Are economic tides shifting again? According to the Conference Board, corporate profitability may face headwinds resulting from higher costs as “the business cycle matures.” They also suggest that “America’s strength in technological progress needs to help accelerate productivity.” If member companies introduce more innovation to drive more profitability, is your association positioned to respond with equal or greater amounts of innovative solutions?
Actionable Data Unlocks Opportunities
In a business environment that can change as often as the weather, having actionable data can increase your organizational agility, help identify potential patterns, and create new innovation opportunities. Since the tools to capture critical information about your constituencies are more readily available, your organization can gather and mine data more quickly. More importantly, the data can uncover new engagement opportunities that increase your association’s productivity and profitability.
What Data Moves the Needle?
When it comes to mining your Association’s Data, it’s especially important to identify:
- Predictive behaviors that lead to higher levels of engagement
- Career stages of executives
- Movement between member segments
- Themes that overlap member segments
- Opportunities to facilitate higher levels of member engagement within a member segment
It’s all about “knowledge sharing” and creating innovative opportunities for different member segments to contribute their expertise in a collaborative manner. For example your Association may develop a data driven segmentation strategy which builds more engagement capacity for your member’s to share information and to develop solutions that address their business challenges. In a shifting economy, this helps your Association become more of a “solution center” and “strategic partner” to your members.
Data Driven Innovation
Notwithstanding U.S. and Global economic challenges, data driven innovation can open doors for your Association to increased member engagement, better competitive position, and profitability. This approach will also reflect the practices utilized by your most forward thinking member companies and check off one more box to becoming an “outside in” association.
Free eBook “Accelerating Strategic Member Engagement” is available upon request for all Association Executives at www.potomaccore.com