Annual memberships can boost customer retention

Research from Collinson Latitude has suggested that 73 per cent of consumers that are interested in annual membership packages are not currently being offered them.

Half of all consumers recently surveyed are interested in buying annual membership packages that provide insurance, travel and lifestyle benefits, when informed that these would be priced significantly below market value compared with purchasing the individual benefits alone.

Such memberships are proven to boost customer retention and the research is said to confirm an untapped consumer need.

In today's fierce commercial environment, businesses across every sector need to establish what their customers value and how to adapt their brand offering to become relevant to every aspect of their customers' lives.

Offering annual membership packages is an effective way of increasing consumer involvement and maximising the revenue generated from the business's wider customer base.

Memberships offered across multiple touch-points gives company's the all important customer data and insight to know exactly what customers want and how they are interacting with the brand.

Following the research, Collinson Latitude launched an educational microsite where businesses can find information on how membership packages can work for their brand, engage their customers and create a genuine sense of loyalty.