Nsa membership Marketing Membership Counts and Profiles
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Membership Counts and Profiles Retention Lifetime Value Value Proposition & Member Benefits Ideas and Tactics NSA Membership 9/30/08 Active Members: 9,453 Associate Members: 747 Retired Members: 501 Student Members: 225 Educator Members: 96 International Members: 31 Life Members: 29 Firm Members: 11 Vendor Members: 6 Total Membership: 11,099 NSA Member Profile: Gender: Male Average Age: 57 Education: At least a 4 Year Degree Type of Practice: Sole Proprietorship Credentials: Enrolled Agent Annual Gross Income: $237,019 (in 2006) Annual Net Income: $81,100 (in 2006) NSA Member Profile: Processes More Than 500 1040s Annually More Than ½ Gross Income is Derived From Tax Preparation; 20% from write-up work Has Been in Practice for 23 Years Has 3 Full-Time and 2 Part-Time Employees Membership Recruitment Direct Mail Marketing Exhibits Go Getters State Directors Dual ASO Members Word of Mouth (Viral Marketing) Website ACAT & Scholarships Membership Recruitment FY 07-08 Results Joined NSA between 9/1/07 and 8/31/08: Active Members: 1056 Associate Members: 176 Student Members: 43 Educator Members: 8 International Members: 10 Vendor Members: 5 New Member Total: 1,298 FY 07- 08 New Members by District District I: 49 District 2: 212 District 3: 73 District 4: 230 District 5: 157 District 6: 57 Membership Retention To grow, it takes 2 new members to replace 1 dropped member Factors that Influence Membership Retention Associations that offer individual Membership as opposed to associations memberships typically will see lower renewal rates. Factors that Influence Membership Retention Associations that serve a market where dues are reimbursed or paid for by an employer will see better renewal rates than dues paid out of pocket by individuals. Factors that Influence Membership Retention Associations with a rapidly growing membership tend to have lower retention rates than groups with a steady or declining membership. This occurs because growing associations have a larger proportion of first year members and first year members typically renew at a much lower rate than longer term members. Factors that Influence Membership Retention The stronger the incentive used to get members to join an association, the lower the renewal rate will be when compared to members who joined with no incentive. Membership Retention Active Members: 88% Associate Members: 72% Retired Members: 98% Student Members: 59% Educator Members: 81% International Members: 69% *First year member renewal rate averages between 55%-60%. Membership Retention ASAE & The Center reports that the mean membership association and 91% for a trade association. Calculating Membership Retention # of members who renewed/# of members up for renewal. 125 renewed/150 up for renewal = 83% Total # of members today minus 12 months of new members/total # of members at this time last year. 3000 members – 500 new members= 2500/2800 members now = 89% NSA Membership Retention Multi-part renewal campaign: letters, e-mails, faxes, last issue newsletters/magazine wraps, telemarketing, incentivize early renewals New member welcomes & renewal campaigns Different messaging for different member types Exit surveys Continually communicate NSA benefits Engage members Customer Service & Use of Database Member Needs Assessment Lifetime Value (LTV) The Lifetime Value (LTV) of a member estimates the member’s financial contributions to the association over the life of membership. It is critical for planning & budgeting marketing expenses. Average Yearly Membership Dues Total Nondues Revenue Cost of Serving Members Lifetime Value (LTV) Average Member Tenure: 1/Inverse of the Retention Rate 80% Retention Rate: Inverse = 20% 1/20@ = 5 Years Average Tenure Average Yearly Dues x Tenure = Lifetime Dues Value of a Member Lifetime Value (LTV) Total Nondues Revenue/# of Members = Annual Nondues Revenue per Member Annual Nondues Revenue per member x Tenure = Lifetime Nondues Value of a Member Lifetime Value (LTV) Lifetime Dues Value + Lifetime Nondues Value = Gross Lifetime Value per Member Gross Lifetime Value – Lifetime Cost to Serve a Member = Net Lifetime Value of a Member *Lifetime cost to serve a member = total yearly expenses/# of members x average tenure What is Your Value Proposition? Who are you to members and who do you want to be? This vital assessment should drive your benefit & services package. Which benefits & services support the mission, vision & strategic plan of the association? Understand your members and have a keen awareness of what your are capable of doing and what you should or should not be doing. New Definitions of Value Years ago, belonging to one’s professional association was routine and dues were paid without questioning the benefit. Membership was viewed as a way to support the profession or defend the industry and that was seen as valuable enough to justify a lifetime of membership. New Definitions of Value Consumers have come to develop higher expectations from membership organizations. Today’s members expect a quantifiable return on their investment of dues dollars in addition to the association’s delivering on the mission. New Definitions of Value For every dollar they spend in dues, they demand at least a dollar’s worth of value in return. To respond to this trend, associations must continually demonstrate the value they return to their members and communicate that value consistently. Value Proposition = Unique Selling Proposition The association’s value proposition is composed of all the programs that are given to members when they join. It answers “Why Should I Join Your Association?: into two categories: Does the program provide a tangible or intangible benefit to the member? Is the program related to the mission of the organization or unrelated to the mission? Benefits Sweet Spot Unrelated to Mission Related to Mission Understanding & Articulating the Value Proposition: Turning Features into Benefits A feature is a product or service the association offers. When describing the benefits of membership, it’s crucial to put yourself in the shoes of the prospect or member. The benefit is more powerful than the feature because it defines actual value or outcome for the member Turning Features into Benefits Reasons for Joining NSA Top reasons members join NSA: Information Education and CPE Tie: Credibility, Ethics/membership certificate and publications Advocacy Networking Least important reasons for joining: Annual meeting Leadership opportunities 75% of members say NSA membership meets to strongly meets expectations Keeping up with tax law Marketing/business development Employee issues: hiring & retaining staff, etc. Technology Time management Competition Member Benefits: NSA Member Survey Results Customer service and relations: timeliness of service, getting info. from clients, keeping clients honest Education Expenses Cash flow Information overload Pricing of services Membership Marketing Tactics Letter Packages Outperform Self-Mailers Letters: Use Johnson Box , PS and PPS; Put the Appeal and Offer Upfront Letters: Longer Letters Out Pull Shorter Letters; should have more emotional appeal than brochures Envelopes: Plain or Teaser, Return Address, Live Stamp, Label, Handwritten Font, Color…Plain White & Boring Works Membership Marketing Tactics Speak to your audience’s pain points first and then offer a solution. But only in bite size chunks. Don’t give away all of your information. Create a desire to learn more and make it easy for them to find out more. Use every response technique you can - email, toll free telephone, fax, business reply card…repeat and make it easy to find. Membership Marketing Tactics Writing the Offer Link Benefits to Two Primary Motivators: Greed and Fear: · What’s in it for me? · What happens if I don’t respond? Offers with Deadlines Outperform Offers Without Them (90 Days) Membership Marketing Tactics Offer Incentives & Discounts: Should be 15-35% Price Points: #s Ending in a 7 or 9 Get Higher Response Rates Use Real Examples, Numbers Product Data, Testimonials Repeat & Repeat the Offer & Take Action Response Mechanisms—Make them Easy to Find Membership Marketing Tactics New Members Break Down the Welcome Membership Kit/Materials Into Smaller Pieces to Increase Communication & Encourage Engagement Welcome Call Six Month Check In, Thank You, “How Are We Doing?” Survey Communicate BEFORE the Renewal Cycle Begins Dostları ilə paylaş:
