Just a decade ago, Netflix was known primarily as the disruptor of Blockbuster and pioneer of online subscriptions for specific products or services (in this case DVD delivery, but there were also shaving clubs, travel clubs and so on). Around 2007, Netflix decided to keep its subscription model but made the wise decision to transition from DVDs to streaming content.
Recent studies have confirmed that engaged employees create a better customer experience, strengthen their brand and are more productive. The study also revealed that companies with higher employee engagement levels have an edge over those in the industry with lower engagement levels and have 3.9 times more earnings per share than the latter.
Member clubs such as the $9 Fare Club offered by Spirit Airlines or Amazon Prime can be an ingenious way for travel and non-travel brands to diversify their loyalty offerings and drive a different kind of added value than a traditional loyalty program might offer.
This article first appeared in the June 2018 issue of Credit Union Business. One of the biggest challenges for credit unions today is their ability to drive awareness and engagement, including through their digital and mobile channels.
There’s no doubt that the sharing economy has changed the marketplace of accommodations, including where people stay, how they find new properties, what they expect from a property owner or management group and their expectations for a vacation rental website or app.
Brand relationships follow a simple law: the more you give, the more you get. That’s why consumers love loyalty programs – they get brand value beyond the price of the transaction, every time they spend. But many brands have been “giving” loyalty rewards and not seeing a return on investment. So what gives?
Engaged customers fall into four categories – the buyers, the advocates, active engagers and loyal followers. Leveraging the myriad channels of communication and contact points is essential to help your travel business stand out and bring in more revenue.
Those in travel businesses do realize that travel is an expensive and exotic commodity. A regular travel marketer will sell people air tickets or vacation packages, whereas travel clubs sell them dreams, adventure, experience, and memories.