Creating New Revenue Channels with Member Programs
As the holiday season approaches, many businesses are eager to meet their revenue goals. Revenue growth strategies often include an increased marketing budget, product release, or loyalty discount. All those options are tried and tested; however, creating new revenue channels with member programs may be what you want. Why? Well, membership programs can increase your revenue by 80%; just ask Netflix. Let’s take a look at how adding a member program will create new revenue channels.
Member Programs
Encourage Repeat Business: People have choices, lots of them, and nothing screams repeat business (loyalty), like receiving a high-value perk or discount to your favorite place. Member programs offer your most valuable customers the opportunity to receive a VIP promotion or an exclusive preview of a new food or drink menu. Additionally, these programs help members feel valued and appreciated, which can ultimately sway them away from the competition.
Create Brand Ambassadors: Building customer relationships is relative to creating a walking billboard for your brand. People love to share why others should visit a new winery or a particular restaurant; word of mouth is advertising at its finest.
Reliable Income: High-value perks and promotions create a predictable revenue stream. Ninety percent of members will visit your establishment and purchase at least once per month.
Consumer Insights For Your Business: The key is to understand your customer. Membership programs provide valuable data and insights that enable you to customize your marketing campaigns and even tailor certain perks.
The takeaway is that member programs effectively generate new revenue channels, even if you already have a loyal customer base. In fact, they may be the best approach to rewarding your customers for their loyalty. Member programs can enhance your brand by transforming how you engage with your customers. It sounds like a win-win situation to us.
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