Pricing and Value Metrics and KPIs

The following is an excerpt from our book, Pricing for Associations, available now on Amazon.

When monitoring metrics and KPIs, it is important to note that the data to monitor can vary depending on the product across the portfolio. The data points to monitor for each product type will provide insights into whether or not your pricing and value strategies are working effectively. For example, for membership products, it is important to monitor data points such as renewal rates, churn rates, new member acquisition rates, and retention rates. This data can help to understand the effectiveness of your pricing and value strategies and make necessary adjustments to improve customer acquisition and retention.

For digital education products, it is important to monitor data points such as the number of course enrollments, course completion rates, student feedback scores, and referral rates. These metrics can help to evaluate the value and effectiveness of the product and identify areas that may need improvement.

For event products, it is important to monitor data points such as attendance rates, event feedback scores, sponsorship revenue generated, and lead generation rates. These metrics can help to evaluate the overall success of the event and the effectiveness of your pricing and value strategies in attracting attendees and sponsors.

Overall, monitoring data points for each product type will provide valuable insights into the effectiveness of your pricing and value strategies. By regularly reviewing and analyzing these metrics, you can make data-driven decisions to continuously improve your products and increase customer satisfaction.

The following are examples of data points that we recommend be monitored by product type.

Membership/Training Portal

• Percent of members logging in within 30, 60, 90 or longer days.

• Voice of Customer - watch the Community Boards and Reviews for trouble and opportunities to craft new training and solutions.

• Training and Q&A - percent of members attending live, with a 20% minimum goal.

• Quarterly quick survey with 1-3 questions:

• What has been your favorite feature so far?

• How much time/money has this saved you?

• What would you love to see added?

• How can we make this even better?

• What solutions are you shopping for in the next 12 months?

• What trainings would you like to see in the next 12 months?

• Annual Survey Ideas:

• Note: Always list all features/benefits for them in case they don't realize the totality of what they get.

• What are your favorite and least favorite parts of the membership?

• How many team members are using this in your agency?

• What are they each accessing? (List features)

• If you could add any features to this membership, what would they be?

• How many hours per year has the membership saved you on shopping for and implementing new or existing solutions?

• How much money has the membership saved you by choosing the right software or streamlining your processes?

Educational/Training Product

• Number of registrants (by price paid ((individual vs. bundle)), organization size, years in field, engagement with association, etc. for segmentation by demographic)

• Voice of Customer - watch customer  emails, social media for trouble and opportunities to craft new training and solutions.

• Percent of learners completing the program, points where they stop progress, length of time to complete program, length of time until they stop progress.

• Quarterly quick survey with 1-3 questions:

• What have been your favorite features so far?

• What would you love to see added?

• How can we make this even better?

• What other topics would you like to see us add?

• Is there anyone else on your team that should be in this program? (# of people?)

• For those who completed: written testimonial, certificate instructions to share on LinkedIn and tag association

Membership and Digital Education

• Movement for membership - number of Individual who upgrade to Corporate, retain membership, leave membership, number of Corporate who add more members, retain number of members, downgrade to Individual, leave membership,

• Voice of Customer - watch customer  emails, discussion boards, social media for trouble and opportunities to craft new training and solutions.

• Percent of digital learners completing programs, points where they stop progress, length of time to complete program, length of time until they stop progress.

• Percent of Individual and Corporate members who utilize the Discussion Boards, frequency, more posting vs. answering.

• Surveys/pop-up polls on usability of Research Center, frequency of accessing it, where else they turn to, percent of time results provide what is needed.

• Monthly/Quarterly Survey (pick 1-3 questions)

• What have been your favorite features so far?

• What would you love to see added?

• How can we make this even better?

• Is there anyone else on your team that should be in this membership? (# of people?)

• How much do you trust the Research Center to provide quick answers you need? (Scale of 1-5). Why?

• How beneficial is the Discussion Board to getting quick and accurate peer feedback? (Scale of 1-5). Why?

• Do you or your team  plan to take a course through the training portal in the next quarter?

• What topics would you love to see added to the training portal?