets go further by offering huge savings on a fantastic range of products."
The voucher activity follows a torrid trading season for the supermarket, whose chief executive Philip Clarke blamed in part on not engaging in voucher activity.
Tesco's stuttering performance, which resulted in its first annual drop in profits for over 20 years, has resulted in the previously lauded Clubcard scheme drawing fire.
The Big Price Drop campaign that Tesco launched before Christmas also saw the supermarket dropping its double Clubcard points initiative.
Sainsbury’s attacked the Big Price Drop as "classic smoke and mirrors from Tesco, giving with one hand and taking with the other".
Tesco's removal of its double Clubcard points will save it £350m, according to Sainsbury's.
At an analysts conference last month, Clarke revealed that Tesco would put Clubcard at centre stage in order to return the business to profit growth.
He said: "There will be more personalisation and localisation [in marketing] and we have brought [Clubcard creator] Dunnhumby back where they belong, right at the heart of the business."
Tesco’s newly launched Exchange promotion will run until 13 June with tokens redeemable until 19 June. There is no limit to how many Clubcard vouchers customers can exchange.
Vouchers can be exchanged online and customers can print their tokens at home via a promotion microsite.
Follow Matthew Chapman at @mattchapmanUK