Do you know…There are five key benchmarks for a membership program that can be presented on a ‘Membership Dashboard?’
The ASAE & the Center for Association Leadership in the book 7 Measures of Success documented that remarkable associations collect and use data to build success. One measurement tool that is fundamental, but is not fully utilized in the membership area, is benchmarking.
There are five key benchmarks for a membership program that should be captured each month, and they can be presented on a single sheet of paper in what is called a ‘Membership Dashboard‘.
Just like a car dashboard gives the driver the key data that’s needed to keep the car on the road moving forward in a safe manner, a membership dashboard highlights key statistics for an association.
MGI DASHBOARD TIP – Use these top-five indicators to help predict the growth or possible decline of your association’s membership:
- Total Membership
- Current Membership
- Membership the same month in the previous year
- Percentage increase or decrease in year-to-year membership
- New Members by Month
- Current New Members
- New Members the same month in the previous year
- Monthly Membership Conversion (Renewal of Y1 Members)
- First-year members eligible to renew
- First-year members who actually do renew
- Conversion renewal rates (renewing new members / eligible to renew new members)
- Year Two and Subsequent Renewals (Y2+) by Month
- Y2+ members eligible to renew
- Y2+ members who actually do renew
- Y2+ renewal rates (renewing members / members eligible to renew)
- Total Renewals by Month
- Total members eligible to renew
- Total members who actually do renew
- Total renewal rates
If your association has different levels or types of membership, the top level of the dashboard can show your aggregate membership of the association. And, your dashboard can include additional spreadsheet tabs for other categories of membership.
Once a dashboard is in place, a wealth of information will jump off the page of each month’s report. For example, the dashboard will identify where your association is ‘leaking’ members. Are they first-year members or multiyear members? And why is membership growing? Is it because new members’ input is up or because of increased renewal rates?