3 Examples of How to Turn Data into Revenue

The most common question I hear is {to be read in exasperation}  “We have all this data but what do I do with it?”

Here’s why that’s such a common question. Associations’ member data currently has 2 fundamental flaws:

1. It lacks intention. It’s all transactional and behavioral data that tells you what your members are doing.  All this data has piled up over the years as a by-product of the transactions and behaviors of your members. It’s a million footprints in the wake of what you’re already offering your members. There’s some value in there, but it’s all about what they’re doing, and lacks the data that’s most important which tells us WHY they’re doing what they’re doing.
2. It lacks action. We’re starting with a big pile of data and then trying to figure out what to do with it. The better approach is to figure out what we want to know and capture the data to help us learn and act on that information. When you have data that is tied to a specific question, you can take action on it in a concrete and powerful way, at a micro level with follow-up actions and at the macro level to change what and how you’re servicing your members.

It’s no wonder we are so frustrated with the piles of data we have. We’re starting with the data instead of the question. Start by figuring out what you need to know and then find the data to discover the answer.

Imagine arriving in the center of New York City. You’re in Times Square. What do you do? Data and input is coming in from everywhere. It would be easy to just look around and pick something to do based on what’s in front of you. And you might have a good time, or you might not. It’s a game of chance. But if you arrived in NYC with intent, specific things you were looking to do, you would know exactly what input mattered the most. How do I get to the Broadway Show I want to see? How do i get to the top of the Empire State Building? How do I get to Ground Zero? Or how do I get to the Guggenheim? When you know what you want to know, the inputs make more sense and guide you down the right path to ensure you’re satisfied with your trip.

All that other data, the behavioral and transactional data will come in handy once you begin to understand what is driving your members’ behaviors, or the WHY behind your members behavior.

Starting with questions is the logical approach to understanding our members. PropFuel is a system of action that starts with a question and leads to action based on the answer.

Generally, a “System of Action” is a process, a technology, a platform utilizing a workflow that not only captures and manages data but does something with it to reduce the repetitive low level human labor and to offer a customized solution to the member.

A data warehouse may be a necessary element of an integrated system, especially when the data is dropped off in truckloads without intent, but without a system of action, you have very little you can do with that data sitting in the warehouse. With the right questions and intent, the data leads into a workflow of automated actions and a clear view of which products and solutions are best for your members. And in a world where hyper-customization is becoming the norm, we need the right products and solutions placed in front of the right members when they need it. This is very difficult when you’re only playing with behavioral and transactional data and you have no understanding for the sentiment behind the decisions.

Let’s get back to this concept of Voice of the Member now. You’re collecting this data, their “voice”, so that you understand WHY your members are behaving the way they are, and more importantly so you can act on what your members are saying they need when they need it rather than what you think they might need when you think they need it. In fact, even better, the technology should take action on the data and the defined workflow to take you as far down the path of customization as possible. Creatively, we call that “Actions”.

Actions will happen at the individual level when dealing with the Voice of the Member, but the actions will be based on key rules or decisions. Every “action” has what we call a “trigger”, and every workflow may consist of several triggers and actions, leading to an automated and highly customized experience for the member.

Let’s look at some examples of how that might work. And if you can’t translate this to increased revenue, then you should put this on the shelf and never come back to it.

1. NEW MEMBER RETENTION: Typically, member retention is the lowest for new members with the average retention somewhere in the 75% range. Some organizations have a new member drip campaign where all new members get the same welcome emails promoting association activities and benefits. But in the world of hyper-customization, associations can bring new members down a path specific to each new member based on their interests.

HOW:

1. The AMS tells your Voice of the Member platform (PropFuel) that you have a new member.
2. PropFuel sends a question to the new member asking why they joined, among a series of other potential questions over a period of time.
3. The member answers the question with both a selection and open ended feedback (their “voice).
4. PropFuel sends the results to marketing automation, the AMS, and/or the community, and their answer triggers a customized response and series of questions triggering custom responses presenting the member with more information and opportunities related to exactly WHY they joined the association.
5. Over the course of the first year, the member continues to receive questions periodically, triggering a more custom experience focusing on their needs when they need them.

RESULTS: Increased member purchases and event registrations as well as improved new member retention rates.

2. PROFESSIONAL DEVELOPMENT and TRANSACTION SATISFACTiON: In most associations, professional or trade, individual contacts have specific areas of competency they’re interested in. Historically, we would send segments of people a collection of topics and opportunities with the hope that one would strike a chord. But, once again, in the world of hyper-customization, associations can bring new members down a path specific to each new member based on their interests. Additionally, when purchasing items on Amazon has become so simple and reviews and ratings so prevalent, it’s become a “must-have” to compete rather than a differentiator. 

HOW:

1. The AMS tells your Voice of the Member platform (PropFuel) that you have a member that’s due for more CE to maintain their credentials, or perhaps there’s no credential, just an interested learner.
2. PropFuel sends a question to the new member asking what topics peak their interest and needs with both structured and unstructured responses. 
3. Their answer, supported by AI and automation, triggers a customized response with specific courses, publications and live seminars related to what they want to learn along with registration links.
4. After they’ve registered they land on a “thank you page” with an evaluation question regarding the check-out process. This response may even trigger additional actions.
5. After completion of the course, there’s a request for a course rating and review.
6. These ratings a reviews are then used not only to inform your members of which courses are recommended by their peers, but gives you the information an association needs to remove the poorly rated courses and promote the highly rated courses.

RESULTS: Increased Continuing Education sales driven by targeting specific members with the courses they are asking for (revenue), increased satisfaction through an improved checkout process (retention), increased satisfaction and ease of selection by providing ratings and reviews (revenue), more knowledgeable marketing opportunities through ratings and reviews (revenue).

3. LAPSED MEMBER RETENTION: Without an auto-renew option, many associations find themselves in a position where they don’t know if members simply forgot to renew or if there’s a reason that can be addressed with better customer service. Ask them, and create a customized and automated process for managing lapsed members. 

HOW:

1. AMS tells PropFuel a member has lapsed. 
2. PropFuel sends a question (one of a few over time) to the lapsed member asking if they know their membership lapsed and why. 
3. Their answer triggers a customized response and series of questions triggering more custom responses driving the member back into the loving arms of the association.

RESULTS: Increased revenue - Increased member retention, by regaining the members that left, knowingly or unknowingly.

Yes, the Voice of the Member provides more data, but data that tells us what we want to know. The key is a platform that helps collect intentional data AND take action on it. Action that leads you down the path, through artificial intelligence and automation, to drive behaviors that lead to loyalty, retention and ultimately increased revenue.

PropFuel helps you ask the right questions and act on the feedback.