“Keeping up with the Joneses”
It’s a phrase most of us are familiar with. If you’re not, here’s Merriam-Webster’s definition:
“To show that one is as good as other people by getting what they have and doing what they do.”
It’s the “getting what they have” part that we’d like to focus on today.
Keeping Up With The Joneses
Nowadays, more than ever, those of us in the West tend to place a huge amount of importance on individualism, on materialism, and on the sense of making our own success. Whether this is a positive trait is a debate for another time. But what this individualism brings with it is a desire to show others the fruits of our labor and to express ourselves through the items we own and the things we have.
And of course, the more limited or exclusive something is, in this setting, the more valuable it becomes. Brands have realised this and now increasingly tailor their offerings to include “exclusivity” as an optional extra, often for free, just for signing up. Who’s going to turn that opportunity down?
It’s a brilliantly effective and relatively cheap way to build a loyal customer base and mailing list. The price to customers is a mere registration, and in return, they receive access that is simply not available to non-members.
Photo by Samuel Zeller on Unsplash
High Rollers, Low Cost
One of the best examples of this type of low-cost marketing initiative in action can be seen in Las Vegas. Home to countless casinos duking it out for dominance on the strip. They all compete to offer their clientele the most attractive VIP experience around. Stalwarts MGM and SLS Las Vegas both have free VIP memberships offering exclusives to those who sign up. What’s more, many establishments choose not to promote these services, creating an air of mystery and word-of-mouth marketing does the job of spreading the word instead. And as this comes at no cost to the casinos, they can reward their clientele with free drinks while they play and other such perks.
The promise of added extras for entrusting them with your personal information has undoubted charm.
Photo by Patrick Fore on Unsplash
How to Get the VIP Treatment
The idea of getting more than the basics simply for spending some time at a casino is clearly enticing. But sometimes you don’t even have to visit the floor to get the VIP treatment. Look online and you’ll find sites like Buzz Bingo and their free VIP offering, Diamond Club, offering exclusive features such as birthday surprises, invite-only events and a monthly calendar of Diamond-only promotions. Back in Vegas, the VIP treatment extends off the strip — if you’re willing to pay for it. Companies like Dream Exotic offer access to luxury cars and the famous “day clubs” of Vegas for those who want to look like a high roller (even if they’re not!).
Away from Vegas, and in a much different setting, loyalty schemes continue to keep customers engaged. Since the 18th century, when the first kind of customer-retention system was introduced, companies have used such incentives to keep their customers happy. Name any industry and there will be an example of a loyalty scheme in operation. From the Fellow Barber chains across the US offering free haircuts and discounts for signing up to their newsletter to Starbucks’ famous — and massively popular — rewards program that can earn coffee lovers free cups of java, everyone loves the lure of a freebie. Loyalty schemes are here to stay because the lifetime customer value they bring in equals big business, as a Forbes article indicates.
Final Thoughts
As you can see, from a business point of view, the offer of exclusivity for customers doesn’t have to translate to an enlarged marketing budget on your end. In fact, providing the right package should be enough to attract sign-ups and maintain returning interest. This strategy can work especially well if you are planning to start a business and don’t have a lot of startup capital. It costs you very little to set up, while your customers feel treated and special – not only have they kept up with the Joneses, they’ve taken over.
