Membership programs in the lifestyle sector have become popular across travel, entertainment, sport and wellness, shopping, and finance. The majority offer membership benefits and promise members unique experiences. They offer savings, rewards and additional services designed to increase value for their members. But how useful are they? Can you really benefit from a lifestyle membership?
Most importantly: Will the benefits of a membership fit your way of living? Memberships should consistently add value to your way of living without forcing you into certain patterns or behaviors.
Start With the Benefits You Will Actually Use
Just because a membership has a lot of features doesn’t mean it will be worth it for you. All the benefits in the world are not worth it if none of them pertain to you. So it is best to look at a membership as having a few main benefits rather than dozens that may or may not be relevant.
Membership benefits should align with your existing habits and needs. That person who travels constantly will get more out of a travel membership, whereas someone who eats out less frequently will probably get more value from a membership with dining rewards and financial benefits.
Second, distinguish between benefits that offer short-term satisfaction (so-called ‘promises of pleasure’) and those that save you money or make your life easier in other ways (‘promises of utility’). Although benefits that promise short-term satisfaction (offering great discounts, value-added services, comforts, etc.) are very attractive at first sight, in reality only a small percentage of them can be of any value to you, while those that promise more long-lasting benefits (i.e. that save you money or make your life easier) are far more valuable, even if they promise less immediately.
Compare the Membership Cost With Its Everyday Value
It is also important to compare the membership fee with the benefits you will receive. Membership may seem cheap but, in reality, can be expensive and of little value if you never use the benefits.
Whether an annual plan works for you also depends on whether the membership provides value within the time frame before you spend the money. Would you commit to a yearly subscription to a gym for example? Probably not, unless you have prior experience with the service and have proven to yourself that you will continue to use it regularly.
Be sure to note whether a membership charges an introductory price. At first, this can seem like a great deal; however, after a set amount of time, the price will typically jump to the normal membership cost. Make sure you know what the membership will cost after any promotional price expires.
A membership should ideally make more out of the amounts you are already spending. It works as it should only if it adds value, rather than making you spend extra to use the discounts and perks it offers.
Consider How Reward Points Add to the Overall Value
Rewards can make a membership more useful when they complement existing habits. Some programs let members earn reward points through eligible activities, creating another potential source of value alongside other membership benefits.
While the value of membership can often be associated with the rewards scheme, the practical value of the points a member can earn, and the ways in which they can be used, vary greatly from person to person. The rewards offer must provide real value by enabling members to gain something that meets their needs, whether that’s using their points to buy things they need or transferring their points to other loyalty schemes. As with any benefit, rewards must provide more than token value to be of worth.
Look Beyond Discounts to Convenience and Access
Convenience is worth money. Savings in time and hassle can be very valuable. Also, accessing services more easily can be very convenient. Especially if you use the service frequently. So consider whether the membership will improve your daily life in ways that matter to you.
Then there are convenience benefits such as priority service, easier account management, faster travel booking, quicker help, and exclusive access to special services or products. Depending on your circumstances, some of these may matter more than others, but they are definitely worth considering.
Other extras could include: early booking, special events, products released especially for members, and even upgraded services. While it depends on individual preferences, it is important to consider whether any of these extras would be useful to you personally.
It’s worth remembering that when we’re used to doing things a certain way, it can be hard to see the difference that a membership could make to our existing routine. The key thing to look for is whether the membership will make your life easier in any way.
Read the Restrictions Before Signing Up
While some offers apply to all purchases, others are valid only on certain items; many rewards programs also have expiration dates or restrictions on how and when you can redeem them.
However, memberships can also have conditions that customers may find unsuitable, such as limited use of benefits, restrictions on usage or payment, or even special charges. And, certainly, you should carefully read and consider the membership cancellation terms and the automatic renewal policy before joining a membership scheme.
Even the best perks have conditions, which could affect how useful a membership is to you in the long run. Focus on benefits you can use regularly for maximum value.
Consider Whether the Membership Can Grow With Your Lifestyle
Memberships are typically offered annually, but that doesn’t mean your needs won’t change by the following year. Your travel habits, spending habits, and even your priorities will likely change over time.
On the other hand, a flexible membership with many complementary benefits will provide more value as your needs and circumstances change, because you can use different benefits to meet them.
Also think of whether you can use the membership benefits in different ways, depending on your needs. A membership with several benefits for different parts of your life is more likely to have value for a longer period than a membership with a very narrow focus.
You can have too much of a good thing, and multiple features in a membership aren’t necessarily a good thing. The membership only needs to offer benefits that remain relevant as your priorities change.
Watch for Membership Overlap
Many of us already subscribe to memberships that provide similar benefits, so joining another membership could end up costing more than we use. View your existing memberships and see if there are one or two memberships that could be consolidated to make the most of the benefits you receive.
The memberships may include benefits that would normally be part of other memberships, such as shopping discounts, travel benefits, movie tickets, rewards programs, etc. Compare the costs of these memberships for similar benefits to avoid paying for duplicate memberships.
Consolidation is better than more memberships. If one membership already covers most of your needs and Activities, the other programs are of not much value. And often, memberships are costly. If you combine your memberships, you will probably save money and have an easier time keeping track of the different benefits you are entitled to.
It’s worth revisiting your memberships from time to time to see whether they still provide enough value. We’ve all signed up for memberships in the past that seemed great, but two years later no longer provide enough value to justify the cost.
Choose Value That Fits Your Routine
A good membership for a lifestyle membership scheme enhances your current routine and provides ongoing value. It shouldn’t cost you too much to make it worthwhile based on your current activities.
When deciding whether a membership fits your routine, compare the monthly/annual fee with the relevant benefits, check the rewards offered, and consider any restrictions or exclusions that could affect the value.
So, while the most benefits don’t necessarily mean the best offer, the benefits must match your needs and stay useful over time. A membership that fits your daily routine creates more value.
