Attracting younger members is a must, but what can you do if your Millennial and Gen-Z audience just isn’t buying into the value you have to offer them?
Younger member attraction and retention is becoming quite the concern for associations everywhere, and unfortunately that concern is valid. According to the Personify blog, only 40% of young members say association membership is worth the amount of dues they pay. That means an astounding 60% of young members don’t feel that the amount they pay for a membership is going towards something that benefits their everyday lives- which could spell trouble for your association’s membership.
So, how can you get your younger members on board in believing that they’ll get the return on investment that they’re looking for?
Making member dues worth it for your younger members can help mitigate the loss of retention rates in the future. But in order to do so, you need to have a plan in place. Showing your younger members that being apart of something bigger that can enhance their professional journey can help them see what your association can offer them. So, let’s come up with a strategy together to give Millennial and Gen-Z members reasons to stick around.
Younger Member Lapse
So, why exactly aren’t younger members finding the value in being apart of an association that you’d like them to? While you may be putting your best foot forward, oftentimes there are other factors that can be overlooked.
In the same Personify report, one-fifth of young members have claimed to let a membership lapse in the last year. But what are the root causes of this? There are a variety, and while every member will vary, here are just a few that you can pay close attention to in order to prevent them from sinking your younger membership rates in the future.
So, let’s start with your Millennial members. According to this report, the top reason Millennials allow their membership to lapse is because companies will no longer pay their membership cost. Second to this, Millennials feel that the benefits or quality of membership being offered has declined, and therefore they no longer see the need to stay with the organization of their choice.
This issue is actually the number one reason for Gen-Z members lapsing in membership. And while employers no longer paying their membership fees is also a concern, the second reason for Gen-Z members comes down to the price- they find it too costly to stick around with an organization.
So, knowing that these are the issues your young members are facing, how can you work to give them reasons to stay?
Consider sliding scale pricing
So, it seems like the biggest issue for young members sticking around with an association is money. No surprises here, but what can you do to make things easier on your members with a lower income and no way for employers to pay their dues?
Sliding scale pricing is one route to take. By implementing a payment option that is strictly based on your members’ income, you can provide flexible and affordable options that every member can use to make things work for them.
Sliding scale pricing works exactly how it sounds. You can set up your membership to have varied options based on income and what your members can pay. This way, members who still want to be apart of your association can have options that fit their cost preference and budget.
Business and college partnerships
Does your association cater to a specific industry? By partnering with businesses and/or schools in that industry, you could be able to work with them in offering dues payment for younger members.
Reaching out to businesses and colleges that host your younger members in order to work with them on affordable memberships can help take the load off those already struggling to make ends meet. Between high education costs and finding their way into the professional world, younger members could use some help paying dues that those they work under can help them pay for.
Creating beneficial partnerships to take some of the financial burden off of young members can also help them find added value in being a member of your association.
And finally, the last and most obvious advice we have is to add more value for young members to cash in on.
Adding more educational resources to your association like resume workshops, interview practices, and networking opportunities can help younger members find their niche within your association. Reaching out to younger members to find out what they feel is lacking in your association can help you get a better idea of what benefits and opportunities you may want to introduce into your member experience.
Making your association’s membership worth the value to your Millennial and Gen-Z members isn’t hard with some simple communication and understanding of what this generation of individuals needs from you.