Rewards programs, sometimes called customer loyalty programs, are used by many businesses as a way to incentive membership and purchases. Think of the points you get from your credit card or earning a free meal after ten purchases from a restaurant. When it comes to a yoga studio, you probably already know that happy members are loyal members. Initiating a rewards program for your members is one of the ways to give back to them for their loyalty and continued business.
What is a Yoga Studio Rewards Program?
A rewards program is an incentive program for your members and clients. It can be based on attendance, length of membership, specific goals, number of purchases, or any other variables. Additionally, you can set up challenges for the rewards program. These usually run for a limited time and have unique goals to reach.
Why You Should Have an Incentive Program at Your Yoga Studio
Rewards programs are a way to improve customer retention. They are a way to make your members feel valued and appreciated. Furthermore, you can celebrate their fitness goals and accomplishments. Your most loyal customers end up receiving the most rewards. This helps them feel like they are a part of the studio and they will have a deeper connection with your business.
When you have a rewards program set up, it can be easy to add incentives throughout the year. You can also set up periodic challenges that focus on specific measures. For example, summer attendance is usually lower than the rest of the year, so you can create a reward for attending a certain number of classes.
How to Set Up a Rewards Program for Your Yoga Studio
Before you begin offering your clients and members rewards, you’ll want to have every part of the program planned. This will prevent confusion or unfairness with the incentives.
Determine Your Tracking System
The beauty of owning a yoga studio is that you can create any kind of rewards program that you want. The most common rewards programs are based on the number of classes attended or the length of membership. You may also offer incentives based on the amount of money spent on classes and merchandise, reaching specific yoga-related goals, or referring new members.
You can also track multiple variables and convert them into a point system. For example, members can receive 1 point per class attended, 1 point per month of membership, 1 point per $5 spent on merchandise, etc. Depending on your program, those points can be “spent” on rewards or there may be set rewards whenever a member reaches a certain number of points.
You can also run programs or challenges for a set period. Many gyms and fitness businesses run four- or six-week programs for kickstarting fitness and/or nutrition. Since many people incorporate yoga as part of their healthy lifestyle, a studio could run some of these challenges. These limited period challenges can also be marketed to the general public as a way to bring in new clients.
Regardless of what you are choosing to track, you’ll need to have a logging system in place. If you are looking at attendance, dollars spent, or length of membership, your yoga studio software can do the hard work for you.
Choose Your Rewards
This is the fun part of the program. You have the freedom to choose any kind of reward for your members and clients. If you aren’t sure what to choose, consider talking with your members to see what incentives they are most interested in.
Oftentimes, studios will offer branded merchandise as rewards. When choosing these items, it is important to consider what items members will actually use. For example, frisbees are fun, but people typically aren’t playing with frisbees every day. Water bottles, gym towels, and yoga mats are examples of useful items for your members.
Rewards don’t need to be merchandise. You can also offer experiences or discounts. For example, you may offer a free month of membership after someone has been a member for 12 months. For limited-time challenges, people who achieve their goals can join in on a special event, like a reiki experience or free massages.
When choosing your incentives, keep the cost in mind. You should not be losing money by offering these rewards to your clients. The goal is to find rewards that are appreciated by your members without breaking the bank.
Structure Your Rewards Program
Once you know what you’re going to track and what the rewards will be, you need to determine the structure of your program. This is what people need to achieve to receive a reward. A simple example is if a client attends 10 classes, their next class is free.
A more advanced program would be a points system. You can have multiple variables that allow members to collect points. For rewards, the points can either be a tiered system or a payment system. In a tiered system, members collect points and when they reach a certain threshold, they receive the corresponding incentive. As the member collects more points, the rewards should increase in value.
An example of tiered rewards looks like this:
- 10 points = studio-branded towel
- 30 points = free week of classes
- 50 points = yoga mat and strap
- 75 points = free month of classes
- 100 points = studio-branded clothing bundle
Think of a point payment system like an arcade. Instead of collecting tickets to trade in, members collect points. You can offer different rewards at different point values and members can choose to “spend” their points how they please. For example, a water bottle may cost 10 points but a free month of classes may cost 100 points.
Sometimes, you’ll find that you’ve set targets too high or too low for the corresponding reward. Feel free to adjust your incentive program as needed. Whenever you make changes, make sure that you communicate the changes clearly with your members and clients.
When it comes to determining the goals and corresponding rewards, you want to make sure they are achievable. If rewards are too hard to get, members will lose interest and the incentive program will be of little value. On the other hand, the program should not be easy enough for clients to get a reward too frequently.
Challenges and Special Programs
Throughout the year, you can run special programs or challenges for your clients and members. As a bonus, these limited-run events can be marketed to the general public. Sometimes, there is an additional cost for participation. The additional income can allow you to offer better rewards to participants.
It is not necessary to have a rewards program to run a successful yoga studio. However, members love feeling appreciated and enjoy working towards goals. Once you determine what you are tracking and what your rewards are, you just need to determine the structure of your program. Whether your members are collecting points or just trying to attend a certain number of classes, they should be working towards achievable goals and receive incentives that they are actually excited about. Happy and engaged members are loyal members, so incentive programs are a great way to keep your member retention high.