Creating a Powerful Rewards Program for Yoga Studios
Not every yoga studio has a rewards program. In fact, the feature is largely untapped in the yoga community. Being a leader in creating a rewards program for your yoga studio will not just benefit your yogis, but it will benefit your studio as well.
If lifelong fans of your yoga studio are what you’re after, then implementing a rewards program is a fantastic idea. This is everything you need to know about why you should implement a rewards program, and how you should go about doing it. Ready Yogapreneurs?
Why do I need a rewards program for my yoga studio?
Rewards programs work because they build client loyalty. Clients that feel that they are getting something back, tend to spend more money with the company that they are getting rewards from.
Rewards programs also help to build brand awareness within your local community – where you are located. And they increase retention. If a client is already getting rewards from your yoga studio, it would be more difficult for them to uproot and head to a different yoga studio. It all comes down to customer loyalty.
Rewards programs are a source of lead generation. If someone is looking to sign up at a yoga studio and has seen that they can get some kind of reward for going to yours, that’s the studio that they’ll choose. The studio that seems to value them the most.
Rewards programs are also fun, they gamify everyday life for both your clients and yourself!
What kind of rewards should you offer?
There are many kinds of rewards that you could offer to your client base. These are a few that you should consider:
- Points redeemable for purchases
- Free gifts
- Access to special sales or early access to products
- Points for referrals
- Points for reviews or posting on social media
When choosing the type of reward that you want to offer, make sure it is something that aligns with your mission statement. And that it is something that compliments your core belief system.
What actions would you like to reward?
It’s important that your rewards program encourages the action you would like to see your clients make more of. If frequent visits to the studio are important, that’s what you should reward. But if you’re looking for more clients, then rewarding referrals might be a little more beneficial. These are some actions that you could be rewarding:
- Practice frequency
- Making a purchase over a certain dollar amount
- Buying a specific brand or product
- Practicing at a slow time of day
- Mentioning your product or service on social media
What’s important is that you create FOMO around missing out on the rewards that you have to offer. Make your clients want to be a part of it.
Decide how you will track the rewards
You’ll then need to decide how you’re going to track the rewards or the points being accumulated by your yogis. This can be done in a number of ways, including:
- Within your business software
- Through 3rd party vendors
Although using a 3rd party comes at an additional cost, it often pays for itself, especially if you are giving rewards to your clients for bringing in referrals. Many of the 3rd party programs also give you a step-by-step guide on how to roll out your rewards program.
The art of gift-ology
The point of the gifts you are giving needs to be heartfelt and authentic. It’s important to think about the kind of gifts that your clients would want, rather than the gifts you’d like to give them. So giving away gifts with your branding on them might not go down as well as you thought it might.
What does gift-ology achieve?
Giving your yogis gifts for taking action builds client engagement and creates raving fans! Why is that important? Fans talk about the thing that they are passionate about enthusiastically with the people they know and love. This means that they are getting the name of your business out there, and giving you 5-star reviews IRL.
Giving your clients rewards or gifts increases client retention. Nobody wants to leave a yoga studio that is actually rewarding them for their attendance, loyalty, and referrals. Everybody wants to get something back, and being the yoga studio that gives back will get you ahead in the game.
Keeping clients engaged over the long hall creates lifelong customers. This means a reliable monthly income for your studio. What more could any Yogapreneur ask for?
Setting up a yoga studio rewards program
Now that you know why and how you should go about setting up your yoga studio rewards program, it’s time to take action. Get started with gifting your yogis for their loyalty and you’ll see the returns tenfold. If you need help getting your rewards program off the ground, book a free strategy session and get one of our experienced Yogapreneur coaches for a little guidance!