Imagine having double or even triple the number of members in your program at the end of next year. What would that mean to your business? Your income? Your future growth opportunities?
This (and more) is entirely possible when you improve your member retention rates.
I have a new client who has 689 members with an 11 percent churn rate. With 11 percent of his members dropping out each month, he will need to sign up 1,589 new members to double his membership in a year. This means he will need to welcome, fulfill and handle all the administrative work for 2,067 members to end the year with just 1,378 members.
By lowering his monthly churn rate to a more reasonable 5 percent, he’ll need to recruit only 1,102 new members. If his cost of recruiting each new member is $100.00, this is a savings of $48,700.00.
This is huge for him because he gets most of his members from speaking engagements. There are usually 50 prospects at each event, and he signs up an average of 40 per city. At his current churn rate, he’ll have to do 35 speaking engagements to double his membership. At a 5 percent churn rate, he’ll need only 28 engagements. This is seven fewer trips, hotel rooms, meeting rooms and all the associated expenses. And if he has the desire to do all 35 events, it just means he’ll more than double his membership and hold on to those members a lot longer when he decreases his churn rate.
Decreasing member churn and increasing member growth are surprisingly easier than you’d expect. All it takes is a better understanding of what members really want and not overwhelming them with content.
Prepare to double or triple your membership in 2016 by enrolling in a series of two-hour live online workshops I’m hosting. I’ve designed these workshops specifically for marketers with existing membership programs.
You and members of your team are invited to participate in each workshop. Each session will feature 90 minutes of member growth insights through interactive training, plus a question-and-answer period to ensure you and members of your team have the opportunity to customize each LiveCast Workshop to meet your needs.
For all the details and to reserve your space, visit this site. Check it out today as I’m inviting only 20 membership programs to participate. This will ensure I have time to review your membership program, answer questions and give you the input you need to transform your membership program into a growth machine.
As church marketing expert Larry Osborne often says of churches, “There’s no reason to open the front door until you close the back door.” If it’s time for you and your team to close the back door and grow your membership program, register here.