WAITLISTS – Why you should be charging for them!
One of our favorite “Best Practices”, which we encourage all our customers to do, is to charge a nominal fee to join your waitlist. Say, $25. And do it every year. There are a few reasons for this.
First, charging a fee to join your waitlist means that only those individuals who are truly interested in your club will do it. Those folks who casually put their name on every waitlist in town will likely shy away from paying a fee, so you won’t find them on your list.
Second, by making people recommit to yourwaitlist every year, you are keeping your waitlist healthy and significantly reducing the time it takes to accept a new family to your club when space becomes available. There is nothing more frustrating than having a huge waitlist, but then finding that most people on it have either moved away, joined a different club, or are no longer interested in joining your club now that you finally have a spot for them. It can then take weeks to accept one new family, and that means lost revenue for your club in the meantime. Keeping your waitlist current by charging a nominal fee will make it significantly easier for you to maximize your club’s memberships. It will also add a nice revenue stream for you in the meantime. If you have 100 families on your waitlist, and they each pay $25 / year, that’s $2,500 annually. Member Splash is paying for itself!
One last note. Charging a waitlist fee doesn’t mean that your potential customers now need to pay more to join your club. You can set up your product rules to apply their waitlist fee to their initial bond payment or annual membership fee. Click here to learn more about waitlist management.