retention in a tough economy, acce jan. 2009 dia logue
DESCRIPTION
This presentation outlines proven strategies to maintain a high retention rate for chambers of commerce. The strategies involve high level corporate decisions, down to tactics to be performed on the front lines.TRANSCRIPT
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Retention in a Tough Economy
ACCE DIALogueJanuary 22, 2009
Presented by:Tim Giuliani, Director of Corporate Outreach & Development
Florida Chamber of Commerce
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AgendaAgenda
• How top chambers view retention
• Segmenting members like a Fortune 500 company
• Back to basics
• Recommendations to improve retention this year
• Tough questions for you to start your retention journey
• Questions and answers
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LeadershipLeadership
The membership staff at a chamber has power and therefore, there is an opportunity to lead!
Be a leader!
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Member ExperienceMember Experience
• View your Membership Experience through the eyes of your members
– Do most members only receive emails and an invoice?
– Do only some attend events and the rest get a monthly newsletter?
– What happens when someone joins?
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Lifetime value of a memberLifetime value of a member
View members through a new lens:
Dues Other Time Total Value
$350 + $300 x 10yrs = $6,500
1 referral can double that amount!
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Retention RatesRetention Rates
Poll Question:
What was your retention rate last year?
A.Above 90%
B.80 – 89%
C.Below 80%
D.No clue
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Retention RatesRetention Rates
Source: ACCE Annual Operations Survey, 2007-08
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Retention Rates- First year membersRetention Rates- First year members
Source: ACCE Annual Operations Survey, 2007-08
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Segmenting membersSegmenting members
Wikipedia definition:
A market segment is a subgroup of people or organizations sharing one or more characteristics that cause them to have similar product and/or service needs.
Segment companies with similar
– Motivations to invest– Interest in benefits
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Segmenting membersSegmenting members
Segment 1: Business Builder-Networking, individual benefit, ambassadors
Segment 2: Business Investor-Seek ROI on specific benefit or program
Segment 3: Community Builder-Choose chamber as “vehicle for action”
Segment 4: Community Investor-Passively improve community
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Segmenting membersSegmenting members
What now?
View through the members point of view!
• Identify segments through survey’s, new sales, interviews, etc.
• Target segments with specific programs, events
• Focus renewal calls on their preferences
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Questions / Answers
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Creating and Communicating ValueCreating and Communicating Value
If your chamber closed today, what would happen tomorrow?
• Chambers created to unite the business community for advocacy and build the community
• Does your programs, events and communications match this need?
• Do you build community through advocacy?
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Recommendations for 2009 and beyondRecommendations for 2009 and beyond
• Retention is the job of the entire staff, not just 1 person
• Set consistent, accurate expectations during the sale
• Have new members complete “Plan of Involvement” and use during renewal time
• Build relationships deep within companies
• Review financial policies to be transparent
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Tough questions to you-Tough questions to you-
• Is your Membership Experience awesome?
• How many opportunities do you have for your members to get involved and lead?
• Are you creating a community for your members to get engaged in?
• Have “gimmicks” kept you afloat and now you need to re-focus your chamber on membership?
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Tough questions to you-Tough questions to you-
• Is every staff member focused on delivering superior customer service?
• Are all expenses necessary to deliver your Membership Experience?
• Can you say that members are the purpose of our work?
• Are your products and services aligned with your mission?