What is the unique value in a member services organisation?

When asked this question, a lot of people will say 'brand', 'history' or 'heritage'. Some will even say 'our people', 'our passion' or 'our purpose'.

Although you could argue there is truth in all of the above, where is the real value in a member service organisation, and how is it unlocked?

In my experience, the biggest asset in most membership organisations is: