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After a string quarters that have been filled with anxiety and negative mood, the 3rd quarter is an important time to consider the outlook for the future of the economy of membership.
The membership economy is experiencing among the most volatile time in the past. Inflation rates rising as well as the increased stress of increased stress on the consumer has been driving trends through 2022. The repercussions of these developments and the intense volatility in financial markets are now affecting nearly every industry.
The same goes with membership. When the projections for 2022 of income generated by the 2021 membership boom soon began to appear out of reach the year the members had to look deeper than they had ever before into each aspect of their overall plans.
Simply put For those who work as a member administrator 2022 was a year that repeatedly challenged your faith frequently.
Each and every story told to date has you thinking that the rest of 2022 is going to be extremely negative for members and that we must be prepared for a slowdown across every sector of the consumer day, as well as in every business.
This isn't easy.
In search of the perfect moment
It's true that in tough economic conditions, and even in businesses, there's constant indicators, indicators and proof of a pivotal point near or upon us. Although we rarely be aware that a pivot point is in place for months or even weeks after the event, there's one thing which is always the case with pivot points and it's when it happens..
The Q3 moment was exactly that.
It was a moment where the members' representatives were able to see very encouraging results in spite of a negative opinions. That was the time when silence was greater than the uncertainty. The moment was where the operators proved their product was so valuable that their customers could not remain without it.
This was the point of disagreement.
The greatest risk to membership operators during economic slowdowns is becoming too negative. Members who were unwavering and confident about their businesses through this difficult year have been working to create, plan and prepare for the moment in the uncertainty of when exactly it would take place. It is now that the third quarter is done and the book is closed, we are able to look into the rear-view mirror and say with confidence that it is indeed taking place.
The uncertainty opens up opportunities
Our customer's memberships beat the market during the March quarter that ended in. In all of our services, we've seen that these memberships have set records for revenues, retention rates and membership numbers. Being on the right track and not being affected by bigger stories allowed our customers to gain from the growth in member numbers we observed during the 3rd quarter.
Effective management of entire membership strategy is a driving factor of membership results when the environment is difficult. Our experience has shown the highest returns being realized when members decide to make a big investment in their business during a downturn while leaning more conservative in times of rapid growth. This strategy has allowed our customers to have funds to finance their business at the right moment, similar to the one we observed at the beginning of 2022.
It's a long-term game and those who have this perspective are aware that external uncertainty and negative emotions create long-lasting opportunities for sustainable growth of the membership.
As a membership operator You don't have the ability to pinpoint the exact time of upwards and downswings such as those we witnessed in Q3, but you have the ability to plan for them.
The one thing that you can be sure of is that these moments will come right when you are least likely to be thinking about them.
Continue to build.
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