Happy 4th of July and welcome back to Wednesday Roundup! This month’s edition of WR focuses on association revenue growth. Each week we’ll share ways to increase your bottom line and analyze successful groups in the industry. As always, be sure to check back weekly for all the tips and tricks.
Automated Membership Dues Notifications
It’s likely your association charges membership fees. Whether it’s a simple annual fee of 100 bucks or a complex calculation based on company revenue, membership fees are the building blocks of your bottom line. Assuming you have faithful members, that influx of money is a constant.
As your membership grows, managing payments can be tricky. Though this is a great problem to have, it’s essential you create a manageable workflow to collect and organize payments. If you’re not already using an association management software (AMS) solution – like AMO- that’s the first step. Managing finances in a spreadsheet just won’t cut it. If you’d like to find a solution that works for you, schedule a chat with our strategist here!
If you already have an AMS, explore your dues management tool. Are there any automated processes you can enable? We always encourage building an automatic dues reminder workflow because let’s face it, most members aren’t purposely missing their membership payments – they probably just forgot. Help them (and yourself) by sending out frequent reminders to log in and pay.
A great way to convert prospects or low-tier members to a higher membership is to clearly display member benefits vs. non-member benefits. See how the American Veterinary Medical Association cleverly presents the numerous benefits members receive.
Image Source: AVMA
They even call out the amount of money members could save by signing up. This incentive along with the long list of benefits could easily convert more prospects.
Capitalize on your current members by offering membership upgrades. During renewal season, create a page that advertises other membership levels and the unique benefits associated with that tier. Showcase an individual or organization whose at that level and the benefits they’ve received. Be sure that the steps to upgrade are painless and easy.
Offer Long-term Memberships
One easy way to collect more money up front is by offering long-term membership plans. If your association charges dues on a monthly basis, allow members to sign up for a yearly plan and receive a discount. Or, highlight a 2-year plan that provides special benefits and a decrease in overall price.
Chargify, a company that helps subscription based businesses manage growth and finances, wrote an interesting piece on monthly vs. annual payments. Though this doesn’t completely relate to associaiton memberships, the way they present pricing can be translated to membership dues.
Image Source: Chargify
If you’d like members to sign on for a year, present your pricing in a way that makes that option the most enticing. Use language like they do above – “best value!” – to peak their interest and show all the benefits it comes with.