I thought I’d take the opportunity to update you all on the latest happenings on WAYN…
Me and my team are working hard on making the WAYN VIP proposition live up to its name, as the new black. We recently surveyed over 6,000 of our members to see what kinds of benefits they would value, and were surprised to see how much interest there was in a wide variety of benefits, not only online ones, but also offline lifestyle and travel benefits, which they can take advantage of, on the go.
Interestingly, of those surveyed, 15% were existing VIP members, and of those non VIPS, nearly 90% of them had not been a VIP before, which means that the majority of the members surveyed were sharing with us what they would value in a VIP service to make them pay for it.
First of all, we asked our members whether they valued “lifestyle” oriented benefits, having picked an assortment of benefits that we thought members would like, and this is what they responded with:
As you can see, almost all of the benefits were valued reasonably or higher, with all benefits pretty much being highly valued by 30% of more of our members. We asked them the same for travel benefits and this is what they said:
Again, in nearly every case – more than 80% of those surveyed valued the benefits as reasonably valuable or higher. Interestingly, adding the ability to gain access to airport lounges was seen at the most desirable travel benefit, so that our users could travel in comfort and style.
Of the online social engagement benefits, the results were again pretty much consistent with those above:
What’s interesting about the results above is that users have shown that the ability to see who likes them is desirable, with almost 50% of those surveyed saying they would value this highly, with a further 40% valuing this benefit reasonably, leaving just over 10% who didn’t value this at all. All the other benefits mentioned, which are now available to our VIP members, were still valued highly, with ~85% or more valuing these benefits in some way.
The same seems to be the case when it comes to online customisation benefits, with only online invisibility (th ability to browse in secret) not being valued as highly, albeit still with nearly an 80% portion seeing some value in this benefit also:
The real test is determining whether we can package these benefits up in a way that makes them profitable for us. When asked what our members would be willing to pay for the above benefits, here were the results that came back:
This is where the true test of a freemium model comes in. As you can see from the above graph, a good 70% of those surveyed would be willing to pay $5-$10 per month for these benefits, whilst some, albeit a small proportion, would be willing to pay up to $100 a month for the same collection of benefits.
We are currently working really hard to try to bring together a combination of premium benefits that will be able to deliver to the majority of our members at a fraction of the cost that it would be for them to obtain those benefits anywhere else. After all, that is what any business should be striving to achieve. We hope that we will achieve that goal, so I guess you are going to have to watch this space to see if we do…