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Member Retention and New Acquisitions - The Value of a Member

  • Tue, June 16, 2020 2:32 PM
    Reply # 9041083 on 9039502
    Victor Menasce (Administrator)

    Francois,

    I agree with your comments. Some additional insights that might be helpful. 

    1) We had one or two people complain that their membership was automatically renewed. So we "listened" and turned off automatic renewals. When we turned off automatic renewal of memberships, we had a large number of people (about 100) allow their memberships to lapse. For some, they weren't aware that their membership had lapsed. Turning on auto renewals improved our member retention. We haven't had any complaints about the auto-renewal in some time. 

    2) We had a few members quit because they weren't happy with the level of service they were receiving from the member coordinator. As I said in my previous comments, the member coordinator is a lot for a volunteer to undertake. That is why I propose a part-time member manager position to improve the member experience. 

     3) We have conducted Facebook marketing campaigns over the past several years, usually averaging about $500 per month. But these campaigns have not been consistent over the long term. Remember, these executive positions are volunteer positions. Management and reporting of the advertising campaign could be an added responsibility of the part-time paid staff. 

  • Mon, June 15, 2020 8:34 PM
    Message # 9039502
    Anonymous

    Hi OREIO members!

    I would like to talk about the value of membership retention and new acquisitions. As most of you probably already know, it is much less costly to keep your existing clients than to acquire new ones. The same principle applies to members. Keeping them engaged and interested, coming back for more each more or more often is the key to member retention. How can this be done in the current era? By using social media and digital platforms. OREIO is already hosting Zoom virtual meetings and is present on social media. However, the organization needs to do much more. A forum such as this one should also be found on Facebook. There are numerous great groups on Facebook that offer a paid and a free group where members can participate and share about their goals, ambitions, struggles, wins and more in the real estate world. Groups are also a great way to attract new members by reaching audiences that would not be reached otherwise. Again I'd like to refer to the Cash Flow Tribe that offers a Beta group (free) and Alpha group (paid). OREIO could do something similar. Most of the Alphas come from the Beta group. The Beta group also contains an off-market page for deals, JVs, etc. It's an excellent tool for investors and a great way to advertise the group's events, add-ons and to maintain member engagement. All this can be done very inexpensively and rather easily. Many OREIO members already have their own Facebook group and are very active. Our members are of tremendous value to the organization. They are our ambassadors and speak on OREIO's behalf on multiple social platforms. I think that if we created and shared value-added content, our members would be glad to share and extend our group's reach in an organic fashion. 

    Feel free to contact me on social media or by phone at 613-252-9829 if you'd like to discuss other marketing avenues and possibilities. 

    Sincerely,

    François Lanthier

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