Why membership is a new driver of revenue for lots of organisations, for established clubs, associations, institutes, gyms and many others, there is a an increasing need to review the traditional models of membership. Millennial’s and younger people are not joining traditional bodies in big numbers, they are used to sharing their own experiences and knowledge online.
Look at the gym sector and see how membership has changed there. I went into a London venue recently, there was no reception or sign in desk just a digital sign up unit (as shown) and a membership card access through the door, giving 24 hour access. You can also pay different rates dependent on what time you use the facilities. Golf clubs that are rigidly sticking to old school rules, are facing difficult challenges. Those that have embraced change offer flexible membership packages and are reaping the benefits. Some of the institutes see student engagement as critical and might offer students a membership price point for as little as £25 knowing that they will upgrade to a standard membership when they get their first job.
So in essence what I am saying is you should absolutely have an understanding of your existing member audience and what their needs
So here is a checklist of some of the metrics you might like to measure your membership
- Member acquisition, ie how many new members and what type of members
- Reasons they join (should be tabled as pre-determined options)
- Where they heard about you (important for marketing communications)
- What search terms did they use online (important for SEO)
- How many member prospects have you (whats in the pipeline)
- Current penetration of the available target market
- Retention rate is it close to 90% or higher
- Why members are leaving (should be tabled as pre-determined option)
- Highest used benefits (have you got the right ones, could you ditch some and focus on the top 5)
- Process time for new members (maximsing use of technology)
- Segment members – this is essential and also to measure growth
- Net promoter score, how likely are they to recommend the organisation to future members
If you would like the full version of over a 100 membership metrics, contact me.