When Might it Be Time to Explore a New Membership Model for Your Association?
There’s no doubt that membership models are a crucial part of what make associations work.
They’re often the primary sources of an association’s income, funding the activities and programs that fuel the organization. Yet, association leaders often overlook their importance, resulting in poor retention rates.
So, when might be the right time to explore a new membership model for your association? In this article, we give you five vital signs to look out for!
Membership Models: An Overview
Membership models are the structures and frameworks organizations set to categorize their members. They’re a way to define the benefits of the association.
Some examples of membership models include individual, corporate, or student memberships. Associations may also adapt tiered memberships and apply basic or premium rates and services.
Ultimately, the goal of the membership model is to generate more revenue, gain new members, and retain the existing ones.
The Importance of Trying New Membership Models
Trying out new membership models is essential during periods of stagnant growth. Reviewing your model can help you identify underutilized benefits and find potential new members.
According to a report from McKinley Advisors, new models create better connections as they solve problems for members. Additionally, updating your membership model can reinvigorate interest in your community.
A great way to do this is to explore different membership tiers. For instance, you can offer basic, premium, or VIP packages to cater to varying needs!
5 Signs It’s Time to Explore a New Membership Model for Your Association
Does your association have an outdated membership model? Here are the telltale signs it’s time to explore new membership options!
1. Low Renewal Rates
Low renewal rates mean your members find a lack of value in your membership. It’s a sign that you have to update your current benefits and make changes to the membership model accordingly.
2. Difficulty Gaining Younger Members
Having no younger members indicates that your membership model isn’t adapting to shifts in the industry.
To gain a new generation of members, you may need to focus on a technology-based approach to membership. For example, you can try adapting a subscription-based membership model.
3. Increasing Dissatisfaction
If you’re getting negative feedback from existing members, it’s time to reboot your association’s services and benefits. This means you have to start from the baseline – your membership model!
4. A Lack of Engagement
New membership models can boost engagement among your members. If your association feels stagnant, consider updating your membership model. If engagement is a problem and you aren’t quite ready to give up, try adding software like Propfuel to your marketing tech stack!
5. Economical Instability
A rising cost of living can result in fewer members simply because they can no longer afford the fees.
You may want to create flexible membership models that allow your members to choose and pay for the specific benefits they want. Additionally, you may also try a tier-based model and give members the chance to pick between basic or premium packages.
Final Thoughts
Membership models are the lifeline of all associations. It’s best to periodically review your membership model and see whether it’s still effective and sustainable.
Be sure to check our website for more ideas and emerging trends on updating your association’s membership model!