The Benefit of Creating a Paid Membership Program for My Business
A paid membership program for your business, whether a restaurant, a wine club, or a distillery, may seem like a novel idea; however, the concept has been used successfully by many big box retailers and online shopping giants for years. Despite apparent differences, these businesses cater to a need or desire that recurs monthly, making a paid membership worth it for businesses and customers. How do they work? Are they different from loyalty programs? Great questions! Keep reading to learn more about the benefits of creating a paid membership program for your business.
Paid Membership Program Defined
Customers in a paid membership program pay a one-time or monthly recurring fee to instantly access exclusive benefits or discounts. These programs offer exclusivity and premium rewards that encourage members to visit your establishment each month and, most importantly, share how incredible your business is. Because there is a membership fee, the perks should be higher value and not require points or a certain number of visits like traditional loyalty programs.
Customer Retention
Building a paid membership program into your customer retention strategy effectively increases revenue and builds customer loyalty with the right benefits and the right price. Choosing the right benefits means understanding what you can offer that balances your costs while enhancing customer experience. This is the perfect time to be creative. A few examples:
- Exclusive invitation to a private event
- Members only tasting
- Priority reservations
- Free item (s)
- Input on food or drink menus
- Monthly specials
- VIP Seating
Customer experience with positive interactions and visits is the baseline for success. When the value of the membership is more than the membership fee, you make your members feel that they are part of a community they can’t get anywhere else.
How to Encourage Customers to Become a Paid Member
Create excitement! Launch a new paid membership program and offer it to a select group of regulars, creating a buzz of curiosity. Market your membership incentives and benefits on all social media channels, email newsletters, and, most importantly, in-house with signage or QR codes. The ideal situation would be for customers to register to become a paid member before their order and get instant gratification for being a member with a deal or discount. The possibilities are endless.
If you are ready to create a paid membership program for your business, contact YCS Group. We have the buzz!
