“The ability to understand and communicate about data will be the most important skill in the next decade.” – Hal Varian, Chief Economist at Google
Recently, Julie Sciullo, CEO of Association Analytics, presented our clients with a webinar on how to use data analytics to improve member success and engagement. We wrote a brief summary below, but you can access the full recording here. Julie first discussed when you evaluate some of the things your organization is doing when it comes to trying to engage your members, do any of these sound familiar?
One of the problems is that we continue to make decisions today based on the way we did things last year. By not making changes, we cannot expect member engagement and success to grow. In order to make better decisions and important changes, we must use data analytics.
85% of organizations struggle because their data is captured and stored in disparate, disconnected systems. – The Aberdeen Group
Once we get a handle on our organization’s data analytics, the outcomes are hopefully:
In order to do this, you must combine structured and unstructured data. Structured data being demographics and transactions and unstructured data being social and behavior. Getting this data through reports can be helpful, but can also prove to be manual, error-prone, and hard to change and interpret. Utilizing analytics dashboards can help you get the data faster and can also provide the data in a more relevant and actionable way, while still enabling drill downs into more specific reports.
Once you have this data, it’s time to get the value out of your association’s analytics:
Being able to predict the future can also prove very valuable for your association. This can help marketing determine where they should spend their next marketing dollars and sales decide on the best cross-sell or upsell opportunities. It can help your membership department predict who is going to churn and which members are more likely to renew. Your event planners and conference organizers may have a better idea of who is most likely to attend their events and which members will never attend. And last but definitely not least, this data can help the finance department improve the accuracy of their forecasts and decide on future pricing and product bundling.
To hear specific case studies of how analytics has improved member success and engagement and so much more, click here to watch the entire on-demand recording of Julie’s webinar today!