There is an undeniable and direct correlation between member engagement and member value, this article will focus on the benefits of developing and improving member value.
For membership organisations it can sometimes be tough to develop either a perceived or actual value to your members without appearing wasteful or alienating them.
1) Members are More Engaged
There is an obvious overlap with the benefits of engagement and member value, both of which yield excellent results. If your organisation’s value to its members is clear those members will become more engaged and active with your organisation, and the importance of engaged members cannot be undersold; this keeps retention high and membership strong.
2) Become More Credible
When you develop your member value there will be major changes both internally and externally; the external benefits will be your organisation will appear and thus become both more credible and influential. Being more credible has a host of it’s own benefits, some of which are alluded to below.
3) Member Return On Investment
When you develop your member value and perceived offering, members will see value for money and return on investment, be that monetary or the time they invest.
4) Increase Your Membership
If you are very clear about the value to your members and potential members, with easily communicated points, it makes your member acquisition strategy dramatically simpler.There are a number of ways to do this, from clearly defining the benefits on your website, to creating summary PDFs, to creating leaflets to share with current members.
5) Improve Retention
As a direct result of the aforementioned, having clear communication of value doesn’t only increase your new member intake but it also improves current member retention. Having happy, passionate and retained members keeps your organisation healthy and attractive both internally and externally.
There’s a huge difference between a retained member and a loyal member, a retained member could just be passive but a loyal member is one of your best assets; if your organisation is promising and in fact delivering value then your members are going to be loyal, factoring further into the above retention rates.
7) Members Feel Important to You
Being relevant and important to the member is of course instrumental to the success of your value strategy but do your members feel like you care about them? The answer more often than not is a resounding no. Members will be reticent to tell you why they’ve broken ties, but this is a common issue.
These are just a few of the many benefits of developing a winning member value strategy, if you are interested in looking into more depth about your value to your members check out our resources section.
To find out more download our free ebook on - The Importance of Engagement for Your Membership Organisations.