How to Calculate Chamber Member Renewal Rates
You don’t have to be a math person to determine your organization’s renewal rates. Follow this simple 1-part formula to see how your chamber is doing!
RENEWAL RATES: (the percentage of members that renew their membership over a given period of time)
(# of Renewals) ÷ (Eligible Members) = Renewal Rate
Example: At the end of 2018, 3,000 members were up for renewal and 2,825 renewed.
2,825 ÷ 3000 = .94
Renewal Rate = 94%
- The # of members should be calculated using # of billing accounts.
- The formulas below are based on annual renewals but can be adjusted to use for any time period (monthly, quarterly, etc.).
- Formulas using dues values are based on a traditional dues structure.
- Tiered dues should be calculated by levels and then plugged into formulas.
It’s critical to measure and benchmark membership data regularly (only once a year is a recipe for disaster)!
SEE ALSO: How to Calculation Retention Rates