Member demographics are changing. According to recent Community Brands research, the members who are most engaged today are younger and more diverse.
Today, Millennials in the workforce represent the largest segment of the working population and GenZ is the latest demographic of student and early careerist members.
76 percent of members join an association as a student, recent grad or within the first 5 years of employment.
Younger members’ technology expectations are shaped by their consumer experiences. Millennial and Gen Zers connected with mobile devices at an early age and used online tools throughout their education. These generations now expect similar types of interaction with technology throughout their experiences.
Layer on top of the expectations of our newest members, 2020 accelerated the rate of change and digital transformation. Through this, we learned that associations have to change now. Today’s members will no longer accept outdated and manual e-commerce experiences. Associations must adopt e-commerce activities that make engaging with your association easy. Convenience is key to a great experience and key to your future revenue.
Here are 5 ways you can boost your association’s revenue in 2021
Auto-renewal makes membership easy. With auto-renewal, membership is conveniently renewed at the end of the membership cycle. Membership dues are automatically charged to the member’s credit card.
- Makes renewing easy for members. The great thing about auto-renewal is that members can set it and forget it. Members don’t have to worry about forgetting to pay their dues or requesting a check with auto-renew.
- Free up association staff time. Your staff will spend less time chasing down members for renewals. The time spend on those tasks can now be spent on more important member-centric work.
TIP: Make auto-renewal the default option. This will enable you to grow the number of members utilizing auto-renewal.
Installment payments keep your revenue incoming, while your members have easier options to engage with your association. Installment payments can make membership and product offerings seem more affordable to members and prospective members.
- Remove the cost barrier. Price can be a barrier to joining, renewing, or purchasing products especially for those early in their careers or those in-between jobs. An immediate investment of $1,200 versus $100 a month for one year could be exactly what your member needs to engage with your association.
- Recruit more members. The best time to attract new members is early in their career stage (as a student up to their first five years into their career). With affordable membership options, you can recruit more members.
Did you know? 59 percent of members pay their own membership dues.
Top resources for member retention
Download the kit for strategies, tips, and real customer stories related to member retention.
Scheduled payments enable your association to receive a payment commitment from members when you have their attention. Once your staff has the commitment, payment can be scheduled and automatically processed on the agreed upon date.
- Flexible options. Scheduled payment enables members to make a commitment today for payment in the future. Whether a sponsorship, member dues or a donation, scheduled payments will help you get the commitment.
- Predictable revenue stream. The easiest way to ensure payment from members is to setup payments in advance. Scheduled payments allow you to predict your revenue stream and ensure invoices are paid.
TIP: Scheduled payments can be extremely useful for event sponsorship commitments or with organizational memberships.
Account updater automatically updates changes to card information. It secures your revenue without the need for the cardholder to update their information.
- Seamless member experience. With automated updates, members won’t experience an interruption in membership. Account updater ensures a seamless member experience.
- Make staff more efficient. Say goodbye to the days of tracking down a member to update their card information. Your staff can now spend time on more important member activities.
Did you know? Approximately 30 percent of credit cards expire each year. If you have 5,000 members, that means 1,500 members cards expire every year. No one has the staff time to call or email that many members.
Stored payments securely stores card information so that members don’t have to type them in each time they renew or purchase a product. Stored payments keeps revenue flowing into your association.
- Quick and easy checkout experience. Stored payments simplifies checkout. The quick and easy experience can be the difference between a purchase and an abandoned cart.
- Removes barriers to purchase. Not having to pull out your wallet or purse to find your credit card and reenter all of the payment details (for the umpteenth time) removes a huge barrier to purchase.
TIP: Stored payments makes mobile transactions smoother and easier for the mobile users.
Ensure you have modern e-commerce options in place that mirrors consumer experiences, supports a great mobile experience and allows you to deliver experiences members expect today and in the future.