Whether you run a small non-profit, a large media company, or anything in between, you’ll find that managing your members with a membership management software is key to your success and your bottom line.
According to Capterra’s research report, 57% of businesses said that their membership management software directly affected their engagement rates and membership satisfaction numbers.
Therefore, having a solid membership software to facilitate recurring payments, store your members’ information, and communicate with your members can change your whole revenue growth models.
Let’s start with the industry definitions for membership management software. Afterward, we’ll delve into the benefits of the software’s most common features.
The Definition of Membership Management Software
It provides associations, clubs, businesses, and a variety of other organizations the tools and functionality they need to provide their services to their members.
Basically, it handles all the native aspects of running a membership program.
You’ll find that the software is equipped to handle membership levels, benefits, and the collection of dues or subscriptions.
The Benefits of Membership Management Software
The linchpin behind the success of membership management software is centralization.
Basically, the software lets businesses fully manage their members’ information. It’ll help with billing and invoicing, marketing, and events in one single solution.
Good software will grant businesses customization capabilities to tailor the software to their advantage.
As no two businesses are alike, there every iteration of membership management software should be unique to the business it’s serving as well.
Beneficial Features of Functionality
There are common features you’ll find available across different software. They do the heavy lifting for essential membership management tasks.
Billing and Invoicing
As a business, you’ll need a tool that helps you keep your members’ profiles as well as their payment information all in one place. That’s where the software’s accounting capabilities come in. It’ll help you keep a rather close eye on your incoming revenue and keep track of any changes.
Furthermore, having auto-renewal options available for your members can do wonders for your revenue growth and its predictability.
Also, your software can collect payments, issue invoices, as well as give you the power to segment your products according to your customer segmentation and price range.
Member Communication
This brings us to the beautiful toolbox that is CRM capabilities.
You can gain insights into your members’ behavior on your platform. Furthermore, you can send out emails —automatically— whenever a member takes a specific action on your website.
With the power of webhooks and a strong API, the sky is the limit.
Pelcro’s account notifications page, with the webhook endpoint field.
It’s astonishing how much a well-selected membership management software can add to your organization. These features barely touch the surface of the tools available at your disposal. In addition, it has customization abilities that can be created just for your business.
Looking to the Future of Memberships
Now you have a thorough understanding of what a membership management software actually entails, in addition to its benefits and features.
This way you can make an educated decision on whether you need one for your business or not. However, before you do so, make sure to schedule a free demo with our team.
They can take you through all the details you need to know about how membership management works when it’s specifically tailored to your business.