Based on our experience helping busy association executives like you make better decisions, here are 3 ways you can leverage your Association Management Software in order to drive knowledgeable decisions that help your members grow.
- Industry Benchmarking – Benchmarking is the process of determining who is the very best, who sets the standard and what defines the standard. If you're part of a national organization, you have the opportunity to compare data against your peers and determine what the real standard is for “best”. As we have worked with our customers we've found a great desire to measure relative performance. To do so you have to determine which characteristic sets you'll use to establish relative performance. Those characteristic sets might include: number of members, annual non-dues revenue and annual dues revenue among others. Once you establish the characteristics that define relativity, then you can start having more robust discussions with other association executives about what is working best for them, and begin to establish industry best practices for membership growth and engagement.
- Lifetime Value Report - Do you know which members are the most valuable to your organization over the life of their membership? What if you could go get more members like them? That’s what a Lifetime Value of Membership Report can do for your organization. By looking at current and dropped members and reviewing their dues and non-dues revenue for your association, you can see the type of members who generate the most revenue for your organization and then create initiatives that will help you acquire more members like them.
- Member Retention Report - This report allows you to track which members renew by units and by dollars. You may be tracking retention as a function of member units, but are you also tracking it by lost revenue? Many associations have tiered dues where members pay different amounts based on the level of benefits their members receive. You may have a 95% retention rate in units but only an 80% retention rate in dollars. You need to look at retention both ways to truly understand the impact on your association.
At WebLink, our platform WebLink Connect™ offers both Lifetime Value and Member Retention Reporting. Industry Benchmarking is something we'd like to hear more from you on and understand whether you'd find it a valuable tool to help you do more for your members. We welcome you to share your thoughts and opinions below.