Attrition: Why People Drop Out of Mastermind Groups and Membership Programs
By Karyn Greenstreet
Attrition is a fact of life in membership programs and paid mastermind groups. In fact, attrition is a daily part of life for any long-term commitment: relationships, colleges, employment, fitness clubs, charity donors, and professional associations.
There will always be drop out in a membership continuity program and you’ll always have be finding new members. You could lose 10-25% of your members each year, either from early drop-out, or from members not renewing at the end of their contracts.
So it’s not just about attracting members to your mastermind group or membership program, you have to retain them, too.
With that said, these are the 30 common reasons why your attrition rate may be high:
- Expired credit cards. This is the number one reason why people stop paying. The card expires and members see it as a “sales decision” whether to continue or not (even if they’re still under a membership contract for the remaining months).
- They don’t see the value for the money they’re spending.
- They feel like they’re not getting enough individual attention.
- The content isn’t good quality.
- The content doesn’t help them solve their problem.
- There’s not enough new content each month to keep them interested.
- There’s too much content and they’re feeling overwhelmed. They don’t know what the roadmap or system is for consuming your content in a logical order.
- They’re not being held accountable or not being pushed enough. You’re not asking them to check-in on their progress towards goals.
- They’ve had some success and now the motivation to move forward has eroded.
- They’re not being recognized/rewarded publicly for their achievements.
- They’ve completely solved their problem and don’t need you anymore. You don’t have a growth stage plan for them so there’s always a next level to achieve.
- You haven’t paid attention to members whose needs have changed as they’ve grown through your membership.
- They’ve had some failure and they’re disheartened/frustrated/guilty.
- They’re comparing themselves to others in the group and feeling like they’ll never achieve the level of the superstars.
- They feel the group is too big/too small.
- They don’t get along with the other members.
- New members are not engaged or quickly assimilated into the group/discussion.
- They don’t want to make the effort it will take to grow.
- They can’t emotionally handle the change that’s being asked of them.
- They have money/budget issues.
- They have time management issues.
- They have family/friends/colleagues/business partners who are suggesting they walk away from your group.
- Life events happen (illness, death, divorce, move to new location, family issues).
- Business events happen (mergers, acquisitions, budget crisis, bankruptcy, retirement).
- You’re not telling them the truth.
- You’re not putting the work into serving your members daily.
- Your competitor sold them on a different membership program.
- What they really need is a done-for-you model, not a done-with-you model or a do-it-yourself model. They don’t have the skills to do the work.
- They’re trying to do it all themselves and they don’t have the team they need to get the work done.
- They don’t like a continual monthly membership payment model where there is no end date.
Keep track of your monthly attrition rate and length of membership numbers, and plan your marketing campaigns and financial budgets accordingly.
Take Action Now
Some of these causes you can control; others you cannot.
- Which causes are active in your group?
- Have you asked your members about their satisfaction levels and why they’re leaving?
- Which causes can you address?