Let’s all say out loud “Lifetime Value of a Member."
You know the Lifetime Value equation:
(Average Dues + Average Non-Dues) x Average Number of Years of Membership
If you’re a numbers person, you’ll want to track this number on a regular basis. It’s all about retention. The better your retention rate the bigger the ROI will be when it comes to your lifetime value.
Are you incorporating engagement campaigns, especially for 1st year members, to raise your retention rate? We all have the challenge of a low first year retention rates vs. our base members.
If you don’t have a strategy in place to improve your retention rate, now is the time to start.
For a previous blog post on membership equations go HERE.