Adding Perkville to your business is exciting! The excitement spreads to your clients and they are quick to onboard and engage in the gamification your business has provided. But what if you have been using Perkville for a few years? Are you keeping the excitement going for your clients?
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VIP and loyalty programs are an excellent way to keep your customers coming back for more. Not only does it allow them to become invested in your product offerings, but it can likely increase the amount of money they spend. However, how exactly effective are these programs in retaining customers and encouraging an increase in spending?
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This article originally appeared on MINDBODY.
A rewards program can be a great tool to retain clients and bring in new business—but you have to structure the program well or it can cause problems. For example, you can’t give too much away because the program will become too expensive, but you can’t give too little or your customers will lose interest. That’s why we created this quick guide for structuring a rewards program that will set your business up for success.
The tried and true point accumulation system works where activities like spending money or attending classes earns points, and those points are redeemed for prizes. There’s a reason the major airlines and credit card reward programs are set up this way. This structure is easy for customers to understand and incentivizes them to engage more deeply with your business.
The average earn velocity tells you how many points each customer earns per month on average across all of the activities you reward. For example, for a yoga studio it might take into account the average number of classes attended each month, amount spent on retail, appointments or workshops attended and referrals. Let’s say for example that this equates to 30 points per month. You wouldn’t want a free class to cost 1000 points in this scenario because it would take the average customer almost 3 years to redeem a free class. But you wouldn’t want it to take only 50 points to redeem a free class either or the average student would get a free class every other month. You can contact us at Perkville to get a spreadsheet to help you calculate the average earn velocity.
Your customers should be able to earn at least one reward within a 3 to 6 month timeframe. Otherwise, they will lose interest in your program, and it won’t be effective. Ideally this reward would be small or inexpensive. For example, a health club may offer a smoothie or discount on retail. In the example above, it would mean at least one reward would cost between 90 and 180 points.
A successful referral is often worth hundreds of dollars to health and wellness businesses so ensuring that the points given for a referral are appropriate (not too cheap) is important to keep clients interested in referring friends. As a good rule of thumb, reward your referrals enough such that they can redeem a high value reward if they bring you a new customer.
Entice customers to try different services or products at your business by cross selling. For example, if you’re a salon, use retail as the rewards so more customers give your hair products a try. Or if you’re a gym, make personal training a reward so that more customers try PT. Cross selling not only encourages customers to try out offerings they may have not otherwise, but also adds variety to your rewards program.
You don’t want the rewards you offer with your program to put you out of business, but at the same time, variety is important. A good way to give customers great value rewards while also keeping the rewards financially feasible is to partner with other nearby complimentary companies. For example, if you’re a spa, perhaps partner with a local salon who may offer your customers a reward such as 50% off their first haircut. Or the local coffee shop might be willing to offer your customers a free coffee reward to drive traffic to their store.
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Get more leads and grow membership with Club OS and Perkville!
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Sunil Saha, Perkville’s CEO, was interviewed by certified MINDBODY business consultant, Nicole Chetaud. They discussed how to use Perkville to generate referrals and increase client retention. They also covered best practices for rewards and points, educating clients about Perkville to get engagement and more. You can read the summary and listen to the podcast here.
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March 19, 2018 — Incentive Rewards, the first reward and loyalty program specific to the health and fitness industry, today announced a strategic partnership with Perkville, the most seamless loyalty and rewards platform in the fitness space. The partnership will integrate Incentive Rewards with the Perkville platform to provide greater convenience and selection in rewards fulfillment for fitness business owners.
Through the partnership, participating health clubs and studios can now elect to have rewards shipped directly to their members’ homes, rather than storing and providing rewards at their business locations. Incentive Rewards’ expansive selection of products will become part of Perkville’s program, empowering health clubs and studios to make their rewards plan more dynamic and offering a larger selection.
“This partnership is the perfect combination of our enticing rewards and Perkville’s innovative technology,” said Maria Parrella-Turco, CEO at Incentive Rewards. “Together, we can serve the industry holistically and provide health clubs and studios with a more valuable service. We’re simply better together than we were apart.”
“With Incentive Rewards and Perkville working together, it’s more convenient than ever for business owners to incentivize their members with rewards, leading to greater retention and more customer referrals,” said CEO Sunil Saha, CEO of Perkville. “Clients can focus on providing members with the best experience possible while knowing that our automated program is seamlessly running in the background and Incentive Rewards’ selection of products are being shipped right to members’ doors.”
About Perkville
Perkville is the leading customer reward platform in the health and fitness industry, serving 2,300 locations worldwide. Perkville’s reward programs are custom-tailored to each club to drive retention, referrals and in-club purchases. The platform integrates with most membership systems and white labeled apps to provide a seamless experience for health club members. For more information, visit www.perkville.com.
About Incentive Rewards
Incentive Rewards powered by FitRewards is a complete fulfilment solution that enhances the value and performance of rewards programs. The program offers reward choices that move the needle in engagement including referrals, retention and revenue for your fitness business. Our no cost to set up rewards catalog has it all. Apparel, electronics, home, kitchen, sporting goods and much more. Our complete hassle-free integration, no inventory required, and fulfilment services make it easy to motivate all your members, not just a few.
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