Renewed success: top tips to boost your renewal campaign
As people we all are thrilled with the new but small uplifts in renewals can yield initial and year-on-year benefits. A broader base can also boost incremental income as members are more likely to pay for activities such as events compared with non-members.
At Pixl8 we recommend ways to improve your campaigns from a strategic to a practical level, particularly using targeted personalisation and efficiency-saving automations.
I have been responsible for running three membership schemes and with straightened budgets found ways to test and innovate, and in all places gain significant uplifts in renewals and the all-important direct debit take-ups.
Here’s a few well-honed tips to take stock and make changes to improve your own renewal activity:
1. Your proposition
First things first, what are you offering members? How do your members stack up with their expectations and needs? It is important to evaluate what is popular and with whom and spot gaps. Once established, this will give you the focus for your promotions and targeting.
2. Direct debit is king
There is a direct link between direct debit take-up and increased renewal rates. Review your options for people to take up direct debits. Consider points such as your online renewal payment journey or offering flexible payment options such as paying monthly or quarterly.
3. Analyse to anticipate likely lapsers
Some members are more likely to renew than others. To hone your targeting and potentially budget, ensure you can identify those prone to lapsing, such as student grades. If you are not sure who is a likely lapser, propensity modelling can give you an evidence-based steer. This data analytics model looks at past behaviour to predict future potential.
4. Rolling or fixed?
There are pros and cons with both renewal models. The set time gives an annual focus but there is a lot of pressure to get it right so year-long planning and contingency plans are key. For rolling renewals you can iterate and optimise to test propositions on a regular basis. You may also find that members joining at certain periods have different behaviours to others so you can micro-target when needed.
5. Year-round renewal content
Once a member has joined you for the first time, the race to win them back again starts! Use each part of your membership calendar to show members how they can benefit, such as first dibs on event tickets or discounts for products. Acknowledge member success and show on your communications what real members look like.
6. Nudge nudge nudge renewals
It is easy to have good intentions but in a busy working, digital environment people expect to be reminded. Many membership schemes are quite conservative with the level of reminders they have and sometimes start with costly print reminders. You can usually start renewal campaigns earlier and add more stages; with some of them integrated into existing comms such as your regular email newsletters.
Get yourself renewals ready
We’d love to work with you to understand your opportunities and potential gaps in your current renewal programme. Here’s how:
Are you a Pixl8 client? We can help
Our skilled team can work with you and your teams to achieve your renewals goals. Talk to us about options including a renewals discovery session or our renewals MOT to ensure you are renewals ready.
What’s more we can make it happen for our clients with our strategic guidance and how to successfully deliver on our unified digital platform.
Not yet a client? No problem
With our strategic and practical approach we can guide you to make your best move digitally with your existing digital and CRM systems.
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If you are interested in knowing more about our consultancy services, do get in touch.