Proposed IEEE Dues Payment Plans To Encourage Membership Renewal
This page will discuss several near term and medium term actions IEEE can implement to increase member renewal rates.
The proposed member IEEE member payment plans DO NOT CHANGE existing member assessments, as detailed on the How Your Dues Are Calculated page.
Reduce Due Throughout The Year
Today IEEE charges Full dues for the current year between Oct 1. the prior year to July 31 the current year. The dues drop to 50% from Aug. 1 to Dec. 31 for the current year.
In the current year discounting dues on a quarterly basis or each month will encourage more new members to join IEEE during the year. This will also encourage new members to join Societies.
Early Buy Program
In order to get members to either renew their IEEE membership or join IEEE as a new member before the start of the new year, an Early Buy Program can be implemented. Purchase of the next years membership can be offered at a discount as follows:
A 10% discount, if purchased between Oct. 1and Oct. 31.
A 20% discount, if purchased between Nov. 1 and Nov. 30.
Multi-year Advance Purchase
Offer new and existing members the opportunity to prepay multi-year memberships.
Discounts would be based on the number of years purchased.
This solution pulls forward future member revenue into the current year.
Corporation Bulk Purchase Options
Offer corporate membership purchases with a year-end rebate to the corporation based on the number of employee paid memberships in that year.
Rebate levels would be negotiated.
Employer paid membership will encourage employee members to join more Societies and purchase more educational materials, which will off set the rebate revenue loss to IEEE.
When members purchase IEEE products and services (Society membership, Conferences, education courses, etc.), the member receives one point per US equivalent dollar spent.
These points can be redeemed to receive discounts on the future purchase of IEEE products and services based on a published point redemption schedule. This has been a commercial success in many retail segments including the air travel/hospitality industry.
Member Monthly Payments
In the Sept. 2002 Issue of the Harvard Business Review John Gourville and Dilip Soman reported that offering membership payments on a monthly basis encourages members to both join/purchase and renew their membership year after year.
Increasing renewal rates makes recruiting efforts more highly cost effective.
Monthly payments make high price purchases more affordable in the eyes of the buyer.
Business segments where this strategy has been proven to be successful include:
Service Segment – internet access, video streaming , cable tv, gyms etc
Car Dealerships – offering 0 APR terms
Furniture & Appliances – offering 0 APR terms
It has been demonstrated that discounts and monthly payments encourage users to buy costly goods and services. Buyers perceive these purchases, as being affordable and promotes increased brand loyalty.
Offering monthly payments may add more operating cost. But, today there are many companies that provide low cost turnkey member processing services, because they operate at much higher economies of scale then IEEE. IEEE costs will go down, as member processing operations can be effectively off loaded. The same can apply to new member “in-house” recruitment operations.
Discounts will mean near term revenue losses. But, attracting new members and increasing member loyalty can quickly recover those near term losses by generating much higher revenues. It is all about increasing IEEE membership market share.
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The expressed opinions on this website are not necessarily the opinions of IEEE.