Last week we introduced October’s Wednesday Roundup theme, how to improve retention rates. In part 1, we analyzed the membership experience from pre-membership to a member’s one year anniversary and how that journey can affect the likelihood of renewal. If you missed it, you can check it out here.
Today’s installment focuses on membership renewals – specifically, the process members go through to pay their invoices and the actions that fall out of that. For many associations operating on a calendar year, membership renewals are right around the corner. To help you prepare, we’re sharing helpful strategies that increase efficiency, ensure a steady flow of revenue and, most importantly, delight your members.
Easy Renewal Process
Your members are busy professionals so make sure your renewal process is quick, easy and painless. Many AMS systems allow members to renew online in a matter of minutes.
See what it looks like in our own member portal below.
Now, instead of manually sending a check, with just a few clicks a member can pay their invoice online. Not only does this process delight your members but it also saves you time as an admin. Instead of mailing separate invoices to each member, bulk send everyone’s invoices to appear in their portal.
Offer Renewal Incentives
Add urgency to the renewal period by adding an incentive. This could be a discounted rate, free event tickets or free advertising space on event collateral. Set a short date range for said offerings to increase motivation.
Multiple Year Renewal
Offer members the opportunity to renew their membership for multiple years at a time. This set up provides more revenue for you up front and strengthens your overall bottom line. If members can afford the initial cost, it also saves them time.
Automated Renewals
Many AMS systems allow members to set up automatic payments. “Getting your members to hand over the keys to their renewal decision every year” is a dream of many admins. This type of payment method also eliminates the painless process of tracking down expired members.
Few words of caution for automatic renewals: unlike the automatic payments members make on their utilities, cable, or insurance, membership is more of a luxury purchase. Members may want the ability to make a conscious decision each year whether or not they’d like to renew so make sure each option is fairly presented.
Don’t forget to check back next week for part 3! Questions or comment? Send me a message at aketcham@arcstone.com.