Overall Trends & Highlights
- Identify what data is most important, meaningful and actionable to your association.
- KPIs and dashboards need to be flexible and adaptable, change needs to be able
to happen quickly because it’s rare and challenging to get KPIs right the first time.
- Dashboards are becoming more important as ROI becomes a trending topic
- Starting small and testing what works and what doesn’t work is key to success. Building out a robust data and dashboard plan from the start is a sure way to set yourself up for disappointment.
Benchmark Your Membership Marketing Success
Tony at Marketing General Incorporated identifies five key benchmarks that should be captured on a monthly basis at each chapter. He is more than happy to share a sample dashboard he put together in Excel upon request.
With different tiers of chapters, perhaps selecting 2 or 3 benchmarks that apply most to the chapter group or size is an appropriate place to start.
“Use Your KPI’s to Drive Planning, Budgeting, and Success. The reason MGI includes the KPI’s above is that, with a small amount of analysis, we can determine how many dollars it will take to reach any given membership marketing goal.”
When creating your KPIs, ask yourself – are they…
- Simple calculation
- If it doesn’t fit, then maybe it’s time to go back to the drawing board
- SMART = Specific, measurable, achievable, relevant, timely
- INVEST = Immediately actionable, negotiable, valuable, estimable, sized to fit, testable
- Are chapter groups different enough that you need different benchmarks for them?
- Do you need a consistent health benchmark or indicator across all chapters?
Membership Marketing Data: Don’t Let Imperfection Immobilize Your Program
Harold at MGI reveals the heartbreaking news that flawless data isn’t always attainable, but that shouldn’t mean that your project has to go on the backburner. They have found a different way to classify data that is more cost efficient, and can help make your association’s important decisions.
There is a breakdown of how you can be sure you are collecting sufficient data with clear KPIs, data rules, and leveraging your data.
- Capturing perfect data is nearly impossible. MGI takes a different approach and focuses on sufficient or not sufficient data.
- Clearly defined KPIs set the measurement standard.
- Getting sufficient data is hard work, don’t let the hard work go to waste. Use the data to help make important decisions for your association.
Lagging Vs. Leading Business Indicators: Do You Know The Difference?
Richard at Project Times explains the difference between leading and lagging key performance indicators and the business areas each of them measure. It is important to understand the difference because one measures performance, and the other drives business.
See the article at the link below to view a list of 7 tips to help you identify how to define your indicators.
- Lagging indicators are used to measure performance and allow the business leadership team to track how things are going.
- Leading indicators, change quickly and are generally seen as a precursor to the direction something is going.
- These are most crucial to maintaining key metrics and ensuring you’re tracking to success (or knowing early on that you’re not on track)
Organize and Visualize: Turning Member Numbers into Knowledge
Details how the North Carolina Association of CPAs undertook a year-long project to get its members data centralized and accessible via interactive dashboards. This is a big initiative but there are some great small actionable tactics that come out of it.
- Identifying a way to view one set of data, or one version of the truth, is important and makes data meaningful and purposeful.
- Being able to access data from multiple different systems is important.
- Identifying what data you want and is most important (not all data is created equal) and allows you to take the next step, develop a systematic process to extract it from systems and databases.
- Do you know where your data is coming from?
- How many ‘versions of the truth’ are there in your organization now?
- Are there metrics that apply to the organization as a whole that you should prioritize tracking to gain one, central data set?
In the Chapter Dashboard & Data Metrics handout, we share industry articles to help you identify what data is most important, meaningful and actionable to your association.