The cost of doing business with you may cause businesses to shy away from choosing you as their provider, or joining your organization. Your customers need to see the cost as “worth it” in order to join or even to stay, and it’s the perks you give them that help you to bring them a sense of value.
Through savings programs like Savify, any organization can raise sales and reduce attrition by providing major discounts to products and services businesses use every day. In fact, for every 10,000 SMBs using Savify, there’s an overall increase in revenue of $1,062,734 and 2-3% increase in retention. Here are some ways you can raise sales by showing potential members the value and increase retention by reminding current members about what they get with a Savify savings program.
Present the Savings They Receive When They Join
Businesses often have typical expenses for services they often use, such as shipping, travel, or office supplies. When you show them examples of how much they save when they spend a certain amount, it helps them understand how much they may personally save. When you compare those savings to the cost of doing business with you, they’re able to see how they can save more than they spend by joining you. We have examples of typical savings on our website and even provide a savings calculator you can use to figure out more examples you can use.
Show Them the Brands in Their Savings Portfolio
Savify partners with national, name brand vendors. When you share a list of the vendors most relevant to your members and potential members, they’re able to identify the ones they’ll most use. The more useful brands on the list, the more value they know they’ll get. When businesses see they can get major discounts from places like Staples, UPS, ADP, and ConstantContact—brands they use everyday—they’re more likely to think your membership fees are worth it. (You can check out some of the brands on our website.)
For your current members, if there’s a vendor on our list that conflicts with a partnership or who you see as a competitor, we’re able to remove it from your program. If there are vendors you know your members will use more, we can make sure those are at the top of the list when they login to their savings portal. Keeping those brands on top helps remind them of the savings they get every time they log in.
Explain How Significant Their Discounts Are
Savify is typically able to secure a greater discount on a product than someone can get through any other channel. When we partner with a vendor, we’re guaranteeing “group purchasing,” which means we’re able to tell a vendor they’ll see more business from a large group of people because of the discount they’re getting. Because of this commitment, we’re able to negotiate a very significant discount from the vendor, and we even make sure that discount is greater than any other discount they offer. We also don’t collect “listing fees” from our vendors, which are fees for being listed in our different savings portals. That’s another factor that contributes to Savify being able to secure such significant discounts.
Once we secure a new vendor, we monitor how many of your members are using their discount. We use these stats to later show the vendor how much extra business they’re getting out of their Savify partnership, and based on that info, we’re able to negotiate even better discounts.
Whitelabeling Savings Apps and Portals
Since Savify allows organizations the option to whitelabel their savings portal, or create a whitelabeled app, your members know who is supplying their savings every time they log in, which is a great reminder. People will remember how often they’ve logged in to your portal and seen your logo when they have to renew their memberships, pay annual fees, or even if you have to slightly increase your fee.
Members Get Seasonal Reminders of Savings
It’s important your members and customers use their savings program, because the more they use it, the more savings they’ll get and the more value they’ll see in it. (It’s not usually hard to get them in the habit—82% of users are still engaged with their savings program after six months.) We help remind your customers to use their savings at important times of the year. For example, when Valentine’s Day or Mother’s Day are approaching, your customers might get an email reminding them about the discount they have on delivering flowers. Or, during the holiday season, they may get an email reminder about their shipping discounts.
To try to retain customers who mention they won’t be renewing memberships or continuing service with you, you can always remind them about the major discounts they’ll lose, especially the ones business use most. You can also remind them that they won’t get such a significant discount somewhere else. Comparing the cost of membership to the savings they could get in one month usually helps if cost is the biggest factor.
Rewards programs are the greatest way to make any fee-based service or membership valuable to your members and customers. Start a conversation with someone on the Savify team to see how our program and technology could increase your revenue.