©SHRM 2014 Bhavna Dave, PHR Director of Talent SHRM member since 2005 Understanding Your Membership: Key To Retention & Growth Phyllis Shurn-Hannah, SHRM-SCP.

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Presentation transcript:

©SHRM 2014 Bhavna Dave, PHR Director of Talent SHRM member since 2005 Understanding Your Membership: Key To Retention & Growth Phyllis Shurn-Hannah, SHRM-SCP Scott D. Ferrin, SHRM-SCP Field Services Directors April 22, 2015

©SHRM 2014 Today’s Agenda 1.Analyzing the Membership Report 2.Membership Calculations 3.Best Practice Sharing

©SHRM 2014 Kristine Hofmann Membership Operations Coordinator Our Special Guest Presenter! Kristine Hofmann Membership Operations Coordinator (W)

©SHRM 2014 Kristine Hofmann Membership Operations Coordinator A Closer Look at SHRM’s Monthly Membership Report

©SHRM 2014 D Bhavna Dave Director of Talent SHRM member since 2005 Who is Who? Let’s define the SHRM terms!

©SHRM 2014 SHRM Terms At-large Members At-large member is a SHRM member who is not affiliated with a local chapter. Local Members Only (LMOs) A LMO is a local chapter member who is not a SHRM member. Primary Members Member of more than one chapter (multi-member) who designates one chapter as the primary chapter (this chapter receives CFSP for the member).

©SHRM 2014 SHRM Terms Multi-Members Member of SHRM who maintains membership in multiple chapters. Primary chapter affiliation is with another SHRM affiliate chapter. A chapter would receive credit for chapter affiliation percentage purposes for multi-members but not for CFSP. Expired Members Former SHRM Members whose SHRM membership has lapsed. Student Members A SHRM member who is currently enrolled in a degree seeking program at a college or university and has joined SHRM as a student member

©SHRM 2014 SHRM Terms CFSP (Chapter Financial Support Payments) This is the money that is paid to the eligible chapters for the primary SHRM members in their chapter Coding In order for a chapter to receive CFSP for a particular SHRM member, the SHRM member must have designated that chapter as their primary chapter. Please send membership updates and/or signed Primary Designation Forms to your Member Engagement Associate (MEA) to have the person coded to your chapter.

©SHRM 2014 Monthly SHRM Membership Report Bruce Elliot Manager, Compensation & Benefits SHRM member since 2011

©SHRM 2014 SHRM In-Chapter Membership Growth

©SHRM 2014 SHRM In-Chapter Membership Growth

©SHRM 2014 SHRM In-Chapter Membership Growth

©SHRM 2014 Represents 1 moment in time! It can change in a day’s time. Is only about SHRM members! SHRM has only their members in their database

©SHRM 2014 Does not count student members or those coded to another chapter as their “primary” Compares the number of SHRM members coded to the chapter this year to previous months and to December of last year

©SHRM 2014 Shows which chapters are trending positively and which have gained Star or Superstar status The report includes terms you may or may not know. These are important to understanding any report from SHRM. Check the definitions pages at the beginning of this webinar.

©SHRM 2014 Scorecard Information

©SHRM 2014 SHRM In-Chapter & At-Large Per State

©SHRM 2014 Roll-Up Page Region Roll-up is by state

©SHRM 2014 Contact us! Your Member Engagement Associate and Field Services Director can help answer additional questions.

©SHRM 2014

Member Retention Membership retention encompasses how you engage your members and how you execute your renewal programs to keep members over time. WHAT IS MEMBERSHIP RETENTION?

©SHRM 2014 Key Membership Calculations Response Rate Cost to Obtain a Member Renewal Rate Average Tenure Lifetime Value Maximum Acquisition Cost Steady State Analysis Poll

©SHRM 2014 Response Rate Measures the number of prospects who responded to a marketing effort. Response Rate = Total number of responses / Total number of prospects contacted X 100.

