I attended a recent seminar led by Pam Loeb with Edge Research and Peggy Smith with Community Brands focused on the title of this blog.
Value propositions are shifting from expectation driven to experience driven. For a book on the experience economy by Joseph Pine and James Gilmore go HERE.
- Expectations - outcome driven, logical, meets needs, everyone has it, tangible.
- Experience - influences decisions, emotional, above and beyond, subjective, intangible.
Engagement comes from exceeding expectations, which means being relevant and providing value.
And remember, an engaged member is worth more than a new member. So true!
Studies show that on average members of associations are 84% satisfied vs 55% feel connected - 20% extremely connected 80/20 rule (great opportunity to grow that connected percentage)
Extremely connected members - have the following characteristics:
- They care about belonging;
- Normally belong to more than just one organization;
- Wants regular communication from you that is targeted and are most likely connected locally; and
- They’re in their jobs a long period of time and in leadership roles.
Rank and file members - satisfied but less connected, want updates on a weekly or monthly basis.
Value seeking members - majority are critics, lapsed in the past year, little value for reason they dropped - they go by the WIFFM theme “What’s In It For Me.” Definitely not altruistics – those that believe in your overall mission and that’s why they are members.
Lapsed Members - the following are the top reasons for non renewal.
- ROI - cost too much or I didn't get anything out of it;
- Changed industry/employment;
- Forgot to renew;
- Company would no longer pay; and
- Decline in benefits or quality of benefits offered.
What drives retention - code of ethics, industry information, representing your interests, fueling growth of profession, advocacy and raising awareness, certifications, training, networking, fueling innovation, job opportunities, and online continuing education credits.
What’s interesting is that studies show little difference in the above observations no matter what generation your members are from.