To Renew or Not to Renew? That is the Question

Every business does (or should do!) an end-of-year review when it comes to looking at marketing expenses and ROI.  That includes reviewing memberships and what you are and aren’t receiving from them.  While December projections indicated that “YES”, it was a good idea to continue participating in certain organizations, with times as they are, and may be for a while, you might want to see what you are or were receiving for that expense.

Most professionals belong to member organizations that relate directly to their specific vocation; there are other business and community organizations that companies and individuals join to help grow their business; and there are community organizations that focus on charitable giving.  Let’s face it – an early morning meeting, a rubber chicken luncheon, or a poorly attended evening mixer are not necessarily how everyone wants to spend their time.  But these organizations can provide a company with leads and marketing/business development opportunities. 

Today, it is even more important to look at what return you are receiving for your membership investment.  Here are a few questions you need to ask:

·         Have I received EVERYTHING I paid for? This could include meetings, frequent communications, social and traditional media exposure, sponsorship opportunities, and links to your company.  

·         Did I get any business from meeting people in this group? This could be a member doing business with you, providing you with viable leads, or making introductions on your behalf.   

·         Is this organization more social than business driven? Some organizations are fun and an outlet for more charitable or hobby involvement.  Others provided opportunities for socializing with friends. Determine if this is providing revenue for your company, and if not, is it worth the cost.   

·         Are my sponsorship opportunities affording me the best ROI?  Sponsorships for events involving charitable organizations (501c3) can put your company in front of a specific audience, as well as be a charitable contribution; other sponsorships might be placing you in front of people who already know what you do. Just as you strategically place advertising, ask yourself if this opportunity is worth those dollars.

·         Are non-members receiving similar services that members are? Joining an organization is supposed to provide you with opportunities that not everyone else (non-members) receives.  Look at the organization’s social media pages and website.  If there are businesses receiving what you should be, but they are not paying members, inquire as to why. 

These questions should spark conversations with your marketing and communications team.  Just as you track ROI for advertising and public relations, memberships must also be reviewed for viability.  In the post COVID-19 business world, it will be even more important to determine how to best spend your hard-earned dollars. Reviewing organization memberships is one way to ensure you are getting the best BANG for your buck.