©SHRM 2014 Response Rate - Example ABC Association Direct Mail Acquisition Campaign: Package A: 1,000 prospects mailed Through promo code tracking, we see 9 new members join The response rate from this mailing is: 9/1,000 *100 =.90% Package B (testing a different message): 1,000 prospects mailed Through promo code tracking, we see 12 new members join The response rate from this mailing is: 12/1,000 *100 = 1.20% Response rates help us create a learning system!

©SHRM 2014 Cost to Obtain a Member Cost to obtain a member = costs of acquisition / # of total members acquired Let’s tie this into the previous example. Both packages used the same components with only the messages varying, so the production costs were the same. Let’s assume each piece cost $0.60 to produce and mail. What is your cost to obtain a member for package A and B? What’s the financial difference between and ? AB

©SHRM 2014 Package A cost = $.60 X 1,000 = $600 Package A new members = 9 Package A Cost to Obtain a Member = $66.67 Package B cost = $.60 X 1,000 = $600 Package B new members = 12 Package B Cost to Obtain a Member = $50.00 A B Cost to Obtain a Member

©SHRM 2014 Renewal Rate = (# of members today – new members over the past 12 months) / # of members 1 year ago today. Example: We have 1,000 members today. 280 new members came in over the past 12 months. One year ago today we had 900 members. What is our renewal rate: (1, )/900 = 720/900 = 80% Renewal Rate TIME TO RENEW

©SHRM 2014 Avg. Tenure defines how long on average members stay with an association. We need to know our renewal rate to find this. Average Tenure = 1/(Inverse of renewal rate) Inverse of Renewal Rate = 1 – renewal rate (also known as lapse rate) If we have a renewal rate of 80% how long on average do members stay with our organization? Average Tenure = 1 / (1 -.80) = 1 /.2 = 5 years Average Tenure

©SHRM 2014 Getting to Lifetime Value (LTV) Revenue Gained across Average Tenure

©SHRM 2014 Lifetime Value (LTV) Using our average tenure, we can understand the economic value of a member over time. 1. Lifetime Value = (Average annual dues revenue + average annual non-dues revenue per member) * Average Tenure 2. With annual dues of $50 and average annual non-dues of $25 what is the lifetime value of our members? 3. Lifetime Value = ($50+ $25) * 5 = ($75 * 5) = $375 Knowing that on average we will receive $375 per member we bring in, we can spend more than the $50 1 st -year dues amount to invest in more members and greater long term revenues. Getting new members is an INVESTMENT.

©SHRM 2014 THINK OF YOUR MEMBERSHIP AS A LEAKY BUCKET Steady State Analysis The water you put into the bucket each year is new members But your bucket leaks. Each year a certain percentage of members do not renew How full the bucket is represents your total membership level.

©SHRM 2014 Member Engagement POLL Let’s hear from you…  In a few words; what are you currently doing to get your members involved/engaged with your organization?

©SHRM 2014 Member Engagement Communication Methods Used to Onboard New Members

©SHRM 2014 SHRM Affiliation Requirements SHRM Chapter Membership Requirements as of January 1, 2012 Applies to all existing and new chapters - no grandfathering. Chapters not currently meeting new affiliation requirements will have a five-year period to do so (by December 31, 2016). 100%-Chapters Minimum of 25 SHRM members AND 100% SHRM membership Non-100%-Chapters Minimum of 25 SHRM members AND 51% SHRM membership 1 year, 9 months to meet the requirements 1 year, 9 months to meet the requirements

©SHRM 2014 Why is Affiliation Percentage a Concern? Do members play a role in the success of the chapter? Where do chapter leaders come from? What community programs or initiatives are you able to effectively run? Can you attract top quality speakers?

©SHRM 2014 SHRM Support Resources

©SHRM 2014 SHRM Support Resources

©SHRM 2014 SHRM Support Resources

©SHRM 2014 Coming 2015 Membership Meeting All Webinars are at 3 pm Eastern Time –July 16, 2015 –September 10, 2015 In-Person Membership Summit at VLS: –November 19 to 21, 2015 – Washington DC! We are here to help….stay in touch with US! Save The Date

©SHRM 2014 What are you doing? 2015 Membership Initiatives? How have you gotten members involved? What have been some of your challenges? 2015 Successes so far? Best Practice Sharing

©SHRM 2014

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