Data Nugget: How Do You Renew?
A look at the various payment options associations offer to members for their membership dues.
It’s great when a member sends a dues check on time, paid in full, but a lot of members need a little nudging. Installment payments are the most common renewal option that associations offer to make paying dues easier, especially among trade associations (66 percent). Meanwhile, associations with renewal rates below 80 percent are more likely than others to try to boost those rates though multiyear renewals and early-renewal discounts.
Source: Marketing General Incorporated, “2015 Membership Marketing Benchmarking Report”
Renewal Methods, All Associations
Installment renewal 43 percent
Multiyear renewals 32 percent
Automatic annual credit card renewal 27 percent
Lifetime membership 23 percent
Renewal bill-me 18 percent
Early-renewal discounts 17 percent
Automatic annual Electronic Funds Transfer renewals 14 percent
Gift or premiums for renewal 12 percent