Statistics every membership person should know
Your retention rate is just one of a number of membership statistics that all membership managers need to be aware of. Tracking your key membership statistics can give you an understanding of the strengths and weaknesses of your member recruitment and retention processes and enables you to take targeted action where required. The basic membership statistics for each segment that every membership manager should know are:
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Retention Rate - The percentage of members retained over a period of time. ((# Members End Period – # Members Joined over period) / # members at start)* 100
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Growth Rate - The rate at which membership is growing ((# Members End Period - # Members Start Period)/Members Start) * 100
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Loss Rate - The percentage of members not retained… 1-Retention Rate
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Tenure - The average length of time that a member stays… 100/Loss Rate
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Lifetime Value - The average spend of a member during their membership… (Average Dues + Average Non-Dues) * Tenure