Cut the peer circle or double down?

I keep going back and forth on where member value actually sits. We run a paid newsletter for association members (about 1,800 paying), a member directory, and a facilitated peer feedback circle. The newsletter open rate is 61%, the directory barely gets used, and the circle only pulls 30% attendance. But those who attend renew at almost twice the rate of non-attenders. The board wants to cut the circle because it doesn't scale and put that time into content. I've already tried adding more issues; open rates ticked up, renewals didn't. Small team, so I can't run both well. My income is tied to renewals now, so getting this wrong costs me directly. Where have you seen member value actually come from: scalable content or high-touch peer connection?