In today’s competitive landscape, associations are constantly vying for the attention and loyalty of potential and existing members. To stand out, associations need to deliver exceptional value.
In fact, in the Halmyre 2022 Non-Profit Value Proposition Survey, we found that having a relevant, approved and aligned value proposition drives:
- increased customer engagement and loyalty, with a 50 percent increase in net promoter score (NPS);
- maximized revenue and optimized pricing, with 49 percent of companies reporting successful revenue generation;
- and deepened resilience, with 69 percent of companies reporting that they had strengthened their value to members.
That’s why increasing the customer perceived value (CPV) for your association is vital for member acquisition, retention and long-term success. In this blog, we’ll look at several strategies you can employ to elevate the perceived (and actual) value of your association in the eyes of your existing, and potential, members
What is Customer Perceived Value?
Customer perceived value is a concept widely used in marketing and business strategy. At its core, CPV is the customer's evaluation of the benefits they receive from a product, service, or membership relative to the costs they incur.
The components of customer perceived value are broken down into two parts:
- Perceived Benefits: This encompasses both tangible and intangible rewards that a customer expects to receive from being a member of your association. Tangible benefits could be features, functionalities, or physical attributes. Intangible benefits might include reputation, emotional satisfaction, or the experience a brand offers.
- Perceived Costs: These are not just monetary but can also include time, effort, or any other resource a customer might invest. It's the sacrifice a customer believes they're making when becoming a member of your association.
Strategies to Increase Association Customer Perceived Value
1. Identify a Clear Value Proposition
Your association's value proposition is the promise of the value that members can expect. It should be concise, easy to understand, and differentiated from other associations. This proposition not only helps attract new members but also solidifies the bond with existing ones. It serves as a compass, guiding all your association's activities and strategies.
Read our recent blog, Association & Nonprofit Branding: How to Create a Solid Value Prop, for more tips and tricks on creating your association’s unique value proposition.
2. Understand Your Members' Needs and Preferences (Create Buyer Personas)
Crafting a compelling value proposition requires a deep understanding of your members. This means segmenting your audience and creating buyer personas. These personas, fictional representations of your ideal members, can provide insights into their needs, challenges, and aspirations. They guide content creation, event planning, and service offerings.
3. Build Your Service and Support Based on Your Value Proposition and Your Member Needs
Service and support should never be generic. It should resonate with your value proposition and be tailored to the unique needs of your members. For instance, if your value proposition focuses on industry-specific insights, your support could include dedicated helplines to answer industry-related queries.
4. Offer Relevant Content and Resources
Content is king in the digital age. Offering insightful, timely, and actionable content can greatly boost your association's perceived value. This could be in the form of research papers, articles, webinars, or e-books. The key is relevance – content should address the current challenges and interests of your members.
For more information on how to communicate your value proposition effectively to both members and prospective members, check out our blog - How to Better Communicate Value and Increase Association Membership.
5. Leverage Technology
Modern associations should harness the power of technology. Association Management Systems (AMS) can automate administrative tasks, manage member databases, and facilitate event registrations. Such systems not only enhance efficiency but also improve the member experience, as they can easily access resources, register for events, and communicate with the association.
6. Ensure Continuous Improvement through Data Analytics, Metrics, and Analysis
The journey to enhancing perceived value is ongoing. Use data analytics to measure member engagement, feedback, and content consumption. Monitor key performance indicators (KPIs) to understand what's working and where there's room for improvement. Regular data analysis ensures that your strategies remain effective and that your association continues to evolve with the changing needs of your members.
Are you interested in learning more about how your association can increase its customer perceived value? Contact Halmyre today. Our team of experts would love to help your association spark growth.
