Association Speed to Market
As Associations compete for the seemingly smaller pool of corporate dollars, CEOs, senior managers, and boards want every possible competitive advantage. With Conference and Training vendors fighting for their piece of the pie, they know how to leverage a powerful CRM (Customer Relations Management) and custom databases to get at the market place quickly. In order to remain competitive, Associations too need the same speed to market. There are plenty of technology tools and alternatives, however CEO’s and Senior Managers should begin the process with an information scan.
Start at the Beginning
Regardless of Association size, the effort should start with a full inventory of member, sponsor and prospect data. Determine what exists and develop a smart list of what else is required. Most importantly, make sure that the Association is capturing “up at night issues“ and company participation. This is the information that helps formulate Data Driven Strategies for organizations.
Know Thy Marketplace
Maintaining a full profile on key aspects of members, prospects and sponsors is essential. Sir Francis Bacon noted that “Knowledge is power ” and for Associations, updated market information is omnipotent.
Every database should at a minimum contain the following information about members and sponsors, and have a treasure trove of data on prospective members:
Members and Sponsors
- Issue and regulatory concerns that impact member or sponsor company’s ability to achieve their business objectives.
- Participation in up at night issue activities, i.e. committees, calls to action.
- Updated contact information for executives who approve member dues or sponsorship’s.
- Complete descriptions of member and sponsor products and services and industries they serve.
- Record of significant staff interaction with member and company executives.
- Staff relationship owner.
Prospects
- Issue and regulatory concerns that impact prospective member or sponsor company’s ability to achieve their business objectives.
- Complete descriptions of products and services and industries they serve.
- Board Members in similar industries or who have similar issue or regulatory concerns.
- Participation in up at night issue activities, i.e. committees, calls to action.
- Updated contact information for executives who approve member dues or sponsorship’s.
- Inventory of Associations prospective members or sponsors participate in.
- Record of significant staff interaction with member and company executives.
- Staff relationship owner.
Ready to Add Speed to Market
With complete member, prospect and sponsor profiles, Associations are then ready to add capacity. The updated database is complete but not capable of driving speed to market. As the marketplace moves in real time, Associations require the capacity that only an effective CRM capable resource provides.
CRM capability should provide Association’s the ability to deliver:
- Analytics reflecting member engagement and participation.
- Net performance trends.
- Member and prospective member or sponsor business outcomes.
- Capacity to segment data and deliver focused messaging.
If an Association database and CRM are missing any of these elements they should identify new technology solutions that will complement their existing infrastructure.
Association Speed to Market
For Associations making the plunge adding speed to market at your association makes a difference. Leveraging updated data and CRM capacity, one Association doubled grass roots program participation and another Association achieved record conference profits.
Vendors are competing more aggressively than ever for their share of conference, sponsor, training, education and certification dollars. Although budget investments face increasing scrutiny, adding CRM capacity will enhance an Associations speed to market.
For a free copy of the “Accelerating Strategic Member Engagement” eBook, request your copy at www.potomaccore.com.
