This is the eleventh post in our Horizon Deep Dive series. To follow along with the series (and receive exclusive content) click here.
Why offer group membership?
A survey into financial services consumers found that 46% wanted to pool their points with friends and family. Another, more general survey found that members who did pool their points spent more (and more often). And yet few brands offer this capability.
Sharing points with other members (particularly those who are in the same household) can increase the perceived value of a loyalty program and the accumulated points. It helps customers reach their desired rewards faster – and redemption is key to ongoing engagement.
Customers who redeem a reward feel like they’re truly benefiting from their relationship with the brand, while negative sentiment towards loyalty programs generally stems from the sense that rewards aren’t valuable, relevant or flexible.
Points pooling is handy for B2B organisations as well. For a company with multiple people in charge of purchasing the same products, group membership enables employees to work together to earn more points – creating a stronger incentive to continue the relationship and ensuring that all relevant parties have a chance to be rewarded.
For businesses whose services are sold at a household or company level, group membership is a great way to ensure that customers get maximum value out of the loyalty program.
To find out more about group membership, or any other Horizon feature, send us a message or leave a comment below.
