How to Identify and Report Trends, Track KPIs and Shape Future Strategies Via Membership Software
Understanding your membership base is a key part of helping to maintain and grow it. Without fully understanding why members join and why they leave, it can be difficult to improve services. There’s little point in working hard to get new members to join when you don’t understand why current members stop subscribing.
Many membership organisations currently manage their membership base through a series of spreadsheets and databases. Although this can do the job, it can be inefficient and makes it difficult to track key performance indicators (KPIs). Recreation Therapy Certification Many membership managers complain of not being able to drill down into membership data – making it difficult to analyse trends and predict future subscription rates and membership behaviour.
Membership management software is one way to tackle this problem. All high quality membership solutions should come with sophisticated built in reporting and analysis tools. These reporting modules allow membership managers to create hundreds of interactive reports which can be generated and exported at a click of a button at any time.
So what KPIs should membership managers be tracking? Here are some of the most popular ones:
- Look at the number and type of member that renews their membership year on year.
- Are there any trends in the type of member that always renews?
- Geographically, demographically, job title, member history (such as events attended, length of membership, amount of engagement) etc.
- What causes them to renew?
- When do they renew?
- How do they like to renew?
- Understanding why members decide to leave your organisation is important if you wish to reduce this rate.
- Why do some members let their membership expire and not renew?
- What kind of communication is going out to these members? Of this communication, what is successful at getting past members to join again?
- Why are members leaving and what can be done to reduce this rate?
- What is done to try and bring old members back into the organisation?
Reporting on membership payments:
Cash flow is vital to organisations and this is an important KPI.
- How do members pay? What options are they given?
- Do most pay online, via the phone, in person etc?
- Is there a particular trend between payment methods and membership renewal?
- How many members pay by direct debit? Does this have an impact on membership renewal rate?
- Are you suffering from a high rate of late payments?
Understand subscription trends:
- Understanding who your members are is key to growing your membership base.
- Who subscribes – create profiles based on your member demographics, geography or job title.
- Are there particular groups of people that make a large volume of your members?
- Is this something that can be exploited to help grow your membership base in this area?
Event management reports:
- Events can be an important way of adding value to your membership offering. Being able to analyse event performance can help improve member attendance and help shape future event strategy.
- Do you hold member events, if so, are they well subscribed?
- What events have the most delegates?
- Do you find a large number of members drop out at the last minute?
- What events are oversubscribed and how many of these are hosted per year?
- Are there particular trends regarding popular events – guest speakers, venue, location etc.
Being able to create custom reports that show the above information is vital if membership managers want to proactively maintain and grow their membership base. Getting this information from traditional sources is possible, but it can be slow and protracted. A membership software solution can host these reports and automatically and instantly create them as and when required.
As well as creating the reports, reports can be exported in all popular mediums – CSV, Excel and PDF for easy analysis and interpretation. Graphs can be created at the click of a button which can be a useful tool when putting together presentations and reports for senior management.