Loyalty programs and the subscription model
Lesson 53 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Loyalty programs and the subscription model
Lesson 53 from: Brand Marketing Bootcamp: Build An Actionable Marketing PlanScott Lancaster
Lesson Info
53. Loyalty programs and the subscription model
Lessons
The definition of strategy
03:39 2The 4 stages of marketing
03:16 3The difference between strategy & tactics
03:46 4The 6 laws of marketing
09:56 5Understanding Creative & Distribution
02:16 6The 4 marketing P’s and how to use them
05:08 7SWOT Matrix and how to use it
02:28 8Porter's Five Forces
04:4360/40 Law of marketing
04:04 10The marketing funnel
06:27 11Analyzing your competitors
07:14 12Deciding your target audience
06:59 13Creating your marketing objectives
11:42 14Pricing your products perfectly
08:16 15Watch this before arranging your marketing strategy
02:21 16Awareness, finalizing your awareness tactics
03:52 17Partnerships and affiliates (free tactic)
09:40 18Blog writing & SEO
07:26 19Podcasting
07:10 20Public Relations
05:58 21Giveaways
07:18 22Word of mouth
06:21 23Valuable courses
08:09 24Social media overview
05:28 25YouTube
09:36 26TikTok
03:58 27Twitter / X
04:48 30How to create better content in half the time
07:54 33Why start-ups should never use paid advertising for awareness
06:21 34Education & Consideration
01:33 35Workshops & Webinars
08:39 36Social Proof
06:55 37Effective Email Marketing
05:34 38Utilizing FAQ Sections
05:31 39Portfolio & case studies
07:39 40Leveraging product comparisons
03:26 41Tips to increase desirability
07:22 42Harnessing the power of Google reviews
05:20 43Sales & Conversion
02:28 44Psychological tricks to convert customers to buying
08:25 45Building a list of customers ready to buy
08:46 46Irresistible Offer
08:31 47Persuasive Sales Page
07:35 48Promotions & Free shipping
04:24 49Improving conversion rate (PIPE FRAMEWORK)
06:39 50Customer Retention
03:43 51Expanding your product range
07:18 52Asking for feedback & refining your product
03:37 53Loyalty programs and the subscription model
06:43 54Gifts & Surprises
05:02 55Finalizing your marketing strategy
07:40Lesson Info
Loyalty programs and the subscription model
So loyalty programs and memberships are one of the best ways to keep your customers engaged and buying from you. So the question is how can you in your business create some sort of loyalty program or subscription model where your customers have to keep coming back to you to get the solution that they need. Now, there are tons of different types of loyalty programs and subscription models out there. But in this lesson, I want to go through a few of the most common so that you can get a few ideas in regards to how you, you can implement this tactic in your business. So the first is VIP clubs. Now, I'm not sure about where you live, but I know that in the UK, they have these sorts of cards that you go to supermarkets with where you basically give the card when you pay for your groceries and you accrue points, which you can then spend on things like holidays and or just groceries, whatever you want. Basically what the membership model does is it's essentially giving you a reason to come ba...
ck to that particular store because it starts to gamify the process of collecting these points. So you can see that you have a certain amount of points on the board. And then if you just get an extra points and you can afford that TV, that you've always wanted, or if you get an extra 500 points, you can get a week's worth of groceries for free. So actually incentivizes the customer to shop at that same store over and over again. Now, obviously, this might not work for slightly more expensive goods, but you can use the exact same model in pretty much any type of business. For example, within my branding agency, I literally offer loyalty discounts to customers and clients that work with us over and over again. I'll give them free things, which is actually the next lesson in this course, free gifts and surprises. I'll give them, you know, discounts on some of the services that we offer. I'll give them a free service just to show them what we can do in this particular area, like maybe a one hour strategic website meeting, for example, which would normally cost anywhere up to $700 to $500. Roughly. Now, this is when you really need to start thinking about how you can make it more convenient and better for the customer because there are other types of memberships, not just the points based system approach, but there's also the tier based system approach, which which basically means that when you buy a certain level of product you become, I don't know, maybe a VIP where you get a different level of pricing to everyone else because you've already shown your loyalty beforehand rewards in future to unlock so that they can actually benefit from being a loyal customer. And it's all about incentivizing customers to buy more from you if you can incentivize them in some sort of way by making it more convenient or giving them access to exclusive products, which are not available to anybody else. And if you can just make them feel good about the fact that they are spending with you, guess what, they're going to spend more money with you. Now, let's look at a few of the pros and cons to really drive this particular tactic home. The first pro is customer retention, you're going to be able to keep customers around for longer, which ultimately means more profitability. You're going to be able to get more out of each and every customer increasing the lifetime value of every customer that buys from you. And lastly, you're going to increase sales. So not only are you going to be more profitable, but you're also going to be getting more sales through the door as well. Now, obviously, all pros come with cons one of the things that is probably going to be the biggest negative in regard this approach is customer expectation because if you, for example, have a customer who is a high tier level, in regards to your membership program, for example, then basically if they may refer someone else to your program or us, and they aren't obviously tiered yet because they haven't bought from you. It could put you in a sticky situation where they're expecting the price that their friend pays, but they obviously aren't on the program so it could create a little bit of friction. Now, another thing could be a little bit of an issue is cost. I'm not sure how much it costs to actually have a points based system. I'm not a supermarket. So I don't know, I know that it's free for me to my most loyal clients discounts and better pricing. But this is ultimately just a case of really understanding what it's worth to you. Some of the best brands, really inspiring loyalty are obviously the likes of Amazon with Amazon Prime, that particular service is a lot of great value. And I think once people actually buy that service, they just leave it like forever because it's like, why would you change it? It's such a good product. Another one is Netflix. So in regards to Netflix, I genuinely think that I've been using my brother's Net Flex for five years or something. Literally, I've never paid for Netflix and I feel pretty bad. He doesn't even that much money, but I've just been using his account for, I guess that's what it is in any family anyway. But anyway, I digress. Netflix is a great model. I think that it is a really great example of providing an incredible amount of value and basically having an incredible ability to charge so little for so much. And obviously, you know, this goes within any aspect of business. If you provide value, people will pay for it. It's as simple as that making sure that you actually provide enough value for people to actually be willing to pay over and over again and keep coming back. That's the most important thing because if you don't provide the value, no one's going to come. So it doesn't matter how good your loyalty program is. If you can't provide the value that actually keeps them coming back, then it's never gonna work. Now, in regards to assessing this particular tactic in regards to costs, I genuinely think it's not really going to cost very much. So I'm going to score that this is a 10. Now, in regards to setting things up and all the energy and time, I think that if you really wanted to set like a real solid program up, it's probably gonna take you a little bit of time. So I'm gonna score this as a five in regards to energy to maintain, to be honest, apart from maybe using the data effectively, not going to take a whole lot of time at all. So I'm going to score it at nine then in regards to like the Roy listen, we all know that, you know, if there's a coffee shop that offers us a free coffee every time we buy five coffees, we're going to buy those five coffees, right? It goes without saying, so this is always going to be an effective way to approach getting, you know, customers back again and again and again, and that is why I'm going to score this as a 10 in regard to likely Roi Now, it's actually pretty easy. You don't have to overcomplicate it when building your subscription model. Just keep it super simple and down to. But I really hope that you've enjoyed this lesson. I certainly enjoyed presenting it and obviously meeting you again. So I look forward to seeing you in the next lesson. See you soon.
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