Elements of a good student society

Market demand estimation
Individual dedication of members
- decreases with time and then levels off.
Must not interfere with studies.
Must somehow appear to help with studies. (CAS hours, or mentoring, or studies related activities)
Must be engaging. Interactive. Dynamic. Ever-fresh. Unique.
- people must look forward to its events, and not be so low in priority that people think it's a stump in their calendar.
Understand the demand of its members.
Must be aware of competition
- people only have limited time and budgets to use on societies.
Must have organizer type manager-geniuses (at least 1).

People need to actually like to be in the club, and not there for their CVs, or for the social network. Otherwise, even if the club has a huge budget (eg. Student Union) and manpower, they cannot fulfill their target market.