Do You Love Being Rewarded?
Do you love being rewarded? Of course you do! We all do which is why so many retailers use Loyalty Programs to try to encourage us to shop with them. I bet you are signed up for at least 3 or 4 of them right now. They use these programs as a way to subconsciously make us think that we are getting more for our money when we shop at one particular retailer over another. It all comes down to marketing.
How many of us actually sit down and think about what the rewards are that we actually earn and how long it takes to earn them? Not me, until recently. If you are like me, you probably fail to use the rewards even if you do earn them. For me, I find that when I earn a reward (say a $5 or $10 cash back bonus) it has a time constraint that inhibits me from being able to cash it in. I recently analyzed the points I receive when I use my bank card. If I use my bank credit card I can earn 1 point for every dollar spent, if I use my debit card as credit I earn 1/2 a point per dollar, if I use my debit card as debit it's 1/4 per dollar. I can convert these points to cash if I want to but I have to save up for awhile. To receive $100 cash I have to have 13,000 pts. At a minimum that means I have to spend $13,000 before I earn $100. I think that is only around a 7.7% earn rate. Not a very good return if you ask me. Some of the other programs I looked at earn about 1% on the dollar in points, others earn even less.
With Young Living it's different. When you become a Young Living Wholesale Member and you sign up for their Essential Rewards (ER) you start earning 10% cash back product credits with your very first order (this is in addition to the 24% discount off retail prices). From 1-3 months on ER you earn 10%, 4-24 months you earn 20% and 25+ months is 25%. In addition to the cash back credits, you receive loyalty gifts after 3, 6, 9, and 12 months, you enjoy reduced shipping fees. I have personally cashed in over $800 in credits which is equal to $800 in FREE PRODUCTS. I don't know of any other company that offers these kinds of rewards. Do you?