Datnexa provides strategic machine learning to data rich organisations, this gives us a great insight into where the Membership sector is heading as we move into the second half of 2023.
5 data projects all Membership Organisations should do this Summer:
Member Retention: Predict who is at risk of leaving and target them with strategies that prevent churn.
Personalized Recommendations: Machine learning algorithms uncover new and unusual segments to personalize content, resources, and services.
Membership Growth: Identifying patterns and characteristics of successful membership acquisition and build on them to attract new members.
Event Attendance: Model who are your best attending members and find more whilst also optimizing event planning.
Decision Making: Ask new questions of your data to get insights to guide strategic decisions, such as resource allocation, program prioritization, and policy development.
"Our approach means that within days there is a model that adds insight or income"
Membership organizations are just starting scratch the surface of the potential of using their own data to leverage EDA and machine learning for valuable insights and predictions. Currently it is focussed on income (member retention, personalize recommendations, drive membership growth, improve event planning, prevent churn, boost engagement, innovate products/services) and insights (revenue forecasting and long-term, data-driven decisions) but the future could lead to new products and services.
It is an exciting time to explore the potential of the data all membership organisations hold.
