Measuring Success: Key Metrics for Associations
As we approach the conclusion of 2023, it's an opportune time to reflect on the year and evaluate the success of your association. Here, I'll delve into key metrics that can guide your assessment and set the stage for a successful future.
1. Membership Growth and Retention:
Review the yearly membership growth rate, considering the origin of new members and their engagement levels.
Assess membership retention rates, recognizing the impact of post-COVID challenges on achieving the standard 90% retention.
2. Member Engagement:
Utilize technology to track member engagement through meeting attendance, social media interaction, and overall activity.
Leverage insights to proactively engage members, encouraging participation in committees, events, or Board roles.
Are the meetings robust, the content timely and relevant, are members engaged? Do members want to see more online programming versus in person? How many members are registering for events? This is the number one metric to determine if your association is on the right path.
3. Financial Health:
Scrutinize the association's financial performance through P&L and Balance Sheets, recognizing the importance of fiscal responsibility.
Evaluate event success (or failures), sponsorships, and adherence to the budget to ensure financial goals align with the strategic plan.
4. Technology Utilization:
Assess the effectiveness of technological platforms used throughout the year, considering the cost-benefit analysis.
Stay agile with technology choices, making informed decisions to enhance member communication and experience.
5. Social Media Impact:
Measure social media metrics, including follower count, engagement rates, and popular post analysis.
Develop a plan for sustained social media growth, recognizing the importance of captivating content and member interaction.
6. Advocacy and Community Impact:
Evaluate the association's advocacy efforts, community partnerships, and legislative engagement.
Communicate these initiatives to members, establishing a clear return on investment (ROI) and reinforcing community involvement.
7. Volunteerism and Committee Engagement:
Scrutinize volunteer participation, identifying trends and addressing challenges in committee placement.
Recognize the pivotal role committees play in succession planning for the Board and strategize to enhance volunteer engagement.
8. Board Succession Plan:
Conclude the year by assessing the Board's succession plan, comparing accomplishments against set objectives.
Ensure alignment with the overall goals and metrics discussed, determining the overall success of the organization.
In summary, a comprehensive review of these key metrics will provide valuable insights into the health and success of your association in 2023. Stay tuned for upcoming blog posts, where we will delve deeper into specific areas such as social media strategies and addressing post-COVID challenges in volunteerism. Here's to another year of growth and success for your association!