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Following a series of quarters filled with anxiety and negative mood, the third quarter of Q3 has been a major milestone regarding the outlook for the future of the economy built on membership.
The membership economy has been having one of the most difficult times in recent history. The rising cost of living, the increased risk of uncertainty, and a more cautious consumer are dominating the trends through 2022. These developments, as well as extreme volatility of the financial markets have now trickled into almost every field.
The same goes with the membership. While the 2022 projections for revenue which were projected during the boom in membership 2021 started to appear beyond reach in the past year, members have been asked to pay more attention than they've ever considered the every element of their plan.
In a nutshell For anyone who is a member administrator, 2022 repeated checked your faith repeatedly.
Most of the news up to now have you believing that the rest of 2022 is going to have a negative impact on members and that we need to be prepared for a downturn in every aspect of our market, including the consumer as well as in every business.
But not so quick.
Are you searching for that moment?
In difficult financial and business conditions, we always look for indicators, signs and proof of pivot points that are that is imminent or close. While we don't often realize a turn has occurred until months , or perhaps weeks following the fact, there's an factor that's always present in these pivot points: the moment.
The Q3 moment was precisely that.
There was a moment when members' managers saw extremely good results in spite of unfavourable opinion. It was a time when silence could be more effective than the chaos. It was a time when people confirmed that their products were so useful that members simply refused to be without the product.
It was a time of the divergence.
The most significant risk facing members of companies operating memberships in recessions is the risk of becoming negative. Members who are positive and optimistic about their businesses through this difficult year have continued to create plans, and prepare to this point, not knowing exactly when it would happen. Then, Q3 is done, we are able to look into the rear view mirror and know with certainty that it is happening.
Uncertainty can lead to opportunities
Our customers' memberships beat the market in the quarter's third. All across our portfolio We've seen our memberships break records for their member retention, revenue and. The consistency and non-influenced by the larger storylines enabled our clients to take advantage of the growth in membership as we witnessed in the third quarter of this year.
Sound management of overall the member strategy is an important element of membership even in challenging environments. The best returns are occurring when operators opt to invest heavily in their businesses during periods of downturn, and focusing on more prudent decisions in times of rapid growth. This strategy has allowed our customers to have resources on-hand to invest into their business at times of opportunity like the ones we saw in 2022's beginning.
Membership is a long game and customers who operate with similar mindsets will realize that the external environment and moods that are negative create lasting chances for sustainable growth in the number of members.
If you're a business that offers memberships , it is impossible to know what exactly happens when upswings and downswings, like those we witnessed in Q3 , however, you are able to be prepared for the possibility of them.
One thing you can guarantee is the fact that those moments will occur just when you would least could hope for them.
Keep on building.
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