Membership-based businesses work hard to attract new members and keep their existing members happy. But how can you insure successful returns once a membership ends? After the first year of a membership has passed, the membership expires and a new membership must be purchased. It is better to have the member commit to another year than to have an open-ended renewal. By offering a membership with a definite beginning and end period, you know exactly how long you can count on the receivables from each member. If a 12-month commitment becomes open-ended afterwards, you do not know if you can count on those members monthly dues for another 3 months or 3 years.
The good news is that your second year can be just as affordable as your first! Be positive, even when you are presenting news a member might not want to hear. No, the second year should not be discounted.
If you are still providing the same great service after the first year, members won’t have a problem continuing at the same rate. Many membership-based businesses increase the rate after the first year. Let your members know they are getting a deal! Make a huge impression during the member’s initial membership. Focus on making them feel good about the decision to join your facility and you will be rewarded.
Put extra effort into getting your member involved in all of the benefits your business offers right away. For example, a fitness club would pair up the member with a trainer or coach at the first visit so that she can reap the benefits of the club and start achieving her goals immediately. The member might be anxious and nervous about using your business. It is up to you and your staff to make them comfortable and make them come back for more.
In addition to making members aware of the benefits your business has to offer them right off the bat, you must also have impeccable member service to maximize your renewals. Keep in mind these points:
• Are you inspiring your members to reach their personal goals?
• Are you not only listening to, but addressing concerns?
• Do you value your members input?
• Are you working on solutions before problems arise?
• Do you know at least 60% of your members by name?
• Are you planning a member appreciation event?
Don’t place too much emphasis on bringing in new members while assuming current members will stay or even renew. Each renewal must be treated like a new sale. Focus on keeping the members you have. A member that has been with you for a few years has loyalty and will bring you renewals.
You might say all the right things to your members, but you also have to deliver on promises as well. You must ensure that your staff is bringing the member’s dream to life on a daily basis. Poor member service will drive your members away. And while you should focus on providing impeccable customer service, don’t forget to reinvest in the business. You have to put money in if you expect to get more money out.
Wondering where the money will come from? Great customer service...leads to renewals…which leads to a growing membership base….which leads to more money to reinvest in your business!
Building Renewals in MembershipBased Businesses - To learn more about this author, visit Christopher Palumbo's Website.
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