Consumers in many markets have long been accustomed to paying for privileges through a Club membership. The value proposition has been the more a member dines or stays, the greater the return on the membership investment.

 

In addition to benefits in restaurants and rooms, the membership may include stored value. This can take many forms. It could be actual currency: with each visit members can redeem a certain value against the total restaurant or room bill. It may be in the form of vouchers for hotel facilities. By swiping the card in the POS is it possible to see which vouchers are available, applicable, and the member’s status.

 

Knowledge and Understanding

Stored value ensures that all member touch points involving card usage, dining reductions, voucher usage or redemption are captured electronically, and automatically uploaded to the member’s profile. As such, the hotel obtains a true 360º profile of the usage patterns and value of each member. The same applies to the member base as a whole. Consequently, changes and refinements to benefits may be made to ensure relevance and attractiveness of the product.

 

Cost Effective and Secure

By electronically storing offers and benefits of the membership there is no need for paper vouchers. Savings are realised with collateral printing, manpower in fulfilment, and office space in terms of storage. There are advantages in collateral security: no paper vouchers can go missing. Members receive only what is promised and agreed upon. There is complete transparency of vouchers issued and redeemed.

 

Member Benefits of the Stored Value Concept

-  Communication is made electronically (via e-mail) after each transaction
-  Members can review their activity on-line
-  No paper vouchers to store, retrieve, or misplace

 

Hotel Benefits of the Stored Value Concept

-  Knowledge of which benefits are the most popular
-  Opportunity to communicate after each transaction
-  Greatly enhanced security through the abolition of paper vouchers
-  Operational savings in terms of package production and fulfilment
-  Accurate and real time usage tracking statistics, individually and collectively