Ready to win big at the membership packaging and pricing game?
Read on for tips to help you set the right membership models at the right price for greater member retention and acquisition.
By Caitlin Hustrulid, Marketing Manager, Community Brands
Does thinking about your association’s membership models make you feel like you’re on The Price is Right? Just as the TV game show asks contestants to “Come on down!” to identify accurate pricing of merchandise, you must set the right membership models at the right price to win the prize: member acquisition and retention.
Of course, for your association, it’s not a game. It’s something that warrants careful consideration.
Growing and retaining your membership base requires membership packages (benefits and pricing) that help you attract new members and keep members renewing year after year.
If you overprice your membership levels, you run the risk of turning off members. If you underprice them, they might seem less valuable than they really are (and might even leave much-needed dollars on the table!).
But hitting the mark with your membership models and pricing doesn’t have to be complex and daunting. With the right approaches and the right tools, creating membership levels and prices that hit the mark can be a snap (and maybe even a little fun!).
What it takes to hit the membership level and pricing bullseye
In the 2021 Association Trends Study by Community Brands, two of the top three reasons lapsed members gave for failing to renew their membership with their organization were that it became too costly and that the organization provided little value. This underscores the importance of striking the right balance between price and member value.
At the highest level, finding the right balance requires:
- Getting member feedback – gathering input so you can understand what benefits members want most
TIP: YourMembership AMS by Community Brands has survey functionality built in, making it easy to build and send targeted surveys and get feedback.
- Considering new membership models – thinking about new ways to package memberships, including multiple payment options, that attract more members and meet members’ needs for years to come
- Setting the right pricing – finding the right pricing strategy to meet your revenue goals while providing the best member value
TIP: YourMembership AMS allows you to easily set up a variety of membership models and accept multiple payment options, including convenient recurring and installment payments for member dues.
Benefits of rethinking your membership models
Rethinking and reworking your membership models might sound like a lot of work, but it can really pay off. Just consider these benefits for your association and your members:
For your members:
- Your members can choose the membership level that best suits their needs.
- By adding convenient payment options, your members can pay in a way that works for their budget.
- Offering an auto-renewal option makes renewal convenient for your members and helps to reduce the likelihood of membership lapses.
For your association:
- Modernizing your member experience leads to happier members who stick around.
- Your association is seen as with-the-times, and not outdated.
- Choosing membership levels and pricing, and having the right technology to support them, makes it easier for your staff to deliver greater member value.
Discover more key concepts and tips to help ensure the price is right for your association’s membership models: Sign up to attend the upcoming webinar, The dues and don’ts of association pricing strategies on April 28, 2022.