Profit share scheme set to boost Co-op Travelcare sales
Co-op Travelcare is expecting to significantly boost sales through a new profit share scheme for Co-op members and a major re-branding across the entire Co-op Group
For the first time, Co-op members will receive an annual share of the group’s profits based on their trading with its entire range of businesses, including convenience stores, funeral homes, pharmacies, banking, insurance, as well as travel outlets.
Co-op Travelcare, which has 340 shops, plus call centres and an online operation, says around 10% of its customers are currently members.
“We believe that gives us a huge trading and marketing opportunity. We can can offer our Travelcare customers a share of our profits across all of our businesses,” said a spokesman.
“But it’s not just about profit share. Customers are going to see a new identity across the travel business in the next couple of years, and with that will come an opportunity to directly involve our customers by allowing them to influence our social policy, whether that’s over climate change or sustainable travel.
“This is going to help our travel business stand out clearly from our competitors.”
The Co-op boosted its membership figures from 600,000 to two million earlier this year by encouraging holders of its food-based loyalty card to switch to full membership in anticipation of the profit share scheme. It hopes to grow that figure to four million by 2010.
The entire Co-operative Group has over 3,000 high street and village outlets.
Members, who pay £1 to join, can earn points on trade with all travel products but excluding foreign exchange transactions, surcharges or supplements additional to the basic holiday cost, scheduled flight-only products and discounted insurance products.
Points will be converted into a share of the profits with payment being made twice a year in June and December.
All members will be issued with a new membership card and can keep track of the points they have earned via the dedicated website, www.co-operative.co.uk/membership.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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