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Retention in a tough economy, acce jan. 2009 dia logue

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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 …

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.

Published in: Business

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  • First- we need a lense to view retention through Second- we will discuss segmenting our members to deliver what they want Third- more recommendations and steps you can take to improve retention this year Last- we will go through your questions
  • First- we need a lense to view retention through Second- we will discuss segmenting our members to deliver what they want Third- more recommendations and steps you can take to improve retention this year Last- we will go through your questions
  • Discuss constructing a map of the “Member Experience” Ask “What happens when someone joins?”- do they go from lots of sales visits to nothing?
  • Tell story of women returning a turkey at a supermarket
  • Max retention is typically 92-93%, but probably more like 90% in most parts of the country this year.
  • This graph should explain why retention is so important , particularly in the first years of membership.
  • Business Builders- ex: financial planners, mortgage consultants, cell phone companies Business Investors- ex: Startups, medium size business Community Builder- ex: Utility, bank, grocery store Community Investor- ex: Department store, distribution center, manufacturing facility
  • If you joined an organization/bought from a website (Netflix, Amazon, etc.) and told them what you want, what would you expect?
  • A chamber membership has as high of an ROI as any advertising does and you should reinforce this to them. Have them Google “great depression” and “successful companies” to reinforce that companies that continue to market and reinforce their brand survive the recession and come out well-positioned afterwards.
  • Transcript

    • 1. Retention in a Tough Economy ACCE DIALogue January 22, 2009 Presented by: Tim Giuliani, Director of Corporate Outreach & Development Florida Chamber of Commerce
    • 2. Agenda
      • 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
    • 3. Leadership
      • The membership staff at a chamber has power and therefore, there is an opportunity to lead!
      • Be a leader!
    • 4. Member 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?
    • 5. Lifetime 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!
    • 6. Retention Rates
      • Poll Question:
      • What was your retention rate last year?
      • Above 90%
      • 80 – 89%
      • Below 80%
      • No clue
    • 7. Retention Rates Source: ACCE Annual Operations Survey, 2007-08
    • 8. Retention Rates- First year members Source: ACCE Annual Operations Survey, 2007-08
    • 9. Segmenting 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
    • 10. Segmenting 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
    • 11. Segmenting 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
    • 12.
      • Questions / Answers
    • 13. Creating 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?
    • 14. Recommendations 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
    • 15. 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?
    • 16. 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?
    • 17.
      • Questions / Answers
      • [email_address]