Raising dues could actually have the opposite effect on raising overall revenue. People may decide that it is not worth the $50 and while they will get more per person, they have less people renewing or joining.
Leaving the dues where they are, would have no perceivable change from the status quo which apparently isn't working.
Lowing dues may actually entice new membership (what they want) and encourage the few people on the fence to stay in. If enough new people join even at the lower dues, they may actually make take-in more than raising it with less people.
The magic comes from raising or lowing the dues the right amount and see what happens.
If it were me and my decision alone, I would lower the rates and have members spread the word to bring in more people since the cost would be reduced (even if temporary like for a year or two). Then you can slowly increase the dues back up if still needed.
Another incentive would be to give members a small finders fee for recruiting new members offsetting their own membership fees.
