Creating Continuing Education Programs for Maximum ROI
Membership sales are the difference between success and failure for retail giant Costco. In fact, almost 75 percent of its profit comes from membership, with 55 million members worldwide. This allows Costco to pass on huge savings to its customers, while also demonstrating the value of membership. Customers continue to come back for more and profits soar.
This begs the question – what can associations learn from Costco’s tremendous success?
For one, how to strategically price offerings to build membership and increase retention. Continuing education represents an estimated $160 billion industry, which means associations have a unique opportunity to capitalize on their status as the go-to source for professional development. However, differences remain between what members want from their organization and what is provided. For example, nearly 50 percent of members surveyed said they want all-inclusive pricing, yet only a third of organizations offer this type of packaging.
Members, especially Millennials (who now comprise the largest demographic in the workforce), eschew the pay-as-you-go model, so why offer it?
Join Amanda Myers, Abila’s Director of Member Strategy, for “The Costco Effect Part 2: Professional Development Pricing and Packaging Strategies.” You’ll learn:
- How to align continuing education pricing and packaging with what members want
- Generational preferences for professional education training
- Strategic steps you can start implementing today to keep members coming back to your association for their professional development needs … and more!