The Bonds & Me loyalty program has recently undergone an exciting makeover, claiming to offer new ways to reward its members every time they shop with Bonds.
Bonds & Me now showcase a three-tiered discounting program, offering increasing bonus benefits with each level. The tiers are determined by the members’ annual spend threshold and include member benefits such as birthday vouchers, free shipping, priority access and event invitations.
The main feature of this program, however, is the always-on discounts illustrated below.
- Bonds Lover ($0-$99.99) = 10% off all orders
- Bonds Fanatic ($100-$299.99) = 20% off all orders
- Bonds Obsessive ($300+) = 30% off all orders
Bonds & Me exhibit all the traits of a good program.
Discounts are a great tangible, immediate reward that can drive increased engagement and generate behavioural commitment. By tiering the discounts according to member spend, Bonds & Me can cost-effectively reward their most loyal members whilst not excluding lower-tier members from feeling rewarded by the program.
The core issue surrounding discounts is their lack of stickiness when seeking consumer loyalty, as customers are often easily swayed by better offers. However, Bonds & Me effectively overcome this by re-evaluating the member engagement status every year. The threat of a potential downgrade can often give way to loss aversion bias, which can influence member behaviour by encouraging them to repeatedly engage with Bonds for fear of losing access to their benefits.
Additionally, the transaction-based program is complimented by its bundle of varying member benefits such as early access, event invitations and surprise freebies. These benefits can often provide a more emotionally appealing experience for the customer, helping to close the gap between brands and consumers where monetary rewards often cannot. Experiential rewards such as product trials also tend to appear higher in value to the member than it is in cost, making it both highly cost-effective for the brand whilst creating an emotionally stimulating memory for the member.
The evolution from good to great.
Implementing a visible progress tracker in member accounts has been proven to successfully utilise the impacts of the endowed progress effect and goal gradient effect. It would be ideal for Bonds & Me to incorporate this feature, as being able to visualise the proximity towards a goal can often greatly encourage member progression towards their next tier. This can also manifest in the form of spontaneous behaviours such as impulse buys, encouraging members to add an extra item into the cart so that they may reach their next goal.
Overall, the Bonds & Me program has made a very calculative effort to encourage spend and program engagement. The rewards are of appropriately good value to all members regardless of their tier whilst showering their most loyal members with the best benefits.