Membership based organisations have unique business requirements. Not only do they have to invest in recruiting new members, but there must be some level of investment in retention.
Having a system to keep track of information is essential. Every membership organisation will have some sort of ledger to record who belongs to their organisation, be it a simple spreadsheet or full-blown customer relationship system (CRM).
The power of modern technology is providing more and more opportunities for organisations to step up their offering to members, reduce churn rates and increase revenue.
Some of the advantages are simple, even obvious.
Integrating web technologies like a web-based sign up form or app directly to a CRM eliminates double handling of data and saves valuable time. But these integrations can go even deeper.
How many of your members have visited the “cancel membership” page but not yet taken the final step? And how are you targeting these individuals to retain their membership?
Have you thought about integrating external datasets with your membership database? There is plenty of free and commercially available data that can enhance your understanding of what drives your members.
And from there, properly trained data scientists can take a holistic look at your members and build comprehensive retention and acquisition models. Forget untargeted offers that end up wasting your limited marketing budget on customers who were already going to sign up or had no chance of leaving. Target your spend to those you need to acquire as members, or those who are most at risk of leaving.
Does your business or organisation rely on members or subscribers? If so, how are you harnessing the data that is right in front of you for the best returns.