Overhaul Your Membership Business Model For Greater Growth
- Brainz Magazine
- Oct 18, 2022
- 4 min read
Updated: Oct 28, 2022
Written by: Kadena TateSimon, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Membership organizations have been a staple of the American economy for centuries. From professional societies to trade unions to social clubs, they provide a vital role in connecting people and facilitating commerce. But in today's rapidly changing world, membership organizations can no longer rest on their laurels. You must overhaul your business model if you want to continue to grow and thrive. In this article, we'll discuss 8 strategies that association leaders can use to accelerate membership growth and profitability.
The first strategy is to focus on the member experience.
In the Experience Economy, businesses need to provide their customers with memorable experiences that cannot be replicated by technology. This means creating a culture of customer service and delighting members at every touchpoint.
For example, to create experiences and content that are relevant and relatable, draw a member customer journey map. Ensure documentation of every member interaction and align staff, processes, and technology to support the map.
The second strategy is to focus on member engagement.
To grow as a membership organization, you are tasked with keeping your members actively engaged. This can be done through a variety of means, such as providing value-added services, offering exclusive benefits and discounts, or creating a sense of community among members.
One way to increase member engagement is by using gamification techniques. For example, you can create a loyalty program that rewards members for referring new customers or taking certain actions. You can also use social media platforms like LinkedIn and YouTube to connect with members and build relationships.
By engaging your members, you are giving them a reason to care and be involved in the larger mission, vision, and purpose of your association. It is a win-win for them and you!
The third strategy is to focus on growth, not just membership retention.
Many organizations are so focused on retaining their existing members that they forget about the need to grow their membership base. This can be a self-defeating approach, since a stagnant or shrinking membership base will eventually lead to financial problems. Instead, you are encouraged to focus on strategies that will help you attract new members while also retaining your existing ones.
One way to do this is by offering flexible membership options that cater to different needs and budgets. For example, you could offer monthly or annual membership plans, as well as pay-as-you-go options for those who only need occasional access to your services. You could also offer discounts for large groups or corporate customers.
The fourth strategy is to tap into new markets.
In today's global economy, there are many untapped markets that membership organizations can pursue. By expanding your reach, you can attract new members and grow your business.
One way to do this is by developing international partnerships. For example, you could partner with a membership organization in another country that shares your mission and values. This would give you access to their members and allow you to expand your reach into new markets.
Another way to tap into new markets is by offering bilingual services. This would allow you to serve members who speak different languages and connect with new audiences. Organizations that embrace diversity, equity, inclusion, and belonging are better positioned to succeed in today's global economy.
The fifth strategy is to focus on building an ecosystem of partners.
In today's world, membership organizations need to think beyond their four walls and build an ecosystem of partners that can help them achieve their goals. This could include working with other membership organizations, technology providers, content creators, or even government agencies.
For example, you could partner with a local university to offer educational resources to your members. You could also work with a tech company to develop a mobile app that would make it easier for members to access your services on the go. Or you could partner with a content creator to develop a series of articles or videos that would be of interest to your members.
The sixth strategy is to focus on data-driven decision-making.
To make the best decisions for your organization, make sure that you have access to accurate and up-to-date data. This data can come from a variety of sources, such as member surveys, financial reports, customer feedback, social media analytics, and so forth.
A data-driven membership model is one that helps you to discover where to allocate your resources, how best to serve your members and optimize operations for maximum efficiency. Therefore, once you have this data, analyze it carefully to identify patterns, trends and opportunities for innovation and growth.
The seventh strategy is to focus on digital transformation.
To stay relevant in today's world, membership organizations must embrace digital technologies. This could involve anything from developing a mobile app to using data analytics to improve decision-making.
By digitizing your operations, membership organizations can become more efficient and effective. You can also reach new markets and serve your members in new and innovative ways.
The eighth and final strategy is to focus on continuous innovation.
In today's world, membership organizations need to be constantly innovating to stay ahead of the curve. This means being open to new ideas, experimenting with new technologies, and continuously improving your processes and services.
For example, you could use virtual reality technology to create a more immersive experience for your members. Or you could experiment with artificial intelligence to develop more personalized content and recommendations. Or you could use blockchain technology to create a decentralized member community.
Implementation ‒ What's Next?
Now that we know what it takes to grow a membership organization, it's time to start putting one or two of these strategies into action. If you're not sure where to start, schedule a consultation to discuss your association's growth strategy.
Kadena TateSimon, Executive Contributor Brainz Magazine
Kadena Tate is the author of “Cultivating Courage: The Path to Reclaiming Your Power” and contributing author of the NY Times Bestseller “Business Model You,” published by Wiley Press. In addition to writing books, Kadena also works as a revenue strategist and business model designed for authors, coaches, and speakers who want to create movements, masterminds, and membership programs.
