Growth and Retention Rates for Membership

Question

I am trying to calculate the growth rate and retention rate of a membership program for the month of May 2018. Member total as of 4/30/18 was 104. Member total as of 5/31/18 was 112. The 8 person increase in membership included 2 new memberships and 6 renewing memberships. What is the growth rate and retention rate for May 2018? Can you please explain how you came up with the calculations? Thank you!!

Answer 1

Growth: Number of new members divided by number of members you started with

 

2/104 = 0.019 = 2% growth rate

 

Retention rate: Number of members you ended with, minus new members, difference divided by members you started with.

 

110/104 = 1.057 = 106% retention rate