This blog is the first in a series of three, aimed at helping membership and subscription-based organisations understand how they can communicate value to members in a digital world. For a complete picture, have a look at the entire series as well as our eBook.
It’s a truism that it’s more cost-effective to retain a customer or member than to seek out and attract a new one. With today’s sophisticated customers, however, engendering a sense of loyalty presents a challenge.
It therefore doesn’t come as a surprise that, according to the “Membership Marketing Benchmark Report 2015, increasing member engagement is identified as the #1 goal by 68% of membership organisations. To achieve this, organisations need to find a way to enrich the perceived value and sense of belonging for their members and demonstrate the real reward to be gained by having a long-term relationship. Being able to prove understanding, relevance, and added value ensures that acquisition and retention are optimised.
Value – whether shared through content, training, events, or networking opportunities – must be demonstrated regularly and consistently and must always be open to member feedback. Sending out a quarterly email or hosting one really great event a year is likely to be insufficient.
It is also critical to get the engagement platforms right. Your members are unlikely to maximise the value that you have to give if it isn’t accessible or aligned with the way they want to engage. Leveraging self-service portals and mobile apps, for example, has the benefit of letting members access information when and how they want to, thereby improving their experience.
Finally, the ability to regularly communicate value and thus drive engagement can be significantly improved by tailoring messages and offers. The more complete and diverse your data is – pulling information from social media, CRM and finance for example – the better positioned you are to deliver offers that will resonate and keep your members coming back for more.
For organisations who want to improve their member retention, ‘Communicating Value in a Digital World’ is a must-read. It offers an invaluable look at the six imperatives that membership organisations should be considering. Download your copy here.