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To Renew or Not Renew— How to Increase the Value of Membership

To Renew or Not Renew— How to Increase the Value of Membership

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To Renew or Not Renew— How to Increase the Value of Membership

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  1. To Renew or Not Renew—How to Increase the Value of Membership Presented by Cathi Hight To Renew or Not renew-How to Increase the Value of Membership

  2. Session Objectives • Understand how members determine value for their memberships • How to increase the “I” in membership ROI—The Shift to VOI • Value Propositions—Use Them to Recruit and Retain Members • Employ Strategies to Communicate the Chamber’s Value To Renew or Not renew-How to Increase the Value of Membership

  3. Session Agenda • Retention challenges that affect recruiting and retaining members • What drives retention rates down? • The Member’s Value Equation • Increase the “I” in ROI and the shift to VOI • Value propositions—to recruit and retain members • Retention Survival Strategies for 2010 - 2011 To Renew or Not renew-How to Increase the Value of Membership

  4. Why is Retention a Challenge? 4 To Renew or Not renew-How to Increase the Value of Membership

  5. Other Retention Challenges • Members don’t perceive value or ROI for investments • Staff is too busy to focus on retention (it’s everyone’s job and no one’s job) • Focus is on recruitment than on retention • High turnover with first-year members • Increasingly diverse needs of members • Retention initiatives are implemented reactively and/or too late in the cycle 5 To Renew or Not renew-How to Increase the Value of Membership

  6. Renewals Are Based on Perceived Value Do your members value their membership? To Renew or Not renew-How to Increase the Value of Membership

  7. Relationship Impact Extent of building valued, trust-based relationships Understanding members’ needs and helping them achieve their goals Product and Service Differentiation Ability to communicate your unique value as compared to alternative solutions in the market How Members Perceive Your Value—The Value Segmentation Model To Renew or Not renew-How to Increase the Value of Membership

  8. Members’ Perceived Value of the Chamber Partner: Strongest bond, these members are the most loyal to the Chamber Adviser: Good relationship, but you need to offer members more differentiated offerings Value-Add: Differentiated offerings, but you need stronger relationships with members Supplier: Weakest position, members could be served by other organizations Are You a Partner, Adviser, Value-Add or Supplier? To Renew or Not renew-How to Increase the Value of Membership

  9. Change Membership ROI to VOI Typically, ROI is about the bottom line Value = Benefits – Cost It’s time to shift ROI to VOI(Value on I___________ fill in the blank with an “I” word) To Renew or Not renew-How to Increase the Value of Membership

  10. The “I” in VOI (Value on…) • Investment: Direct return for dues/non-dues • Information: Unique sources, one-stop and for members only • Influence: Ability to persuade, affect outcomes that benefit members • Initiative: Taking an important position on issues, sharing members’ perspectives • Impact: Direct result of initiatives, consequences • Interaction: Accessibility and quality of conversation • Intelligence: New awareness, understanding, knowledge that can be applied • Insights: Lessons learned, a-ha moments as members • Instruction: New skills or applications, best practices • Integration: Ability to implement into business/life, sense of belonging to a larger community To Renew or Not renew-How to Increase the Value of Membership

  11. Influence Whether Members Renew Strategies for 2010 - 2011 To Renew or Not renew-How to Increase the Value of Membership

  12. Which sources of information do you access on a regular basis? Name an opportunity provided by the Chamber that allowed you to influence a decision or issue with policy decision-makers. Describe one Chamber initiative that shared your perspective and had an impact on your business. How would you rate your most recent interactions with other members? #1 Get Feedback on Your VOI and Communicate Value Differently To Renew or Not renew-How to Increase the Value of Membership

  13. How has the Chamber helped you to develop new or stronger relationships with others in the community? Describe something new you learned as a result of a Chamber program or benefit you accessed. Which of the following training or education opportunities have you participated in over the last year? How have you integrated best practices or ideas gained from being a member into your business or personal life? Get Feedback on Your VOIand Communicate Value Differently To Renew or Not renew-How to Increase the Value of Membership

