Lifetime value of Memberships/Service Plans

[tstyx]

I'm looking to better understand the health of our membership program and the long-term value of a member vs. a non-member. Our company already heavily believes in the value, but we are looking to add data to back that belief. 

Has anyone done this type of analysis? 

We already track:

1. Total Active Members
2. Weekly/daily Sales (enrollments)
3. Conversion rate
4. Churn rate
5. Growth rate
6. Total/Weekly Cancellations
7. Cancel reasons

If you've done this type of analysis, what suggestions would you have to capture a high level view on the health, success, and long-term value of a membership program? 

[JeffHerron]

We do much the same sort of analysis you mention. We have found that our members convert at a significantly higher rate than non-members and also have a higher average sale. Good enough for me,

[RebeccaC]

Hi there! We track some of these metrics. For our ongoing annual memberships, we send out reminder emails the month prior to the billing date, and track the reasons for cancellation on the spreadsheet itself (the recurring billing that we pull from ServiceTitan is saved on one Excel sheet in Sharepoint, so its easy to track). We then created a membership analysis report, which shows all new, cancelled and expired memberships, that is pulled quarterly and yearly- our maintenance specialist uses this information against the notes on the recurring billing report to see how many plans are truly cancelled (and why), how many client switched to a different type of plan and how much we grew our membership base. Our service manager tracks the new sales our techs have using the dashboard, and reviews it with the techs weekly to help them grow- its key to us that the techs utilize the memberships to create a stronger relationship with the client that goes beyond saving them money. I will note, we've opted for a "larger picture" view of these as each week can really ebb and flow where we are located.

Hope this helps!

-Rebecca