A good member retention rate is key to the success of any association. It does not only allow your association to thrive but shows you if you are providing what your members with what they need.
Member retention is the measurement of how many of your members choose to keep an active membership. This is especially important to consider when your renewal time of year rolls around, as you want to maintain a healthy balance of new joiners and renewing members.
How to calculate member retention:
Although maths equations aren’t usually anybody’s friend, the formula to calculate member retention is really very simple.
You need to first establish:
- Start figure – the number of members at the beginning of a given period e.g., 950 members in January.
- End figure – the number of members at the end of a given period e.g., 980 members in December.
- New members – the number of new members you have accrued over a given period e.g., 100 new members have joined between January and December.
(End Figure – New Members) ÷ Start Figure = Retention Rate
(980 – 100) ÷ 950 = Retention Rate
880 ÷ 950 = Retention Rate
880 ÷ 950 = 0.93
Retention Rate = 93%
Using this formula, you can understand how many of your members are staying with you over your renewal period.
How to maintain member retention
If your member retention isn’t in the place you’d like it to be at the moment, ask yourself what you can do to help boost your numbers. It’s fantastic to be able to keep bringing in new members every year, but you must offer enough to retain them within your association.
Provide personal access to your members
At some point everyone in your association is going to need some sort of personal help or guidance. Giving your members the ability to contact your Board will deliver a personalised experience, as well as develop relationships throughout your network.
You don’t necessarily have to be available 24/7, but as a Board member you can contact your members directly through webinars, emails and the occasional phone call if needed.
Clear benefits
Ensure your member benefits are clearly outlined. Many of your members may not know the extent of the benefits you provide, especially if they signed up to your association through their workplace.
Send out literature to your members when they sign up to let them know exactly what you offer, what you can help them with and why they should remain a member.
Ongoing news and information
It’s important not to overwhelm your new members, but ensure you keep in touch with them. Regular contact is what let’s your members know that you’re still there. Send them updates, news and details of exciting opportunities you can provide them.
Survey your members
If you don’t know why you’re not retaining as many members as you would like, then ask them. It is quick, free and easy to send out questionnaires. A few questions to former members may help you understand why they left, and what you can do to pump up your member retention numbers.
Let us know your member retention rate in the comments! What can you do to boost it?