We know that these times are uncertain and uncomfortable. More than anything, we want to support our customers and community in any way we can. That’s why we built Yotpo Membership, to help brands generate revenue, increase cash flow, and retain customers now, when it matters most.
This feature has been on our roadmap for quite some time, but, with our community in mind during the time of Coronavirus, we’ve accelerated development and made the feature quick-to-launch so we can continue to support our customers as we weather the storm together.
What is Yotpo Membership?
Think Amazon Prime membership model. Members pay a lump sum for a one-year membership, and in return, they get a multitude of benefits. For Amazon members, that means fast delivery, free streaming movies and music, and discounts on groceries. For your eCommerce brand’s members, the benefit possibilities are endless, but they might include exclusive member access to sales and discounts, VIP-only experiences, premium customer service, and more.
Why are paid memberships so effective?
Designed to increase upfront cash flow and maximize lifetime value, paid memberships allow brands to quickly unlock a powerful new revenue stream.
Drive ROI while building lasting loyalty
With a paid membership program in place, brands can generate cash flow within days of launch. Incentivize your shoppers to become paid members of your program by offering not only exclusive, best-in-class customer experiences, but an unlimited supply of special offers just for them — developing loyalty that lasts, and generating quick ROI via upfront membership fees.
Increase lifetime value and purchase frequency
With our powerful Loyalty & Referrals solution, brands can leverage robust customer data to create hyper-personalized buyer journeys for paid members to increase conversion and drive revenue. By offering customers access to exclusive products, discounts on future purchases, exclusive shipping offers, event invites, and more, program members are more likely to purchase again — and again and again.
Seamlessly integrate with your loyalty program
It’s easy to manage both your paid and unpaid loyalty programs within our platform. With our seamless integration, your brand’s loyalty programs not only complement each other, but together, they drive better engagement across your entire customer base — not just from the highest spenders.
How to engage your community with Yotpo Membership
Paid membership programs are the fastest way to bring in revenue and retain customers. Especially for small-to-medium sized brands with high potential for repeat purchases, paid memberships are an ideal strategy to drive lasting loyalty and customer advocacy.
It’s essential for brands to get creative to encourage customers to purchase a membership. Consumers understand that times are hard, and brands that acknowledge the need to rely on the help of their customer community will come off as more genuine, empathetic, and human — something consumers increasingly look for in these times.
A paid membership might look different for every brand, but here are few tips and best practices to consider as you launch your program:
- Customers are directly sizing up the discounts they’ll earn to see if they can “breakeven” on the paid membership — so, getting the cost of the membership right, along with the discounts customers earn, is crucial.
- Think of your paid membership program like you would your loyalty program VIP Tiers, but with more discounts. Frequent, personalized, and exclusive discounts, like flash sales and evergreen coupon codes, will keep customers engaged with your brand. Give customers 15% off for the rest of the year if they become a member to incentivize repeat purchases and higher revenue over time.
- Accelerate customer progression through loyalty perks by purchasing a membership. Offer customers automatic access to the top VIP tier with a paid membership, among other insider perks just for them.
- A membership program is also about more than just discounts — it’s about the entire member experience. Offering exclusive experiential perks, like access to members-only events, limited edition product releases, extended access to sales, and top-tier customer service, keeps the membership program memorable for members, increasing retention.
How do I get started?
We’ve made paid memberships easy and quick to launch with limited development necessary so your brand can be up and running in only a few days, leaving you more time to focus on getting customers involved. Simply align on a membership strategy, create your membership, and let your customers know about your new offering. Then, refine your membership program over time as you consider additional perks or even integrating the program into your existing loyalty & referrals program.
To get started today, contact your Customer Success Manager.
