Are You Doing All You Can to Keep Your New Members Engaged?
Fact: New association members renew at a substantially lower rate than other members.
So how do you keep your new members engaged?
Have you noticed that your new association members don’t renew at the same rate as your established members? Well you’re not alone. Low retention rates among first year members is a common problem among associations worldwide. Qualitative interviews of 345 association members conducted by Kaiser Insights LLC, indicate that the prime cause of this disparity is that a growing number of new members do not perceive value in their membership or have a weak member experience. These poor value perceptions and experiences can leave new members feeling disappointed and let down, ultimately leading to non-renewal of their membership. The end result? The association misses out on creating a life-long member, a future industry leader and an advocate.
The cost of new member acquisition is high. Yet every year, as many as 30% of first-time members slip away. Imagine if you could improve your new member retention by 15% or 30% or even 50%?
Get A Comprehensive Report on New Member Engagement Trends and Best Practices
In July 2017, Dynamic Benchmarking, in conjunction with Kaiser Insights, launched a first-of-its-kind benchmarking study to unearth the best practices in new member engagement, onboarding, orientation and retention. This study has gathered both qualitative and quantitative data to deliver a comprehensive report that is both informative and actionable. Amanda Kaiser of Kaiser Insights is hard at work on the aggregate report which will examine some of the initial trends and best practices unearthed in our New Member Engagement Study. Expect to see this report in December 2017.
Access Ongoing, Dynamic Reporting on New Member Engagement Practices and Trends
The New Member Engagement Study is an ongoing, living process, dedicated to the improvement of the association industry. Data collection will remain open and all organizations who meet the minimum submission thresholds will have access to personalized reporting through the study. Reports include peer-to-peer comparisons and industries trends presented on a variety of industry best practices and key performance indicators including:
What new member engagement tactics are being used and which ones are most successful
How associations are measuring the success of their new member engagement programs
What tools are being used in new member engagement
Budgetary data on new member engagement programs tracking return on investment, percent of budget as percent of total revenue, renewal rates and more.
Thank you again to all of our study participants and sponsors who made this study possible. We had over 100 organizations who submitted data to over 70% of our study questions, exceeding our initial expectations. We look forward to delivering results soon!
A special thanks to our research partners for this study...
You Can Still Participate!
While data collection for the study’s aggregate report has closed, participation is still ongoing for dynamic reporting through this study, and all organizations who meet submission thresholds will have access to personalized reports.
Sign up today to gain access to best practices and trend data. See where your organization stands compared to others!
Ready to start?
Use the link below to create your account and start entering data:
Study results will be released in December 2017. All participants will receive access to study results that include personal benchmarks of your organization's performance against the data collected from the industry.
WORD ABOUT DYNAMIC BENCHMARKING
Our FMC members needed a consistent and easy to use tool to compare their performance with their peers. Dynamic Benchmarking clearly offered a solution that would fit our needs and overcome the obstacles faced in collecting consistent data from this market segment.
Vice President of Member Development
National Association of Mutual Insurance Companies