What Is Membership Retention and Why Does It Matter?<\/h2>\n\n\n\n
Membership retention is an organization\u2019s ability to keep its members active following recruitment and onboarding. If a significant portion of your members renew each year, then you have solid member retention rates.<\/p>\n\n\n\n
Why does member retention matter? It\u2019s one of the most cost-effective ways for your organization to grow and succeed! According to a study from the Harvard Business School, investing in customer retention can increase profits by 25-95%.<\/p>\n\n\n\n
Acquiring new members comes with upfront costs, especially those tied to marketing. Implementing even the most basic member retention strategies will not only save you money, it\u2019ll help you increase revenue over time!<\/p>\n\n\n\n
How to Increase Membership Retention<\/h2>\n\n\n\n
According to the 2022 Membership Marketing Benchmark Report<\/a>, the median membership renewal rate currently sits at around 84%.<\/p>\n\n\n\n If your retention rate is below that number, here are a few quick things you can do to improve it:<\/p>\n\n\n\n Let\u2019s get into some more specific membership retention strategies you can try out!<\/p>\n\n\n\n Member retention largely comes down to active engagement. But on a practical level, how can you actively recruit and retain members for the long run?<\/p>\n\n\n\n Here are 14 membership retention ideas and strategies for your organization:<\/p>\n\n\n\n You know what they say about the power of first impressions! Often, the quality of your welcome can have a huge impact on your members\u2019 relationship with your organization.<\/p>\n\n\n\n Within the first couple weeks of member sign-up, it can be beneficial to:<\/p>\n\n\n\n Something as simple as sending out a welcome message can increase member engagement with your email content by 33%<\/a>!<\/p>\n\n\n\n People tend to join associations and membership organizations out of a desire to connect with others who share a common hobby, interest, or profession. By creating thriving community spaces that foster these types of connections, your organization can keep members engaged all year round\u2013and motivate them to renew their membership year after year.<\/p>\n\n\n\n One of the best association member management strategies is investing in tools to nurture connections between members. For example, after you host a fantastic event, you can give members a space to keep the conversation going! Event apps<\/a> and membership management software make it easy to create year-round points of connection for your members.<\/p>\n\n\n\n The power of an exclusive treat goes further than you might think! Over 50% of consumers<\/a> say loyalty points and discounts make them stick by a brand longer\u2014and the same logic applies to membership organizations.<\/p>\n\n\n\n If you\u2019re wondering how to retain members with special offers, consider serving up:<\/p>\n\n\n\n Show your members that your organization provides experiences and offers they can\u2019t get anywhere else and you\u2019ll likely see a boost in your membership retention rate.<\/p>\n\n\n\n A solid set of resources can be just as valuable as more tangible rewards (if not more!). Your members appreciate access to member-only content that helps them develop their skills and knowledge\u2013which makes offering exclusive resources one of the best association member retention strategies.<\/p>\n\n\n\n This special content could include:<\/p>\n\n\n\n Keep this content up to date with current news and trends to ensure your resources\u2013and your organization\u2013remain relevant over time. If members think of your organization as the most cutting-edge, go-to source of knowledge and expertise whenever they have questions about their field, then why wouldn\u2019t<\/em> they extend their membership?<\/p>\n\n\n\n We\u2019ve already talked about the importance of implementing member feedback, but it\u2019s also important to set time aside to ask for it. Your members might not always realize how valuable and welcome their input is\u2013or even know how or where to provide feedback! <\/p>\n\n\n\n Encouraging them to share their ideas and opinions can help you improve the member experience, collect actionable data, and show your members you appreciate them<\/a>.<\/p>\n\n\n\n You can request feedback through:<\/p>\n\n\n\n The trends you receive in feedback will give you a clear idea of what most of your members might be interested in. Before finalizing any changes that\u2019ll impact members, consider sending out a survey to confirm that the majority of opinions align with your actions!<\/p>\n\n\n\n To connect with and retain your members, it\u2019s essential to get to know them on a personal level. CSAE<\/a> notes the importance of studying demographic behavior for associations. <\/p>\n\n\n\n Any data you gather about your members can help you better understand their:<\/p>\n\n\n\n With this information in hand, it\u2019ll be easier to personalize communication by segmenting your email lists and improve member satisfaction by planning experiences that best suit their interests and needs!<\/p>\n\n\n\n Plus, you can offer a personal touch with:<\/p>\n\n\n\n No matter what type of organization you run, your members will appreciate engaging events! Implementing an event strategy for member retention can yield major results\u2013especially since 49% of marketers<\/a> say engagement is the top factor in event success.<\/p>\n\n\n\n You can pull off more engaging member events by incorporating:<\/p>\n\n\n\n The memories you make with your members can very quickly translate into member retention. Even if certain members aren\u2019t as active throughout the year, the excitement around a recurring annual event can be enough to prompt renewal. <\/p>\n\n\n\n Putting in the extra effort to have all of your members involved is a key event strategy for member retention! Allow members around the world to engage with your organization through virtual and hybrid event options like:<\/p>\n\n\n\n With software like EventMobi\u2019s Hybrid Event Platform<\/a>, going the hybrid route allows you to strengthen your connections with all<\/em> your members.