For membership organisations it can sometimes be tough to develop either a perceived or actual value to your members without appearing wasteful or alienating them.
There is an undeniable and direct correlation between member engagement and member value, this article will focus on the benefits of developing and improving member value.
1) Members are More Engaged
There is an obvious overlap with the benefits of engagement and member value, both of which yield excellent results. If your organisation’s value to its members is clear those members will become more engaged and active with your organisation, and the importance of engaged members cannot be undersold; this keeps retention high and membership strong.
2) Become More Credible
When you develop your member value there will be major changes both internally and externally; the external benefits will be your organisation will appear and thus become both more credible and influential. Being more credible has a host of it’s own benefits, some of which are alluded to below.
3) Member Return On Investment
When you develop your member value and perceived offering, members will see value for money and return on investment, be that monetary or the time they invest.
4) Increase Your Membership
If you are very clear about the value to your members and potential members, with easily communicated points, it makes your member acquisition strategy dramatically simpler.There are a number of ways to do this, from clearly defining the benefits on your website, to creating summary PDFs, to creating leaflets to share with current members.
5) Improve Retention
As a direct result of the aforementioned, having clear communication of value doesn’t only increase your new member intake but it also improves current member retention. Having happy, passionate and retained members keeps your organisation healthy and attractive both internally and externally.
There’s a huge difference between a retained member and a loyal member, a retained member could just be passive but a loyal member is one of your best assets; if your organisation is promising and in fact delivering value then your members are going to be loyal, factoring further into the above retention rates.
7) Members Feel Important to You
Being relevant and important to the member is of course instrumental to the success of your value strategy but do your members feel like you care about them? The answer more often than not is a resounding no. Members will be reticent to tell you why they’ve broken ties, but this is a common issue.
These are just a few of the many benefits of developing a winning member value strategy, if you are interested in looking into more depth about your value to your members check out our resources section.
Membership organisations are one of the many groups that need to adapt and evolve by listening to their audience’s needs. Membership organisations also need to undergo digital transformation, and create new ways to engage and interact with the next generation. In short, they need to stay relevant to truly succeed in today’s customer-centric climate.
Customer (or member) centricity has been a growing area for both membership organisations and companies over the last few years, the basic principle is focusing your goals and your efforts on your customers and putting their needs ahead of yours; a polar opposite to the traditional business-centric methods which put business need ahead of customer satisfaction.
The Founder of The MemberWise Network Richard Gott sums it up perfectly, “[we’re] waking up to the fact that future long-term member value and growth requires a deeper focus on online membership experience and engagement”.
So, what is member value?
Member value is the benefit that your members receive from you, it can actually be broken down into two different definitions, the perceived member value and the actual member value.
Perceived member value is what your members feel they receive from you, be that their access to services or benefits of their membership and ability to participate. This can be quite different to the actual member value as some of your members may be unaware of the benefits and services you can provide to them.
Actual member value is the value your member actually receives from their membership, this can be a range of things from CPD, to networking, to being part of your community, to discounts, to career development or recognition. Your membership benefits should be articulately communicated so your members know exactly what their membership gives them making them fully appreciate what you provide.
With clear membership benefits communicated or listed on your site you are able to dissolve the disconnect between the two types of member value.
Member value will continue to be a growing area and will evolve from a desirable trait to a necessary one. If member value is not addressed within your organisation it will have long term effects on recruitment, retention, growth, participation and engagement.
So, if this area is so critical to membership organisations why hasn’t it been optimised yet, along with member engagement? It is normally because membership organisations are too focused on new members that they forget to look after their current members, but as most business experts will tell you, new member acquisition is significantly more costly than retention.
Due to the current membership climate it is more important than ever for membership organisations to evolve, adapt and develop their offering and communicate with their members with member value being a cornerstone in this transition.
If you are looking for more in depth information around membership organisations, member value and working towards future proofing some outdated processes, check out our free ebook on - The Importance of Engagement for Your Membership Organisations.
Do you know what your members want? We partnered with YouGov to help you answer that question, and our extensive research and surveying resulted in our Global Member Insight Report 2019.
In the whitepaper, we share how respondents feel about their member organizations, why they are not as engaged as they could be, and what their expectations are. We also share some insights into how they could become more engaged, longer-lasting members.
For organizations considering hybrid or virtual meetings, one of the most important questions is around how members will react. Will virtual attendees engage more as advertised, or will they be less likely to participate? Will physical attendees feel well served, or will they resent the virtual options?
There are three essential steps to making sure that your technology and virtual meeting solutions work for all of your members, whether attending virtually or in person.
1. Understand how members around the world feel about online options
One of the first steps to creating a seamless hybrid meeting experience is to understand how your members think about your organization and the options it offers. In our Global Members Insight Report, we explain how we discovered that members across the globe are keen on virtual options, but the motivations vary.
For some, it’s the cost required to travel to meetings. For others, it has more to do with the perceived value of their attendance. Understanding the nuances in why people prefer virtual options will help you design the solution that will work best for them.
2. Create a seamless connection for remote attendees
The technology required for online attendance doesn’t have to be a burden on your planning, resources or users. It should be a natural extension of the in-meeting technology you’re already using. Making sure these experiences align is important, not only so that your online attendees feel they’re getting the full experience, but also so that you have a single data source and a full audit trail after the fact.
3. Create an enhanced experience for in-person attendees
Of course, in-person attendance has its own draws, and the experience you create could be an important part of that. From kiosk voting to stunning event apps, a quality experience at the meeting will help physical attendees feel valued and well served, and be more engaged as a result.
No matter what solutions you choose, it’s important to keep members at the heart of your decisions. This will make sure they are as engaged as possible, improving the effectiveness of your meetings.
If you have a question, would like more information or would like to talk to one of our experienced team, then please complete the short form on the right and we will be in touch as soon as we can. We look forward to hearing from you.