A key performance indicator (KPI) is a measurable standard used to assess the progress of a specific objective over time. KPIs provide teams with goals to strive for, checkpoints to monitor progress, and valuable insights to make informed decisions.
KPIs are applicable in measuring different areas of an association, including financial performance, member growth, sales and marketing effectiveness, and operational efficiency. They can be either qualitative or quantitative, but they should be explicit, measurable, and relevant to the objectives of the association.
By tracking and analyzing KPIs, associations can identify areas that need improvement, make data-driven decisions, and adjust their strategies to achieve better results.
Below are a few examples of different KPIs:
- Membership growth
- Membership retention rate
- Membership engagement
- Net promoter score (NPS) of members
- Membership referrals
- Membership dues revenue
- Member satisfaction ratings
- Non dues revenue
- Membership conversion rate
- Dues vs non dues revenue
- Percentage of members who donate to the association
- Number of sponsors
- Number of advertisers
- Number of event attendees
- Event revenue
- Event satisfaction ratings
- Number of email subscribers
- Open rate and click-through rate of email campaigns
- Website traffic
- Number of followers on social media platforms
- Percentage of attendees who plan to attend future events
- Average time to close a sale or deal
- Revenue and growth rate
- Average order amount
Before putting together a strategy to track KPIs, it’s essential to define the objectives and goals of the organization. This involves identifying what the association wants to achieve, what is important to measure, and how to measure it. Once the objectives and goals are established, the organization can determine which KPIs are relevant and align with the strategic plan.
It’s important to keep in mind that not all KPIs are created equal, and organizations should focus on those that provide actionable insights and help make informed decisions. Additionally, it’s important to establish a baseline for each KPI and set achievable targets to measure progress towards the organization’s goals. Finally, organizations should consider the tools and technology needed to track and analyze KPIs, as well as the resources required to implement and maintain the strategy over time.
Salesforce is a customer relationship management (CRM) platform that offers a range of features to track and analyze KPIs. With Salesforce, associations can centralize their data and create customized dashboards to monitor their metrics in real-time. This allows for a quick and easy way to measure progress towards specific goals and objectives.
Creating KPIs using Salesforce requires technical expertise and knowledge of the platform’s features. The first step is identifying the data that you want to track and measure. This may include data from various custom objects, such as member data, event data, and financial data. The next step is creating a Salesforce report that includes the different data elements. From there, you can use Salesforce’s dashboards to create a visual representation of the data, allowing you to monitor your KPIs in real-time. These dashboards and reports can be automatically emailed out to your executive team on a daily, weekly and monthly bases.
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Systems Rewired is a Salesforce consulting company specializing in the association and nonprofit marketplace. If your association is considering Salesforce contact us today for a free consultation.