As before, this is a perfect text—informative, interesting, educational, and applicable! I believe people will recognize it and will jump at the chance to subscribe at such a great price, especially considering the value it delivers! Good luck, Mack!
I love your emphasis on experiential rewards over transactional ones. The examples you provided (access to executives, free webinars, early product access, free training) are excellent ways to create deeper connections with customers.
The idea that these experiential rewards not only create loyal customers but also turn them into better salespeople for your brand is brilliant. It's a win-win situation. Another stellar article Mack.
Thank you Neela! I talked to a friend recently who worked for a brand everyone here has heard of. She talked about how that brand launched a loyalty program that was focused on transactional rewards to drive signups. It got a ton of new members and won a lot of awards and the people in charge got nice bonuses. Then those members started leaving cause there was nothing to keep them there, the churn rate ballooned and they had to redesign the program to focus more on retention and less on acquisition.
Signups are the sexy metric for loyalty programs, but member retention is the straw that stirs the drink, and loyalty to a loyalty program happens when you create rewards that are both transactional and experiential, as you said.
Great (and incredibly overlooked) insight! Another great example is the new structure of Field & Stream’s (magazine not the store) 1871 Club. They’re offering discounts on product but also offer special access to shows and experiences not immediately available to the general public.
Maybe it just takes 153 years to figure out how to retain customers!
As before, this is a perfect text—informative, interesting, educational, and applicable! I believe people will recognize it and will jump at the chance to subscribe at such a great price, especially considering the value it delivers! Good luck, Mack!
Thank you Mladena, you are as always, too kind! I hope you have a blessed week!
Solid insights. Valuable post. Thank you!
Hey Bryce! I appreciate you taking the time to read, share and comment! Have a great week!
I love your emphasis on experiential rewards over transactional ones. The examples you provided (access to executives, free webinars, early product access, free training) are excellent ways to create deeper connections with customers.
The idea that these experiential rewards not only create loyal customers but also turn them into better salespeople for your brand is brilliant. It's a win-win situation. Another stellar article Mack.
Thank you for writing it.
Thank you Neela! I talked to a friend recently who worked for a brand everyone here has heard of. She talked about how that brand launched a loyalty program that was focused on transactional rewards to drive signups. It got a ton of new members and won a lot of awards and the people in charge got nice bonuses. Then those members started leaving cause there was nothing to keep them there, the churn rate ballooned and they had to redesign the program to focus more on retention and less on acquisition.
Signups are the sexy metric for loyalty programs, but member retention is the straw that stirs the drink, and loyalty to a loyalty program happens when you create rewards that are both transactional and experiential, as you said.
Thanks for the brilliant comment and the share!
Great (and incredibly overlooked) insight! Another great example is the new structure of Field & Stream’s (magazine not the store) 1871 Club. They’re offering discounts on product but also offer special access to shows and experiences not immediately available to the general public.
Maybe it just takes 153 years to figure out how to retain customers!
Hey Jack! Thanks for reading (and sharing!)! Also appreciate the heads up on the 1871 club, I will definitely be checking it out! Have a great week!