A well-designed perks program can help retain customers and increase their loyalty to your service. By offering additional value to your members beyond your core product or service, you can create a sense of exclusivity and make them feel appreciated.
Perks such as access to exclusive deals and discounts on relevant products and services, or personalized recommendations can help build a stronger relationship between your business and your customers. Think internet service discounts for residential, discounts to a local gym for your health insurance policy holders, etc...
A perks program can also help differentiate your service from competitors and make it more attractive to potential customers. If your members are happy with the perks program, they are more likely to recommend your service to others, which can lead to growth in your customer base.
So where do you start? It’s important to keep in mind that the success of a perks program depends on how well it's designed and executed. You need to offer perks that are relevant and valuable to your target audience and communicate the benefits clearly to your members. Additionally, you should regularly review and update the perks program to ensure it continues to meet the evolving needs and expectations of your customers.
- Step 1 - Identify the most common reasons why members don't renew their subscription. This information can be gathered through surveys, feedback forms, or analyzing customer behavior.
- Step 2 - Paylode can curate a list of perks relevant to your customer base’s demographics.
- Step 3 - Communicate the perks program to your members. Let them know what they can expect if they renew their subscription and highlight the benefits of the program.
- Step 4 - Track the effectiveness of the perks program. Monitor the renewal rate of your members and see if the perks program has had a positive impact on retention. Paylode has a full reporting suite to track usage.
By offering a perks program that addresses the reasons why members don't renew, you can incentivize them to stay with your subscription service and increase your retention rate.