On average, it costs an organisation 7-10 times more to acquire a new customer than it does to hold on to an existing one. Here are our 10 top tips to increase your customer retention.
1. Improving membership loyalty benefits
This can be achieved by identifying specifically what members most value; either in your existing proposition or more broadly as a consumer. Increasing Membership value can be achieved by developing and offering additional benefits for other services that your organisation offers such packages of products or services or on a member joining receiving a voucher for discounts on events for the first year.
2. Communicate your benefits
Ensure members are aware of the benefits their subscription offers them. Take advantage of the ‘Value Statements’ that ProConnect can provide as often, many members can pass by the benefits and value they are receiving from their membership. This could include the ‘whole life’, qualitative benefits of membership to the individual such as the increased salary potential of achieving your qualifications or the career development opportunities of networking at conferences and events.
3. Offer rolling renewals
ProConnect includes a rolling renewals feature to keep the renewal process simple for your members, i.e. sign up today and renew membership in a years’ time. This will also increase efficiency within your organisation as renewals are likely to be spread over a longer time period rather than one specific time period.
4. Target campaigns by segmenting data
It is vital to hold as much valuable data as possible within your CRM solution for each of your members, to enable campaigns and communications to be targeted to match their specific interests. This data can easily be utilised to segment records and therefore to create targeted and personalised communications.
5. Increase member personalisation
Your member facing website should be personalised to your members’ interest and preferences by utilising data held within your CRM solution to give members access to relevant content tailored to their preferences. ProWeb enables you to create and tag website content which in turn enables you to notify members and surface content that matches these preferences and interests.
6. Increase member engagement
It is vital that a member engagement strategy is implemented across your organisation. The ‘spray and pray’ approach simply won’t cut it with the modern member, who is likely to be used to receiving personalised recommendations from the likes of Amazon. Members expect an interactive and value driven online experience, it is vital that your messages and content are personalised to the needs of the individual.
7. Pinpointing problems
Why are members leaving? It is vital to understand your member retention and to regularly collect member and staff feedback to highlight reasons as to why they are not renewing. You should also think more broadly about retention so you are measuring where members purchase products and services but then do not go on to repeat purchase. ProConnect can help you by identifying members who buy products and services but do not repeat buy.
8. Fully responsive access
Members should be able to access personalised website content and their online membership account how, when and where they want. Your website should work effectively work on PCs, Macs, Tablets and mobiles to enable your members to engage on a number of different platforms. Performance testing is also vital, particularly stress testing your website to see if it can cope with peaks in demand such as student registrations and renewals.
9. Retention is everyone’s job
Member retention should be seen as everyone’s responsibility. However, inefficient internal processes and tying up staff handling ‘waste work’ takes them away from serving members and hence keeping them happy and loyal. Protech works with our clients on developing a member centric culture by transforming people, processes, partnerships and technology.
10. Value loyal members
There will be selected loyal members who are passionate about your organisation. It is important to build a long term relationship with these members so as to harness their passion for your organisation. You can do this by making it easy for them to communicate and engage with your existing and prospective members. This can be supported by digital tools such as those available within ProWeb and includes engagement tools such as forums and blogs.