From a cumbersome renewals system with manual inputs to a streamlined, online solution – REIV not only transformed their process but increased response rates in the middle of a pandemic.
The Real Estate Institute of Victoria (REIV) is the peak body supporting the Victorian real estate industry since 1936. Assisting, representing and providing resources to real estate professionals from family businesses to large franchises, the REIV has built a brand that consumers trust and real estate agents rely on.
"60% Renewed online, 3% setup Direct Debit in the first 30 days"
REIV was using a separate legacy system, with fragmented customised mini desktop applications that interact directly with iMIS database, to run their renewals monthly using an anniversary model. Lacking integration between the two systems, they had no way of tracking progress or payments unless they manually transferred the details. The clunky processes and anniversary system placed a significant administrative burden on membership staff each month.
This was also having a negative impact on member experience. With payments and direct debits being processed via a third party provider, a complicated renewal process and a lack of follow up from overwhelmed membership staff, it was too easy for memberships to inadvertently lapse.
Design and Development Approach
Recognising that an annual renewals campaign would enable a more efficient and strategic approach, REIV initiated a process to move all members to a July-June renewal year, with renewals and payments processed directly through iMIS.
The membership and marketing team collaborated to map the renewal journey from a member perspective, capturing the various touch points and the obstacles that members had been experiencing. They used this information to move the renewals process across to iMIS and implement personalised email automations, integrated payment options, and a targeted renewal process. Self-service options were also provided via the member portal, streamlining the process for members and reducing workload for the membership team.
Key Features and Outcomes
The move to an iMIS-based, annual renewals model has allowed REIV to execute a single, targeted and personalised renewal campaign, supporting an enhanced member experience and improved renewal response rates.
The first emails went out on June 1st to notify members that renewals were coming up and all membership dues had been extended to October 1st to assist members experiencing a difficult time because of COVID-19.
Within 30 days of the initial renewal notification email, 60% of members had renewed in full for the year, and a further 3% had set up direct debit payments. By October 31st, the renewal rate increased to over 80%.
The self-service options allow members to simply and efficiently renew online and set up their own direct debit payments. Combined with the annual renewals model this has significantly reduced the membership and marketing team’s workload, enabling them to focus more on engaging with their members.
Customised staff training and tailored dashboards have also been implemented to ensure the REIV team is confident in the processes and can monitor real time progress and campaign success.