WHY THE MEMBERSHIP MODEL IS THE WAY OF THE FUTURE Like Netflix, but not… Typically seen in gyms and yoga studios, memberships are now popping up across a variety of different industries. In a nutshell: the membership model is a type of business plan wherein your customer pays a recurring fee to access the products or services that your company provides. And many businesses in the beauty world are now taking to the trend. “Think of it like a Netflix membership with decidedly different results” said Faith Xue, Editorial Director of Byrdie magazine. But instead of bingeing the latest season of Riverdale and shunning the outside world, you get unlimited access to your favourite salon services! Being the forward-focused, client-centric, waxing wizards that we are, we decided last fall to establish a membership of our own. It’s called the Fox Club, and it’s the coolest club in town! There are two tiers for our clients to choose from, both options offer all the rewards of consistent monthly waxing, at an even lower cost than our already competitive prices! Plus a bunch of other great perks, including more product and service discounts. You may be wondering: “with all these discounts, what’s the incentive for business owners to offer a membership?!” Great question. Read on to learn why we started the Fox Club, and why we believe the membership model is the way of the future! Wanna go steady? Memberships cultivate ongoing client relationships… This is not a fling, it’s the real deal honey! The monthly membership represents the beginning of an ongoing, long-term relationship with your client. This ongoing relationship both encourages AND rewards loyalty by offering hot bargains and other great insider perks. These great member rewards encourage clients to visit your business more often, leading to greater sales and increased retention. In an article for the New York Times Rachel Felder wrote, “making a continuing financial commitment to a salon is also an incentive for clients to book services”. You get the security of guaranteed repeat business, and all the wax fanatics that frequent your business get to save some serious cheddar. Numbers you can trust! Memberships create stable, predictable recurring revenues… This business model takes a lot of the uncertainty out of sales projections. If you know how many members are registered to your business, you can calculate an accurate representation of what numbers you can expect every month. Meaning you can sleep easy at night sister! “Memberships can be customized to suit your industry, but the goal is the same no matter the organization: to create financial stability and certainty,” says Julia Rapoch, Senior Payments Account Manager for Mindbody Inc. Knowledge is power baby! Memberships generate useful client data… It may sound dull, but data collection is incredibly important. The information accumulated from our clients gives us the opportunity to improve our marketing, our products and our services. We are committed to providing the BEST waxing experience ever, period. In order to do that, we need to collect and analyze that sweet, sweet client data. “Due to the ongoing and often long-term nature of memberships, the data generated by members can be used to provide you with both reliable and valuable insights into client behaviors and preferences” (Julia Rapoch). It’s true, capturing member data helps us figure out what our foxy fam wants: which days/times are busiest, which products and services are most popular, among other useful insights. The precious data we accrue over time from our members helps us further refine the foxy experience! Foxy framework for success… The membership model is truly the way of the future. It encourages AND rewards client loyalty, it provides business owners with predictable, recurring revenue and it helps capture valuable data and insight into your clientbase. Faith Xue called it “the next big thing in beauty”. And we have to agree… it’s been 10 months since we introduced our own waxing membership The Fox Club, and within that time we’ve recruited 800 loyal members (and counting)! It’s one of the many tools we equip our franchise partners with to set them up for success. Are you curious about the Foxy business model? Interested in joining the Foxy Family? Click here to learn about Franchise opportunities in your area!