It’s important to know your numbers so you can chart your success.
Membership is a numbers game -- make sure you’re tracking your results with these simple equations.
(Current members – Number of new members) / Number of members in the past year
1 – Retention Rate
Number of current members / Number of potential members
Average Dues Revenue
Total Dues Revenue / Number of Members
Average Non-Dues Revenue
Total Non-Dues Revenue / Number of Members
Average Cost to Service a Member
Total Membership Expenses / Number of Members
Lifetime Value of a Member
(Average Dues + Average Non-Dues) x Average Number of Years of Membership
Keep these formulas handy. Know your numbers!
- The chamber that advocates;
- The chamber that brings jobs to the community; or
- The chamber where you can network for business opportunities.
I’ll grant you that you may be doing all three, but pick one to plant your stake in the ground.