Can you put a true dollar value on membership in your Association?
If you are asked how you came up with the dues price or “membership investment” could you explain it?
The “value vs. price” equation is a tool that a lot of businesses use to justify the price of their goods and services. Consider creating a “tangible” value for your membership dues that is easily understood and creates a compelling reason to “buy” (join) and continue to “buy” (renew).
Here is just a quick example that you can tailor to fit your Association.
Remember that many member benefits are nearly impossible for a member to calculate so the dollar value that you put on them will in most cases be perceived as correct.
Benefits and Value:
Company name and contact information listed in newsletter as a new or renewing member and sent to over 300 subscribing member companies – Value: $155.00
Company name and contact information listed on Association website for twelve months at a minimum value of $22.00 per month – Annual Value: $264.00
Company name and contact information listed in the annual Membership Directory that is a buying resource direct mailed to 300 member companies representing nearly 3000 co-workers, employees and family members – Annual Value: at just $1.25 per member company, $375.00
Committee Participation: Participating on a committee is one of the most powerful direct marketing tools the Association offers. At the committee level you will have direct face-to-face access to some of the most powerful, successful and influential business people in the community. Building just one or two new business relationships in this networking environment can significantly increase your bottom line – Annual Value: $225.00
Membership Business Meetings: Over 100 business decision makers attend these events 10 times per year. The networking value and exposure for member companies to this powerful and valuable audience has facilitated thousands of new business relationships and transactions over the years. Marketing value per meeting – $75.00 Member investment $25.00 – Annual Net Value: $500.00
Total membership value so far: $1,519.00
Total membership dues price: $575.00
…and the list goes on and on and on!
Make a list of all of your member benefits, marketing tools and opportunities. Put a dollar value on each. You’ll find that the total benefits can easily be valued at several thousand dollars. Using the value vs. price equation gives you the tool you need to increase membership and increase retention.
NOTE – The same process can be used for sponsorships, newsletter ads, event participation and any other revenue producing item in your association.