One small association increased membership by 7 percent in a year using targeted “combo-promo” campaigns.
How to hack it? The M&A Source has more than 350 members involved in the mergers and acquisitions business, including intermediaries, investment bankers, attorneys, accountants, and financial planners. The association had an existing pool of nonmembers who attended free monthly webinars. To grow the membership, M&A Source targeted this group with a “combo-promo” campaign, offering both a membership and a future in-person conference registration at one discounted price.
Why does it work? Often, nonmembers sit idly by, says Ashley Uhl, the campaign’s manager and a senior association manager for Meeting Expectations, an event management and association management company. They may need an added incentive to join. The 54 percent savings that M&A Source offered helped to seal the deal for many nonmembers who had engaged in the free webinars: 33 new members registered, representing a 19 percent success rate from the targeted group.
What’s the bonus? At little to no cost, M&A Source registered highly engaged members. Combining this group with other similar campaigns, the M&A Source experienced a 7 percent increase in membership last year. The promotion also earned the M&A Source new volunteers, including several nominees for the board of directors.