Membership organisations – some, not all – are struggling to stay relevant and demonstrate value to members and prospective members. The world has changed; what members want has changed and the homogeneous nature of a single membership group is unlikely to return.
Much of the challenge is found in a failure of membership organisations to understand and/or harness the power of data. There are five crucial pillars that every membership organisation should consider when it comes to data, that can guide them on a path towards improved performance, member satisfaction, and sustainable growth.
Pillar 1: Your Members – The Heart of Your Organisation
Understanding your members is the foundation of your organisation’s success. It’s about more than just collecting names and email addresses. It’s about tracing their entire journey, from prospect to loyal member, and even those who leave and return. Do you have a clear picture of your members’ demographics and locations? By understanding your members and their evolution, you can identify what motivates them to join, stay, or leave. This knowledge empowers you to boost prospect conversion rates, extend member lifetime value, and minimise avoidable churn.
Pillar 2: Your Products & Services – Meeting Member Needs
Membership organisations offer a variety of services, from training and online courses to physical products and paid events. But do you know which offerings resonate with your members and generate revenue? More importantly, do they contribute to profitability? The ideal scenario is to identify and focus on offerings that excel in all these aspects, ensuring they align with your members’ needs and preferences.
Pillar 3: Your Members’ Activity – Insights for Retention
Understanding your members’ behaviour throughout their membership is vital. Are they engaged with your marketing, social media, and website? Do they have a high cost to serve? How do they utilise their membership, such as attending events or making purchases? Analysing this activity can help predict member loyalty trends, allowing you to take proactive measures to retain them.
Pillar 4: Your Company Activity – The Internal Connection
While member activity is crucial, understanding your internal departments and their impact on members is equally important. Are members receiving value for their money based on their interactions with your organisation? Can you efficiently manage aged debt? How does marketing activity influence conversion rates? Uncovering cause-and-effect relationships between internal teams and members’ experiences can lead to more effective strategies and member satisfaction.
Pillar 5: External Insight – A Broader Perspective
In addition to internal data, external sources of insight can provide a more comprehensive view. Explore public information about your members and their organisations. Stay attuned to sector-specific trends, such as shifting demographics or changes in industry demand. External factors like weather and environmental changes can also impact member behaviour. Integrating these external insights with your internal data can uncover unique compounded insights that drive informed decisions.
Conclusion:
In the data-driven era, membership organisations must leverage data across these five pillars to thrive and adapt to changing landscapes. By understanding your members, optimising your offerings, monitoring member activity, assessing internal operations, and tapping into external insights, you can pave the way for sustained growth.
Embracent can help you master your membership data effectively and fast. Contact us for to find out how.
