DATAECONOMY's Solutions for Professional and Trade Association Challenges
Addressing Core Challenges
Professional and trade associations, also known as industry organizations, face numerous challenges in enhancing their value and engagement with members. Key issues include:
Adding Value for Members
Demonstrating and delivering tangible benefits to association members.
Showcasing Value
Effectively communicating the benefits and value propositions to current and prospective members.
Member Churn
Managing and reducing turnover rates among members.
Attracting Younger Members
Engaging and retaining younger demographics within the association.
These challenges often lead to:
Flat or Declining Membership Rates
Difficulty in attracting new members and retaining existing ones.
Higher Acquisition Costs
Increased expenses in acquiring new members.
Perceived Lack of Value
Members feeling that their dues do not reflect the value they receive.
Limited Engagement
Inadequate tracking and analysis of member engagement and satisfaction.
Challenges with Key Segments
Difficulty in attracting and maintaining crucial member segments.
The Importance of Member Engagement
Member engagement is essential for reversing declining trends and improving association performance. Effective engagement strategies include:
Customized Member Interactions
Tailoring communications and offers to meet individual member needs and interests.
Ongoing Engagement
Ensuring that members are continuously engaged throughout their membership journey to enhance retention.
DATAECONOMY's MATRIX Solution
MATRIX offers a comprehensive solution designed to tackle these challenges and enhance member engagement
Augmentation Platform
Integrates data from internal sources (AMS, CRM, LMS, marketing) and external sources (social media) to provide a complete view of member interests.
Professional Consulting Services
Provides expert guidance to implement effective strategies and tactics with minimal staff disruption.
Features of MATRIX
Member Onboarding
Customized onboarding experiences that educate new members about the association’s offerings, capture their interests, and use intelligent workflows for mapping.
Member Engagement
Tracks engagement scores at the individual level and aggregates them to provide insights into trends and factors affecting engagement.
Member Insights
Consolidates member data from various sources, powered by advanced graph technology, to offer a comprehensive view of member activities and interests.
Hyper-Personalization
Utilizes AI, machine learning, and deep learning to create personalized membership experiences.
Targets
Allows for setting and tracking KPIs and engagement scores, providing insights to help meet association goals.
Association Insights
Interprets KPIs, trends, and cross-relations to provide a business view of opportunities for engagement and data-driven decision-making.
Communities
Facilitates member interaction through moderated and un-moderated channels, including options for non-members to engage with free resources.
Dashboards
Provides role-based dashboards with interactive graphs, key KPIs, and comprehensive insights.
Benefits
Increased Membership
Reduce attrition rates and boost new member acquisition.
Reduced Costs
Lower acquisition costs and improve retention rates.
Enhanced Member Insight
Gain a deeper understanding of member needs and preferences.
Greater Engagement
Improve retention and benefit from increased word-of-mouth promotion.
DATAECONOMY’s MATRIX solution provides a robust framework for overcoming the challenges faced by professional and trade associations. By leveraging comprehensive data management, advanced analytics, and personalized engagement strategies, we help associations enhance their value, improve member retention, and achieve long-term success.
