If your business is dependent on membership dues, gaining and retaining members is crucial for your bottom line. Sales and marketing teams are often focused on signing new members up, but what about retaining members?
It can cost a business up to five times as much to gain a new customer as it does to retain one. And many membership organizations are losing members due to a perceived lack of value. Consumers often decide to join due to short-term incentives or rate discounts, but then don’t want to renew and pay full price for a membership.
If your business is losing members yearly during renewal periods, it’s time to start assessing what value you’re bringing. If consumers aren’t attracted to your current member benefits, you should review your incentives and adjust your membership program to attract and retain more people.
At Entertainment®, there are several reward and incentive programs you can utilize to expand the membership benefits offered by your business. By partnering with the Entertainment® Rewards & Incentives team, you’ll get access to a variety of programs that can be tailored to meet your businesses’ unique needs. Plus, several of the programs can be co-branded or private labelled to ensure your brand stays at the top of the consumer’s mind when they use their member rewards.
Though Entertainment® offers numerous programs, this article describes four of our most popular programs that business partners use as an incentive to retain members.
1. Member Benefits
Member Benefits helps your business offer additional value to your members. This program features 500,000+ offers throughout the U.S. and Canada. These discounts can be for dining, shopping, services, leisure activities, attractions, and travel, including offers for sports events, movie tickets, and amusement parks. The program also includes several virtual offerings, for members to shop or order items online.
This program can be co-branded or private labeled depending on your budget and your program’s unique needs. A standard with Member Benefits is sending out monthly engagement emails to your members to serve as a reminder about their benefits.
2. Dining Advantage
The Dining Advantage program is a low-cost, high-value incentive businesses can use to help retain members when it’s time to renew. This incentive can be offered to members as a physical card or a digital code that they can use within the Entertainment® restaurant network, which is the largest in the country.
With Dining Advantage, you can offer a set amount of $25, $50, or $100 to consumers, or you can choose a custom amount. Over 55,000 restaurants within the U.S. and Canada are part of the Dining Advantage network, including national chains, regional favorites, and local eateries. This program can also be co-branded to show your brand on the card, digital code email, and even the landing page recipients use to redeem the incentive.
3. eMags
The Entertainment® eMags program allows you to offer members access to an excellent digital reading experience. You can customize which magazine publications are offered to your members to ensure this program aligns with the interests of your membership audience. eMags allows you to increase member loyalty through positive engagement. You’ll get a branded home page as well as the ability to send branded emails to members throughout the year when new magazine issues are released.
Your members get one year of access to your branded eMags site and library, which you can fully customize. Members can access the library on their phone, tablet, or laptop, and even download magazines for offline reading. Plus, you’ll have access to all the member data, so that you can continue to tailor this program as consumer interests shift.
4. Healthy Living Rewards
If you operate within the health and wellness industry, or if you just want to promote healthy living to your members, you can use the Entertainment® Healthy Living Rewards program to incentivize your members to make healthy choices and encourage healthy behaviors. Healthy living is popular among consumers, so helping them save money when they make health-conscious purchases is a great incentive to retain members. This program offers discounts on healthy food and dining options, activities that align with an active lifestyle, and general wellness products. If these discounts are attractive to your membership base, consider partnering with the Healthy Living Rewards program.
Entertainment® Rewards & Incentives
Our business-to-business (B2B) division, Entertainment® Rewards and Incentives, offers multiple ways to benefit your members with co-branded programs that can save your members hundreds of dollars when they sign-up for or renew their membership. Some of the programs just discussed are easy to implement and can be live within a week.
Choosing one of our B2B options also allows you access to an analytical dashboard so you can monitor which members are engaging with these additional benefits. This tool provides valuable insights into your members’ behaviors and allows you an opportunity to learn about their interests. The dashboard also allows you to communicate with members monthly to remind them of these membership incentives.
Reach out to Entertainment® if you’re ready to build a unique incentive program that benefits your members while increasing your membership retention rates.
