In a recent blog, Data Intelligence: Turn Association Marketing Into an ROI Centre, we discussed how using data can be the catalyst for association transformation.
For too long association marketing has been viewed through the wrong lens. Traditionally seen as a necessary expenditure to attract members, build brand awareness, and promote services, this outlook has left associations lacking the data required to truly gain visibility into how their marketing efforts are performing.
The result? Associations typically view marketing as nothing more than a cost centre.
The dawn of the digital age and the resulting explosion of data has fundamentally transformed this outlook, and it’s time that your association gets on board.
Now, every campaign, every member interaction, and every engagement touchpoint is a potential goldmine of data, offering deep insights and paving the way for data-driven decision making that can improve your service offering and spark growth for your association.
With that in mind, here are five key association metrics that will help you transform marketing from cost centre to ROI centre.
#1 - Membership Growth Rate
Membership growth rate is a critical metric that reflects the health and attractiveness of your association. It calculates the rate at which new members join, a key insight for growth. If this rate is high, your marketing strategies are likely resonating with potential members. If it's low, it might be time to revisit your value proposition, promotional channels, or membership benefits.
Calculation
This is calculated by subtracting the number of members at the start of the period from the number at the end, dividing that by the number at the start, and multiplying by 100 to get a percentage.
#2 - Member Retention Rate
While attracting new members is crucial, retaining existing ones is equally important. Member retention rate measures the percentage of members who renew their membership over a specific period. A high retention rate indicates member satisfaction and loyalty, while a low retention rate could signal a disconnect between what your association offers and what your members need or value.
Calculation
To calculate this, take the number of members who renewed during a period and divide it by the number of members at the start of that period, then multiply by 100 for a percentage.
#3 - Email Engagement Metrics
Email marketing remains a powerful tool for associations. Key metrics like open rate, click-through rate, and bounce rate provide valuable insights into your email campaigns' effectiveness.
Key calculations
Open rate: This is calculated by dividing the number of opened emails by the total number of emails sent, less any bounces.
Click-through rate: This is calculated by dividing the number of clicks (or unique clicks) by the number of delivered emails, then multiplying by 100.
Bounce rate: This is calculated by dividing the total number of bounced emails by the total number of emails sent, then multiplying by 100.
#4 - Social Media Engagement
Social media is a dynamic platform for associations to connect with members, build their brand, and promote their mission. Metrics such as likes, shares, comments, and follower growth rate provide a snapshot of your social media engagement.
Calculation
This involves different calculations based on the platform, but commonly, likes, shares, and comments are divided by the number of followers (or reach/impressions), then multiplied by 100 to get a percentage.
#5 - Website Analytics
Your association's website serves as a digital home for both existing members and potential members. Hence, website analytics are essential to understand how users interact with your brand.
Key calculations
Page views: The total number of pages viewed.
Bounce rate: The percentage of visitors who navigate away from the site after viewing only one page. It's calculated by dividing the number of single-page visits by the total number of visits.
Time spent on site: This is typically calculated as an average across all site visitors.
Conversion rate: The number of conversions (e.g., membership sign-ups) divided by the total number of visitors, then multiplied by 100 for a percentage.
Interested in learning more about how your association can use metrics to turn your marketing efforts from cost centre to ROI centre? Get in touch with Halmyre today. Our team of marketing consultants and association transformation experts would love to help you reach your goals.