What is your company doing to retain its members? Did your retention rates rise or fall in 2019?
If you’re less than pleased with your member retention rates, it’s time to optimize your platform.
Members may leave for a variety of reasons. Per MGI’s 2019 report, the top four reasons that prompted members to leave were: (1) lack of engagement, (2) couldn’t justify costs, (3) left the field/industry, and (4) lack of value.
You can’t control or predict your members’ career moves - but you are in direct control of member engagement, pricing, and value proposition. Here are nine ways to retain and grow your membership.
Simplify your onboarding process
The slightest speed bump or hiccup during a prospect’s onboarding process could drive them away. Lengthy applications, ambiguous instructions, faulty pages, you name it. Your onboarding process should be straightforward, easy-to-follow, and concise.
Provide immediate value
As we’ve mentioned, one of the biggest drivers of member retention is perceived value. If a member doesn’t think the ROI is high enough, they’re likely to renege. That’s why it’s important to demonstrate your platform’s worthiness right off the bat. Communicate the benefits of being a member early and often.
Streamline your site’s roadmap
If a prospect or member is confused by your site’s formatting and organization, they’re likely to be dissuaded from renewing. Minimize the number of clicks required to navigate your site. Ensure content and resources are easy to identify and locate. Having a “Start Here” page that overviews your site can be beneficial.
Survey your existing members
Who better to answer your member retention questions than your own members? Surveying your existing membership can help you identify your strengths, expose issues, and highlight potential opportunities. By being direct with your members and asking why they’re inclined to stay, you demonstrate your commitment to providing value.
Offer multiple membership options
Membership plans do not have to be “one size fits all.” Try offering multiple plans with incremental pricing, levels of access, and optionality. This segments and empowers your membership. One member may be cost-conscious and prefer the cheaper plan, while another member may want more access regardless of price.
Preview upcoming events and content
Members appreciate transparency. Providing your membership with a calendar of upcoming events or content schedule creates anticipation and sets an expectation. By granting your members this level of insight, you demonstrate the benefits and value of being a member.
Promote an active community
One of the best ways to increase engagement is to maintain an active community. Try adding a forum to your site or allow members to contribute success stories. This creates an interconnectedness between your members, increasing engagement and the likelihood of retention.
Utilize member testimonials
According to a consumer survey, over 90% of respondents attested that reviews impacted their purchase decision. Displaying member testimonials on your site allows you to leverage the influence of social proof. People trust other people. If prospects or members can see the value you provide your members, they’ll be more inclined to sign up or stay with you.
Provide exit surveys to departing members
Some member attrition is inevitable, but you can make the most of the situation by getting feedback. It’s important to figure out what drove them to opt-out and if you could have done anything to change their mind. You never know - reaching out to a non-renewing member and expressing concern may just persuade them to stay.