Lockable Rewards: Driving Upsell and Lifetime Value
A Game-Changer for Sports and Fitness Organisations
In the world of sports and fitness, keeping members engaged and loyal is key to success. One great way to do this is with a well-designed loyalty and reward platform.
Using lockable rewards as part of a loyalty platform is becoming increasingly popular. This approach helps retain members and boosts their lifetime value. By offering exclusive rewards, organisations can encourage members to upgrade their memberships and stay loyal.
What are Lockable Rewards?
Lockable rewards are exclusive benefits that members can see but need to upgrade their membership in some way, to access. The organisation decides which rewards are avaiable for certain groups of members, ideally saving their most desriable rewards for their most valuable members. Ultimately to encourage behaviours that drive upsell and lifetime value.
Reward members based on their value to you
Giving members access to a variety of rewards that save money on fitness and sports products adds value to their membership. This makes them more likely to use the platform regularly. But segmenting members based on criteria like membership levels (basic and premium) takes this to another level.
By segmenting members, organisations can create a tiered reward system where premium members get more and better rewards than basic members. This not only makes premium membership more attractive but also shows basic members the benefits of upgrading. Seeing the premium rewards motivates basic members to upgrade to access these exclusive benefits.
Make your premium rewards visible to lower levels
The idea of lockable rewards is simple but really effective. Basic members can see the rewards available at the premium level, but they need to upgrade to access them. This visibility is a powerful motivator. When members see what they’re missing out on, they’re more likely to upgrade.
Discover how Heja saw 10X upsell conversion from their lockable rewards
Track the impact on life-time value
By encouraging upgrades with visible, lockable rewards, organisations can significantly increase the lifetime value (LTV) of their members. Premium members not only pay higher membership fees but are also more likely to be loyal, long-term customers because of the added value they get.
Plus, any loyalty platform worth its salt will let organisations track how members interact with rewards and identify which incentives are most effective. This data-driven approach helps continuously improve the reward offerings, keeping them attractive and relevant to members.
Conclusion
In summary, the lockable rewards and upsell feature of a loyalty and reward platform is a powerful tool for sports and fitness organisations to drive member retention, engagement, and lifetime value. By providing a clear path for basic members to see and aspire to premium rewards, organisations create a strong incentive for upgrades.
For sports and fitness organisations looking to enhance their loyalty programmes, our lockable rewards feature offers a strategic advantage. It not only incentivises members to upgrade but also fosters a deeper sense of value and satisfaction, ensuring that members remain engaged and loyal for the long term.