Half of all consumers recently surveyed are interested in buying annual membership packages that provide insurance, travel and lifestyle benefits, when informed that these would be priced significantly below market value compared to purchasing the individual benefits alone. Such memberships are proven to boost customer retention, and the new research carried out by incremental revenue specialists Collinson Latitude, confirms an untapped consumer need.
In today’s fierce commercial environment, businesses across every sector need to establish what their customers value and how to adapt their brand offering to become relevant to every aspect of their customers’ lives.
Offering annual membership packages is a highly effective way of increasing consumer involvement and maximising the revenue generated from your wider customer base. Memberships offered across multiple touchpoints gives you the all important customer data and insight to know exactly what your customers want and how they are interacting with your brand. Over 1,000 consumers took part in the independent Toluna survey, which sought to identify consumers’ willingness to purchase membership packages comprising multiple benefits.
Janet Titterton, Business Development Director, Collinson Latitude comments:
“It appears businesses are missing a real opportunity to engage with their customers through the provision of membership products that are relevant, and of high value (real and perceived). Membership products must support contemporary lifestyles meeting both current needs and lifestyle aspirations. Furthermore they are a great way to extend relationships with customers, and generate loyalty and new revenue. At a conference last week I heard a great quote which we should all recite weekly, ‘if you don’t look after your customers, somebody else will!’ Let’s pay attention to what our customers are asking for.
Following this research we have launched an educational microsite (www.latitudehooked.com) where businesses can find information on how membership packages can work for their brand, engage their customers and create a genuine sense of loyalty.”