<\/p>\n\n\n\n There are plenty of factors to manage when planning your member retention strategies, which is why choosing the right software can be so helpful!<\/p>\n\n\n\n Try working with tools like:<\/p>\n\n\n\n One of the top association member engagement strategies<\/a> is creating networking opportunities. Why? Because 45% of association members cite networking with their peers as their top reason for joining!<\/p>\n\n\n\n Positioning your organization as a place to make and deepen connections is one of the best association member retention strategies out there!<\/p>\n\n\n\n Did you know that 76% of people<\/a> think mentors are important, but only 37% actually have one? If your organization can help bridge that gap, you\u2019ll be fulfilling an essential need\u2013and one that especially matters to young professionals! Those seeking mentors are more likely to have a long career ahead of them, which means there\u2019s a greater chance they\u2019ll become long-term members and advocates for your org.<\/p>\n\n\n\n Developing a mentorship program benefits your organization, your members, and your community. Not only does mentorship build your industry\u2019s community, but it also creates a new generation of leaders for the future. Eventually, some of your most loyal members might graduate from mentees to mentors themselves!<\/p>\n\n\n\n About one-third of associations report<\/a> that membership lapses are caused by the member forgetting to renew! An easy solution is to automate renewal payments. Just be sure to email members about upcoming renewals in advance so the charges don\u2019t come as a surprise!<\/p>\n\n\n\n You can also save your team time by automating member communications like emails and social media posts. Cutting out the tedious manual steps leaves more time for coming up with creative member retention strategies!<\/p>\n\n\n\n The concept of membership doesn\u2019t need to be all or nothing\u2013especially since flexible membership options can make new members more comfortable about signing up. Allowing members to temporarily pause their membership means you can maintain a connection with them even if they need a break.<\/p>\n\n\n\n While pausing membership might lose members access to special benefits, you could continue to send them your newsletter, for example. This keeps paused members up to date on your organization and when they\u2019re ready to rejoin, your org will still be top of mind. <\/p>\n\n\n\n If your feedback shows that members are pausing or canceling due to financial reasons, you may also want to offer a compassionate pricing option.<\/p>\n\n\n\n While 100% membership retention is the goal, for most organizations, a small amount of churn is inevitable. When someone chooses not to renew their membership, the best way to turn the loss into a valuable opportunity is to ask them for an exit interview.<\/p>\n\n\n\n Holding exit interviews:<\/p>\n\n\n\n The silver lining is that understanding why some members leave allows you to improve retention going forward!<\/p>\n\n\n\n Many of the best member retention strategies come down to holding engaging and memorable events for your members.<\/p>\n\n\n\n If you\u2019ve got your eyes on long-term member retention strategies, holding a memorable event is the way to go. One of the best ways to pull off an engaging event that your members will love is leveraging event management software!<\/p>\n\n\n\n EventMobi\u2019s software<\/a> can emphasize the value of your organization with:<\/p>\n\n\n\n With EventMobi\u2019s toolkit and behind-the-scenes customer support, you can execute your event strategy without a hitch. Chat with our team<\/a> today about how we can elevate your next event!<\/p>\n\n\n\n With a thorough member retention plan and the right software in place, nurturing member relationships doesn\u2019t have to be challenging. As your organization grows, the people you turn into your long-time members will become your biggest cheerleaders!<\/p>\n\n\n\n Want to increase member engagement, retention, and satisfaction? Take the product tour<\/a> to discover how EventMobi<\/a> can help!<\/p>\n\n\n\n![\"\"](\"https:\/\/www.eventmobi.com\/wp-content\/uploads\/2023\/09\/mentor-1-1024x342.jpg\")
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The Top 14 Member Retention Strategies<\/h2>\n\n\n\n
Onboard like a pro<\/h3>\n\n\n\n
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Build community spaces<\/h3>\n\n\n\n
Provide special offers<\/h3>\n\n\n\n
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![\"A](\"https:\/\/www.eventmobi.com\/wp-content\/uploads\/2023\/10\/retention-3-1024x767.png\")
<\/figure>\n\n\n\nCreate valuable exclusive content<\/h3>\n\n\n\n
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Actively request feedback<\/h3>\n\n\n\n
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Keep it personal<\/h3>\n\n\n\n
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Host engaging events<\/h3>\n\n\n\n
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Offer virtual and hybrid event opportunities<\/h3>\n\n\n\n
![\"\"](\"https:\/\/www.eventmobi.com\/wp-content\/uploads\/2023\/08\/group-chat-1024x427.jpg\")
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Leverage the right software<\/h3>\n\n\n\n
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Create networking opportunities<\/h3>\n\n\n\n
Develop a mentorship program<\/h3>\n\n\n\n
Automate the renewal process<\/h3>\n\n\n\n
Allow members to hit pause<\/h3>\n\n\n\n
Hold exit interviews<\/h3>\n\n\n\n
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Creating an Event Strategy for Member Retention<\/h2>\n\n\n\n
Here are a few tips to get you started on planning your event strategy for member retention:<\/p>\n\n\n\n![\"A](\"https:\/\/www.eventmobi.com\/wp-content\/uploads\/2023\/09\/tips-1024x346.png\")
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How Event Software Can Boost Your Member Retention Rate<\/h3>\n\n\n\n
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Knock Your Membership Retention Out of the Park<\/h2>\n\n\n\n
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