How to Retain Your Customers' Membership
| May 19, 2022
The member retention rate is a measure of how long a person stays a member. In other words, it's the ratio of members who stay in your subscription vs those that cancel. Member retention is critical since it indicates whether you're achieving the outcomes and transformations that your customers desire. It's a vital tool for
1. determining how much value members get out of their continuous membership and
2. learning how to provide value to members and increase your membership in the future.
When members feel like they've made true, long-lasting connections with one another, membership models thrive, and driving retention generates additional opportunities for those connections to happen.
You should be aware that acquiring a new customer costs five times more than keeping an old one.
So rather than wasting time and money on obtaining new members, you should focus on nurturing and retaining the ones you already have. Member involvement results in member retention.
These are a few things you should take into consideration for achieving the best client base both new and existing ones!
Welcome Your Members
Your new clients will be excited about signing up straight away and staying engaged. They are welcomed. Yes, it's that straightforward. A single welcome email sent to all new members can help you maintain long-term member retention.
Welcome emails are a terrific way to show your members that you care about them and are glad they've joined your team. They're also excellent for giving new members more information about the services you offer so they feel more at ease right away. Want to go the extra mile? Maybe offer a t-shirt or tote bag for people who sign for their first month as a gift of appreciation. Keeping in contact with your clients regularly is very important to keep your client always motivated to keep returning, as some studios would just abandon it, such a small thing makes the biggest difference.
Interactive Content and Feedback
I know everyone does not like spam emails every five seconds so if they are made to be interactive it makes the customer feel more involved and giving their feedback can make their experience feel more personalized and can even improve it. This can be done by simply implementing short quizzes, surveys, or adding in polls for certain set questions, etc. Members are more likely to stick around if they sense that you value their thoughts and suggestions. Not only because you altered the things they thought needed to be addressed, but also because you demonstrated that you care about them.
Everyone loves something personalized! So, when you receive an email specifically for you, you feel more involved and considered. They are not just receiving a generic boring email that addresses everyone, they are receiving one specific for them and what they signed up for.
Consider carrying out a loyalty program for your clients to motivate them to keep going with their progress and get rewarded at the same time. For example, offering a free month for a customer when they reach 6 months or a year with you, etc. If you notice someone hasn’t come in a few weeks, you can maybe offer them a discount on their first lesson back to get them excited again! Better yet, with some software, you can automate this process.
Prioritise your customer service, provide a system that responds quickly and conveys that someone is concerned about your satisfaction. Integrating a monthly survey into your group communications can help you stay ahead of any service gaps before members start the process of giving constructive feedback.
Building consistency and trust with customers is important. Always keeping in contact with your customers is a very important step as it shows you have an interest in them and want to engage and build a relationship with them. Make sure every class runs as smoothly as the previous one or better.
Overall, client retention is one of the, if not the most important part of a business as it shows you can retain customers due to the foundations you put in place from the very start from when they signed up. When customers feel valued, they are more likely to return to make another purchase.