Diving into Marketing General Incorporated’s latest Membership Marketing Benchmarking Survey reveals a masterclass on how associations have brilliantly adapted in a post-pandemic world, carving a path to impressive membership growth. At Cuseum, our mission is amplifying member engagement and loyalty for associations. To supercharge your strategies, we've handpicked and streamlined the 2023 report's crucial takeaways.
Ready to unlock the top 5 transformative insights? Let's dive in!
1. Association Membership is Soaring
After the blows dealt by the pandemic years, associations have come back stronger than ever. A significant 49% of associations reported an increase in membership, contrasting greatly with the mere 26% from last year’s report. Notably, only 22% reported a decline, marking one of the lowest figures in the survey's 15-year history. These results underscore a promising future for association membership, highlighting both their adaptability and the enduring value they offer to members.
2. Fueling Growth with Fresh Faces
Membership acquisition emerged as another driver for overall membership growth. While the loyalty of longstanding members remains a bedrock, boasting steady renewal rates like 81% for individual associations and 90% for trade groups, nurturing acquisition of new members is an added driver of association growth.
Fresh data reveals a whopping 50% of associations experiencing a rise in new member onboarding. The secret sauce? Balancing the trust of cherished members with the zest of newcomers. The consistent success in member renewals combined with aggressive new member acquisitions is a strategic blend for ensuring growth.
This dual approach not only strengthens your association’s membership foundation but also launches you into new horizons, ensuring vibrant growth across all association types.
3. Value Propositions are Growth Engines
Your value proposition is like the heartbeat of your association, and guess what? It's directly linked to membership growth! 🌱 Associations that deemed their value proposition as compelling or very compelling were more likely to see their growth skyrocket. On the flip side, those who felt their offerings were a bit thin on the ground might've seen a dip.
But here's the kicker: many associations could be the unsung heroes of value, especially when a whopping 85% of members are coming back for more. For associations, this highlights the critical importance of not only offering substantive benefits to members but also effectively communicating and reinforcing this value.
A strong and well-articulated value proposition can be a potent tool for attracting new members and retaining existing ones, whereas underestimating or failing to communicate this value can hinder growth opportunities.
4. Adaptability and digital transformation
The marketplace is buzzing with fresh momentum, as in-person conference fervor makes a thrilling comeback – 58% of associations are celebrating upsurged attendance! Not just stopping there, 47% of associations have confidently recalibrated their financial blueprints, a leap from last year's 30%. Today's workspace dances between remote and in-house vibes, reflecting diverse adaptability.
Crucially, adapting to this new paradigm means a significant technological transformation, with more associations than ever switching to digital memberships. For associations, this era is all about nimbleness and attuned responsiveness. The rallying call? Harness the exhilaration for in-person collaborations, while nimbly navigating through the fresh financial landscapes to resonate with our members' dynamic aspirations. Here's our chance to anchor resilience and skyrocket growth in this vibrant market transformation!
5. Loyalty Drives Resilience and ROI
The report spotlights recruitment and engagement, but the third pillar in the triumvirate for post-pandemic membership growth? Member renewals.
We already know that the key to renewals is member loyalty: Through the tides of challenges, unwavering renewal rates echo the trust members place in associations, painting a picture of profound mutual value and loyalty. For associations looking to maximize member loyalty, understanding and addressing individual member needs, while fostering a sense of community, can be a game-changer.
Taking a cue from post-recession dynamics, it's clear: while new member onboarding is the spark, deep-rooted engagement, enriched by consistent value delivery and innovation, is the flame that fuels member renewals, satisfaction, and ultimately loyalty. And, in turn, member loyalty fosters sustainable and consistent growth for years to come.
In a rapidly evolving world, associations stand as beacons of adaptability, resilience, and growth. This year's findings from MGI's report aren't just statistics; they're a testament to the incredible dynamism and value that associations bring to their members – and the value of membership to associations. The power of membership, as a tool to unite individuals and businesses, remains undiminished, fostering loyalty and building communities that provide essential information, networking opportunities, and advocacy. As this year marks, we are indeed celebrating a strong resurgence in membership growth!
Learn more about our digital solutions to enhance your association membership program by booking a free, no-pressure demo today!