Businesses in the healthcare sector and fitness industry incessantly deal with surprises.
Customers or patients sign up and sign out of health care and fitness programs as per their preferences and priorities. The lack of assurance for customer loyalty and high cost of new customer acquisition is the ugly turn off for businesses which are striving to secure their base amid high volatility.
Data from a 2016 research provides further insights on the uncertainty factors that hinder the long-term growth of most healthcare organizations. The study found that the increase in number of accountable care organizations in U.S. made it easier for patients to change their hospitals or healthcare providers. The survey also revealed that over half of the participants reportedly changed and moved between healthcare providers and care settings in a span of five years. These findings reiterate customer attrition to be the biggest barrier for profits in the long run.
Healthcare and fitness services providers have a dire need for customer-centric approaches like loyalty programs that are similar to the ones offered in airline, hospitality, food and retail industry. Given below are some of the reasons for business in the healthcare and fitness industry to have their own customer loyalty program:
1. Better Customer Retention:
Customer retention is at the heart of every loyalty program offered by any business across industries. In the healthcare and fitness industry, customer loyalty programs encourage customers or patients to engage with the care provider or business on a constant basis by offering redeemable points, incentives and discounts on treatments. These approaches help increase customers’ predisposition towards the business or healthcare services provider as well as improve their brand perceptions.
2. Increase Referral and Enrolment:
A well-designed, customer-oriented loyalty programs helps monetize on existing customer base and loyalty to gather more recognition and increased sign-ups. Loyalty programs that instruct customers to share their positive feedback and reviews as well as provide referrals are useful in increasing clientele and revenue.
3. Higher ROI and Other Benefits for Healthcare Organizations:
Most businesses in the retail, food and beverages and hospitality industries have demonstrated higher earnings and profits by providing compelling loyalty and reward programs. It holds true even for healthcare and fitness industry by guaranteeing them with regular set of customers and defining ways to keep them enticed for longer durations.
4. Foster Meaningful Relationship between Brand and Customers:
Customer loyalty programs that are aligned with advanced technology platforms and solutions like mobile apps helps incentivize customers’ engagement with the healthcare services provider or fitness company. Additionally, the loyalty programs help businesses have deep insights on the existing customer base and their expectations to meet and exceed by building solutions with better personalization and experience features.
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5. Reduce Customer Engagement Cost:
Customer loyalty programs provides healthcare and fitness companies engage with old customers rather than investing effort and resources to find new ones. The cost of marketing, targeting, acquiring and engaging with a new customer is higher than dealing with an existing client for more business.
6. Reward Right Customer Behaviors:
One of the reasons for patient or customer dissatisfaction and attrition is the absence of right rewards and incentives for their engagement and association. Customer loyalty programs offer reward on duration of the brand and customer relationship and discount or points for their association are useful making customers feel valued.
7. Offer Value for Services:
Customer loyalty programs not only increase customer satisfaction levels but also help healthcare organizations and fitness services businesses provide value to their patients. Loyalty plans and programs that reduce treatment cost or give discounts or free consultation make the services more affordable while also improving customer experiences. Together, it helps increase customers trust towards the services or care provider.
8. Bring Down Treatment Cost:
High treatment cost, consultation fees and admission charges can discourage customers from seeking services from a care provider. Although, the government and insurance organizations have been taking care of the treatment expenses by reimbursing the amount to the patients or customers, the quality of services and cost structure of the services become the criteria for selection of healthcare providers and fitness experts. Also, many kinds of treatments offered by the healthcare and fitness are not covered by insurance and paid out of the patient’s pockets. Aa loyalty program allows patients or customers to find value in the service and avail them on a constant basis.
The competition to increase customer churn surges in the healthcare and fitness industries as many businesses take bigger leaps with technology for better care quality. This coupled with impactful marketing strategies have left customers baffled when it comes to selecting the industry’ best service providers that would benefit them financially.
Industry statistics also suggest that most customers prefer to receive services from one provider. This means more pressure and commitment is needed by the brands to enhance the quality and value of their services which can be achieved only through loyalty programs and plans.
Customer loyalty plans are also powerful methods to make up for the loopholes in marketing and promotional strategies by positively impacting the volumes, value and revenue of healthcare services providers.
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