Key performance indicators, often called KPIs, are crucial in evaluating success across various businesses and sectors. These metrics enable you to assess your organization’s well-being and gauge implemented strategies. KPIs serve as valuable tools to propel your organization forward.
Key performance indicators help distinguish effective strategies from not-so-effective ones. They offer valuable insights into where to allocate funds for growth and where to cut back. KPIs enable you to establish realistic and attainable objectives. Most significantly, KPIs help you spot trends within your membership and understand their evolving needs.
Membership software like MemberNova enables you to keep an eye on key performance indicators. This vital information provides insight into your association’s overall well-being. The software allows you to track website visits, crucial marketing information, and data gathered during course registrations or resource access. Beyond gauging member engagement, you can fine-tune your association’s resources to meet members’ needs and preferences.
Here are the top key performance indicators to track for association membership metrics.
Your membership growth rate identifies your total number of members compared to the previous year, quarter, or period. Your growth rate is a percentage, positive or negative. It can add context to calculate growth from one quarter to the next and from the prior year to the current.
Membership Life Expectancy
This metric measures how long a member is likely to remain a member on average. It is the ultimate gauge of association health.
Membership Retention Rate
Retention rates are key to associations. Time and money are spent acquiring members. If they don’t renew their memberships, that’s a waste of resources. This is an opportunity to see how you value members.
Membership Lifetime Value
Membership lifetime value is a metric that adds up the financial contributions paid over the average membership lifespan. When you know this figure, associations can often make slight adjustments regarding programming and resources. You can dramatically improve future revenue rates.
This is not a traditional KPI per se. However, member stats and demographics can tell you a lot about your members. Identifying information – such as age, gender, location, and job or income – will reveal who your members are. With this data, you can reach out to your target member demographic. Likewise, dig into demographics not currently represented in your member base.
Membership Software Monitoring
Use membership software to monitor online community engagement. Automate data generation based on email, social media campaigns, and more. Measure how often members interact with your association, how many posts are made, and how many communications are made. Membership software can tell you much about how strong your association’s community is with its members.
Course Completion Rates
If your association offers resources that require registration, you may want to include course completion rates as a top key performance indicator. It could indicate which courses work, and which don’t. Use this data to change your membership offerings.
Your website analytics will produce much data, some aligned with top KPIs. Website visitors and what specific pages they visit will reveal how engaged members are. Learn what interests them.
Social Engagement and Shares
Similar to web page visits, social media platforms offer valuable insights through shares, likes, and interactions. Gathering more data is always beneficial. This metric can reveal a lot about what truly connects with your audience.
Use of Member Benefits
If you offer benefits, these are easy to track using codes and registered numbers. You may be curious about what benefits are being utilized and how much worth a specific benefit has. Making it a top KPI, you can understand the cost and benefit of your benefits. Implement alterations based on how members are using the system.
KPIs for Events
Association membership metrics include event KPIs. Consider the percentage of members registered for an event, how many attended, and how much funds were raised. The overall engagement KPIs determine whether an initiative succeeds.
Email Open Rates
Most associations have an email campaign to stay in touch with members. Email open rates indicate whether emails are opened or not. If your rates are low, the issue may be too many emails or poorly constructed subject lines. The email content may also not have enough meaning to justify sending it. To improve, you may want to engage in some A/B testing and optimize your campaign.