This is the third and final blog in a series of three, aimed at helping membership and subscription-based organisations understand how they can communicate value to members in a digital world. For a complete picture, have a look at the entire series and as well as our eBook.
The single best predictor of future behaviour is… past behaviour. In this age of Big Data and Predictive Analytics, insight isn’t rocket science. Membership organisations now have the capacity to gain insight into where they should prioritise when it comes to attracting, retaining, and engaging members.
So, where should membership organisations allocate their time and money? The answer is: analysing data for insight, member behaviour modelling and subscription estimate forecasting, as well as identifying low hanging fruit.
Analysing data from recent years’ renewals can help create a profile identifying the memberships most likely to endure. This in turn gives guidance on how to commit future resources into retention – insights may show that a certain segment or profile is so unlikely to renew that resources should be used for recruiting new members instead of trying to retain them.
Being armed with this information will allow you to focus on the right segment, by leveraging personal marketing data and social insights.
It will also allow you to make the best offers based on both a specific member’s past history and the behaviour patterns that his or her profile/persona indicates.
‘Communicating Value in a Digital World’ is a must-read for anyone looking to understand their members better. Gain insight into the six imperatives for membership organisations by downloading a copy here.