If your organization is not actively investing in customer retention, you are leaving money on
the table. As we have met with clients and visited conferences, a trend has become clear. Most benefit providers and associations are primarily investing in enrolling new members. Yet, in our research, value from members comes from retaining them, not initially acquiring them . Engaging and retaining members has become the competitive advantage of the year.
Last year, only 24% of associations reported an increase to their renewal rates. 44% of associations reported no change to renewal rates since last year. The top reason members don't renew their membership is a lack of engagement. Associations who improve their member engagement are more likely to have higher renewal rates . Higher renewal rates helps in optimizing each members' lifetime value.