The Fitness, Health and Wellness is historically competitive, now more than ever...
But is a model based solely on competition helping or hurting both providers and consumers in the long run? Competition is great for motivating companies to create innovative and effective solutions for consumers. It encourages us to continually strive to do better and provide the best and most affordable options to our members. We want to create something better than what currently exists and thats of vital importance to keep forging forward.
Competition, on its own however, can create some problems. The goal in a competitive environment is to have consumers choose your solution over someone elses. This drive to beat out the perceived competitor can cost you more than it makes if you're not careful. The cost of competition sometimes includes lower prices for your core products / services, higher ad-spend, losing trust in current members, and providing solutions that are not ideal for users' wellness goals. The value that competition adds is financially limited as it forces consumers to make a choice, usually to switch providers due to some kind of discount on core services offered to everyone.
As FDR once said "Competition has been shown to be useful up to a certain point and no further, but cooperation, which is the thing we must strive for today, begins where competition leaves off."
This is where collaboration comes in. With Achiaro, consumers aren't faced with an all-or-nothing choice, between this membership and that one. Consumers don't have to concede certain wellness options to obtain others. For example, if an individual who primarily does yoga wants access to gym equipment (not offered at their studio), but isn't interested in the amenities included in a full gym membership (e.g. free classes, personal training sessions, etc) they don't have to pay full price for two memberships or forgo one altogether. They can potentially still keep their yoga membership and get a membership to a gym, without the amenities they won't use, for a discounted price.
Your members won't need to cancel their subscriptions with you in order to subscribe to other wellness services. Additionally, our loyalty program further incentivizes your current members to maintain their memberships by providing them with exclusive deals with other partners. Current members can still have you at the core of their wellness strategy AND gain access to other wellness services at a lower cost through your loyalty rewards page. The loyalty page is where you can offer your members exclusive wellness deals from Achiaro partners of your choice.
Collaboration begins once a member chooses their top priority membership. Once they have decided that a particular gym, studio, app, product, trainer, etc, is the core of their wellness strategy, we collaborate and create exclusive, personalized offers and subscriptions. We work together to provide each member with customized solutions that supplement their top priority membership and align with each member's lifestyle and wellness goals.
In short, collaborative loyalty rewards create more revenue and recrring memberships, maximize the value of each member and potential member, generate additional passive revenue streams, significantly lower costs, foster better retntion and increase member satisfaction. Competition pushes us to create better wellness solutions and collaboration allows providers to better monetize those innovations and consumers to live happier, healthier lives.
To see if Loyalty Rewards can benefit your wellness brand, set up a quick demo with us here.