  14. Use existing programs to collect feedback from members on camera Hold a testimonial gathering party with your “champion” members and showcase their businesses, too (use Flip video cameras) Showcase video and print testimonials on your website, newsletters, directory, etc. (ex. http://www.boulderchamber.com/) Ask questions and allow members to comment in their own words Create a FAQ on member benefits and feature responses from members who use those benefits Let Members Toot the VOI Horn To Renew or Not renew-How to Increase the Value of Membership

  15. #2 Create a Strong Local Economy • Advocate for local developments, issues, infrastructure needs • Encourage local, regional shopping • Promote the area and attract visitors • Attract primary employers • Support start-ups and entrepreneurial growth • Collaborate on workforce development initiatives • Communicate effectively on how you enhance the local economy To Renew or Not renew-How to Increase the Value of Membership

  16. #3 Develop Communities of Interest Around You • Connect members to one another via mutual interests and initiatives • Task forces, councils • Special Interest Groups (SIGS) • Birds-of-a-feather (Women’s, YP’s groups) • Calls to Action • Share best practices and solve common problems • Forums, panels, experts • Blogs, online resources To Renew or Not renew-How to Increase the Value of Membership

  17. Build on old-fashioned networking Develop virtual networks Facebook, LinkedIn, Twitter Blogs YouTube, Google Video BizBlindDate.com Connect 4 Lunch E-SIGS (Special Interest Groups) #4: Create 24/7 Networking Opportunities To Renew or Not renew-How to Increase the Value of Membership

  18. Create an online profile of your organization Provide links to your other social media and website to increase ranking, relevancy and traffic Share clips from your best events, promote upcoming ones Join groups and create some of your own (see http://www.boulderchamber.com/) Ask for recommendations from members Promote members and provide links to their websites and media sites Use communication that engages members, creates awareness and positions you as an expert Learn what people are saying about you (e.g., Twitter search, Google Alerts) Ways to Use Social Networking Media To Renew or Not renew-How to Increase the Value of Membership

  19. Showcase members who are doing well during the recovery Help members celebrate what’s working in their businesses Create a positive campaign about new developments, change, and impacts made by members #5 Highlight Good News About Members To Renew or Not renew-How to Increase the Value of Membership

  20. #6 Make it Easy and Convenient to Engage • Offer self-service options on your web site • Ensure that systems work (e.g., links, online registration, renewals, shopping cart) • Find ways to save members money and time • Think ahead for members • Go to members instead of making them come to you • Automate transactions and processes • Make products/services accessible on their terms • Offer payment options and discounts To Renew or Not renew-How to Increase the Value of Membership

  21. # 7: Recognize and Reward Members • Honor members at special events • Provide certificates for training or participation (e.g., Leadership program) • Congratulate them on their business anniversary and accomplishments • Recognize their renewals • Nominate them for community awards • Spotlight members on website or newsletters • Recognize “Volunteers of the Month” • Acknowledge members in press releases • Send out handwritten, personal notes • Provide recommendations on their social networking sites • Encourage member loyalty To Renew or Not renew-How to Increase the Value of Membership

  22. Improve how you communicate the value of membership by leveraging the “I” in VOI Be seen as the Partner or Advisor to members to cultivate long-time value Get feedback on your VOI and for members to communicate the value of membership Be the “hub” and sphere of influence Focus on creating a strong, local economy Create opportunities for members to engage on their terms (face-to-face, virtually) Ensure that member’s Good News is part of yours Make it easy and convenient for members Recognize and reward your better members Session Summary To Renew or Not renew-How to Increase the Value of Membership

  23. Take Advantage of Our Membership Development Expertise Stop by our table to learn about our retention tools Check out our web site: www.hightperformance.com Contact us for support at (720) 304-0747 To Renew or Not renew-How to Increase the Value of Membership