In today’s fast-paced world, membership organisations have a significant role to play beyond offering services or benefits to their members. Ensuring the physical, mental, and financial wellbeing of their members is not only an ethical obligation but also a strategic imperative that can benefit both the members and the organisation itself.
On average, membership growth and new member acquisition have replaced member engagement as the sector’s number one priority, as revealed by the intriguing results from the Digital Excellence report 23/24. Online member engagement continues to become more sophisticated, and over the coming years, we need to shift our focus away from traditional data sources. However, we recommend that key ingredients in any membership body’s digital approach should encompass the prioritisation of online member engagement, continuing to increase member retention, and enhancing online member value. Finding new viable solutions that both help members and aid in acquisition is paramount.
Furthermore, the report highlights that workload has increased, as indicated by the DX 2023 survey results. Additionally, silo working, and culture are cited as one of the top 10 challenges facing the sector. Therefore, member wellbeing is vital moving forward to address these growing challenges.
Here are some key thoughts on how to address this.
1. Enhanced Member Engagement and Loyalty
Membership organisations thrive on the support and loyalty of their members. By investing in programs and resources that address physical health, mental wellness, and financial stability, these organisations foster a strong sense of belonging and trust. This, in turn, encourages members to actively engage with the organisation’s offerings, renew their memberships, and even become advocates. Prioritising member wellbeing strengthens the organisation’s core by cultivating a dedicated and enthusiastic membership base.
2. Improved Member Retention
Retaining existing members is crucial for the sustainability of membership organisations. Providing support for the holistic wellbeing of members, including fitness programs, mental health resources, and financial planning assistance, can significantly reduce member attrition. A member who feels their wellbeing is considered less likely to discontinue their membership. This stable member base ensures a steady stream of income and reduces the need for constant recruitment efforts.
3. Attracting New Members
Organisations that prioritise member wellbeing become attractive destinations for new members. Prospective members are more inclined to join an organisation that values and supports their overall wellbeing, seeing it as a valuable resource. Positive recommendations from satisfied members who have benefited from the organisation’s wellbeing initiatives can serve as powerful magnets for attracting new sign-ups.
4. Positive Brand Image and Reputation
Membership organisations rely on their reputation. When they actively contribute to their members’ physical, mental, and financial health, they build a positive brand image. A strong brand not only attracts new members but also enhances the organisation’s standing in the community and industry. This reputation becomes a valuable asset in a competitive landscape.
5. Long-Term Sustainability
Long-term sustainability is crucial for membership organisations. By assisting members in securing their financial future through educational workshops and resources, organisations ensure a consistent flow of dues and fees, even during economic downturns. This financial stability allows organisations to plan for the future and expand their offerings, safeguarding their long-term sustainability.
6. Community Building and Networking
Membership organisations are hubs for building social networks and communities. By supporting members’ mental wellbeing through events, seminars, and workshops on mental health, organisations create a sense of belonging and combat social isolation. This not only benefits the members but also strengthens the organisation’s community and sense of purpose.
In conclusion, the vital importance of focusing on the physical, mental, and financial wellbeing of members cannot be overstated for membership organisations. It’s not just a moral duty; it’s a strategic choice. By nurturing their members, these organisations secure their own sustainability, positive image, and growth. A healthier, happier, and financially secure membership leads to a thriving and prosperous organisation. In the end, it’s a win-win situation for all involved.
If you would like to implement member wellbeing and find new viable solutions that help both members and aid in acquisition, please contact Chris at The Social Value Company – [email protected]
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