Brand and customer loyalty is expensive and with today’s ever growing consolidation and price transparency, there seems to be ever less levers to pull in terms of differentiating brand, product line and experience.
Since consumer buying habits are trending towards more simple and hassle-free experiences, more and more companies are jumping into the membership programs and seeing incredible growth. Large subscription driven organizations like Netflix, Instacart, Amazon, Sephora and American Express have each built some type of membership-only program that gives consumers added benefits in exchange for an up-front yearly fee. These membership programs owe their success and popularity to the optimal balance of value they provide to both the company and the customer. For consumers, the value lies in the convenience and for companies, the value lies in the ability to predict revenue through recurring sales as well as membership revenue.
As travel has become a popular customer-relationship tool, the time has come for the subscription driven organizations to offer travel club as part of their membership programs. Membership only travel club can foster and enhance your organizations’ brand image, increase your customer base, grow your brand’s presence and at the same time, provide you with a recurring and reliable source of revenue stream with margins as high as 40%.
To differentiate themselves from other brands, subscription driven organizations need to deliver outstanding benefits to their members. Building an exclusive bespoke travel club is the easiest way to do that.
Here are the top 5 reasons why membership driven organizations need to invest in a travel club:
- Generate a new source of recurring income: Membership only travel clubs are a great source of generating a true reliable and recurring income. These programs can provide you with income as high as 40%. This also leads to increased spending from customers’ side and hence, serves as a potential source of residual income. Once your customers pay an up-front fee to access an exclusive travel club membership, they are likely to return and spend more often on the travel club portal in order to realize a greater return on their initial payment.
- Build loyalty with your customers and keep your premium members engaged: Customers are constantly looking for additional services and benefits. A membership only travel club can help you earn the loyalty of your customers as they view it as an exclusive rewarding service, putting them in an important seat and providing them the benefits they either did not have access to earlier or paid full price for. Exclusive luxury travel club services such as 24/7 Concierge Service which provides customized personal assistance to members, is a great way to keep your premium members engaged and loyal to you, today and tomorrow.
- Travel is on everybody’s bucket list: Every person has a bucket list of things to do in their life and in every bucket list, the common denominator is- TRAVEL. An exclusive membership only travel club lets you fulfill the travel aspirations of your customers and helps you foster goodwill among your members. Could there be a better product to sell?
- Deliver a host of benefits under one umbrella: Travel club features add immense value to your existing membership program. Value-added bonus services are an effective strategy to boost member rolls and generate new leads, which translates to higher profitability. These benefits are generally available separately on various websites but people are looking for a convenient and hassle free experience, a platform where they can avail all the benefits under one roof. Building a membership only travel club with a host of diverse features and benefits could be the smartest way to tap into this huge territory and open a new source of revenue stream.
- Membership driven economy is the new currency for business growth in 2016: Membership economy is the growth lever for companies in 2016. According to Neil Patel, analytics expert for Forbes Inc., “Recurring revenue or in other terms, ‘subscription business model’ is the new black of internet marketing.” Subscription driven organizations can excel in this competitive landscape by servicing their members through exclusive membership only travel benefits programs.
At Custom Travel Clubs, we are experts in creating exclusive travel membership programs with more than 60 years of experience in the travel industry and especially in travel technology. We offer bespoke travel club solutions that includes a beautifully designed portal for your members, an ever evolving platform of member benefits and 24×7 customer service to answer your member’s queries. These portals are responsive, attractive and easy to implement in your existing platform or can be stand-alone member sites.
Author & Co-Author: Eric Ingrand & Swati Jha
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