Hey Reader,
Why would a person join our organization? Buy our product? Attend our event?
Why are we worth their TIME, ATTENTION, MONEY?
We are all somehow value-labellers. We know oh so well how to label the value of people, services, products, organizations. We do it daily, no?
Our customers are the same.
Goodish marketing, goodish management or simply the FOMO of customers (*fear of missing out) can bring customers in, for sure.
CASE ๐
ฐ๏ธ
We take decisions based on conversations we had with 15 most-informed, involved, outcome-oriented customers out of 1.000 total customers. (*P.S. that is a "BOARD OF DIRECTORS" model for any professional association / organization.). Again, 15 / 1000.
Sales go up.
Let's put numbers on it: 100 yearly new customers, versus 45 that quit the service.
It's 10% growth. Bravo, well done!
CASE ๐
ฑ๏ธ
All the above โ one extra question
What about the 4% total loss?
- 4% seems like a small number, quite manageable. We can live without 45 out of 1100 customers...
- But those 45 people represent 45% loss on growth.
We are getting smarter, as consumers.
And the market gets more competitive.
People can buy our service or product ONCE. Attend our event ONCE. Join our organization ONCE.
If people don't get what they need, expect, want -> they leave.
And their leaving reasons will become contagious soon enough.
|
THE obvious ANSWER and SOLUTION:
Offer value for people's time, attention, money.
But how do we create that value for each individual?
We must give people what they want, not what we think they want.
PS. I would love to meet you
Really now.
I have met some amazing people on LinkedIn. Complete strangers once, and each changed the way I work.
That is the power of seeing other perspectives.
|
|
|
๐ Offering VALUE: Data-analytics style.
Getting to know our audience always starts with asking the right questions.
Ask customers ONE simple question.
I call it "The SLEEPLESS INDEX".
I spoke last month @ACTIVATE, a no-fluff event dedicated to Event Marketers and my speech was exactly about this topic:
Which of these industry challenges keeps you up at night?
1. Emerging technologies
2. Digital transformation and adoption
3. Regulatory compliance
4. Talent acquisition
5. Sustainability and corporate responsibility
โ
|
|
|
And this is where having a data-focused mind comes in hand.
From the standard, static <How many people answered what> type of report...
โ
๐ Dive deeper, segment, see where the numbers are low and work on that, personalize messages, customize services, retarget.
Here are more data-insights I got from that same question:
Iโve been in the event industry long enough to realize a hard truth:
Conversations with just a handful of proactive clients or feedback from the usual vocal few doesn't shape a universally successful strategy.
That universal successful strategy doesn't exist.
I use data analytics because it cuts through the guesswork.
And yes. Unhappy customers will forever exist, but the goal is to minimize their number.
โ
Some metrics that measure VALUE |
in #Events
โก Attendee Satisfaction Score (ASS): post-event surveys with questions about the event's content, organization, speaker quality, and overall experience.
โก Net Promoter Score (NPS): NPS measures the likelihood of an attendee recommending your event to others.
โก Engagement Rate: various data points such as session attendance, participation in polls and Q&As, app interactions, and social media engagement during the event.
โก Returning & Conversion Rate: the % of attendees coming back or driving specific actions as per the event's objective.
โก Return on Investment (ROI): analyzing the total cost of the event against the revenue or value it generated.
|
|
in #Community
โก Member Retention & Churn Rates: tracks the % of members who renew their membership and the ones that leave over a specified period.
โก Engagement Rate: measurs active participation within the community through various interactions such as posts, comments, likes, and attendance at events.
โก Average Revenue Per User (ARPU): divides the total revenue by the number of members to determine the average contribution per member. Assess the economic value.
โก Net Promoter Score (NPS): measures how likely members are to recommend the community.
โก Member Acquisition Cost (MAC): calculates the cost associated with acquiring new members, including marketing and promotional expenses.
|
โ