With all the buzz surrounding the potential future benefits of Artificial Intelligence (AI) and Machine Learning, it's easy to forget that sophisticated Data Analytics tools exist that are excellent at unlocking insights for your association TODAY.
The following three strategies can be implemented with an advanced analytics tool such as Nucleus without employing AI:
- Composite Category Forecasting
- Semantic Targeting
- "Not Specified” Category Collection
COMPOSITE CATEGORY FORECASTING
Most associations can likely guess which collection of activities pinpoint an engaged member – and who are thus excellent candidates to renew or join. Examples might be those who register for the annual conference, participate on the private social community, and update their membership profile. By analyzing such hypotheses and checking the actual correlation between composite activities and the propensity for individuals to renew or join, associations can begin forecasting based on those activities. If a correlation does not exist, different behaviors should be tested until a correlation is confirmed.
Gravitate recommends associations build a composite category with 5 components and check the variance of the correlation when one of the activities is removed. This will provide the “strength” of each activity. With that insight “unlocked,” associations can direct their marketing activities at driving up a particular activity – which is proven to most positively impact recruitment, retention, or registration.
The second strategy to unlock insight in the data is to implement semantic analysis. By developing a list of key words or phrases that are important to a particular industry, associations can monitor a private social community and determine which of these key words/topics are of most interest to the community. And, by filtering on other dimensions in the data such as generation, member type, or experience, the association is now equipped to target those people and offer them precisely what they want – such as a personalized webinar, conference session, or research study.
"NOT SPECIFIED” CATEGORY COLLECTION
The third method for unlocking member data insights is easy, even if perhaps a bit counterintuitive – the concept is to focus on data that falls into the category of “Other” or “Not Specified”. Many associations conduct marketing activities based at least in part on a series of member personas – classic clusters that many on your staff could list off the top of their heads. "Not Specified" Category Collection invites you to group together everyone who does not fall into one of your member personas and analyze their activities to look for similarities, trends, and perhaps entirely new personas. The data visualizations and data browsing/filtering/drill-down capabilities of an association-specific Data Analytics solution makes it infinitely easier to quickly extract insights from the “Not Specified” category.
We all know that meaningful insights exist in your member data, ready to be discovered. With simple steps like these and a state-of-the-art analytics platform like Nucleus, you will be on your way to insights that surprise and delight.