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Return to Community: How Engagement and MX Accelerate Revenue Growth

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By Kristen Wright, Forj’s Chief Marketing Officer

When it comes to community value, the corporate world is experiencing some inspiration.

According to Community Leaders, by 2020, 15% of professionals will have a dedicated community department for their organization. By 2021, that number jumped to 22%, with 35% of respondents reporting that the organization has at least one full-time position dedicated to community management.

TechCrunch’s headline Chief Community Officer recently said that the new CMO is well on the move. But the value of the community is not surprising to association executives who have always brought people together to drive business goals, connect buyers and sellers, and pursue education in niche areas.

The association has built a community forever. They are the community, Chief Executive Group (CEG) Chief Community Officer, and CFO Leadership Council (CEG Community) Chief Operating Officer with decades of experience building niche B2B communities. Whitney says. For them, success is the question of moving the existing community forward and following digital trends.

The association can gather some wisdom from the commercial space in that regard. Whitney said that for-profit organizations are good at constantly innovating and challenging revenue streams in a way that provides continuous value.

Partners to access innovation

Fortunately, the Association can partner with digital platform providers to participate in action and provide an elegant, frictionless member experience (MX) that does not require in-house technical skills or innovation. According to Whitney, this kind of technology didn’t exist until recently.

While these innovations are not intended to replace face-to-face experiences, they complement them and provide educational resources, community engagement opportunities, and sponsorship opportunities throughout the year.

According to Whitney, organizations that don’t provide members with a digital experience will soon become irrelevant at an unprecedented pace. Does that mean they have to be completely virtual and online? No, absolutely not.

The important thing is to create a synergistic effect between virtual and face-to-face features. According to Whitney, the two are in permanent engagement and many experiments have been conducted.

Studies show that social capital-rich communities have members who are well-communicated, spend time together, help each other, and contribute to the public good. Providing an always-on opportunity for digital engagement helps association leaders continuously check all these boxes.

Why not move from the 3-4 day experience to the 365 model? Whitney said. You can say, hey, as you know, the show is approaching, and all of these topics you’ve been working on digitally will be covered there I can sign up for you Do you?

Community ROI measurement

A robust, always-on community drives revenue by creating compelling value that attracts and retains community members.

To measure ROI in this area, the association is looking at entirely new indicators of success, such as returning the value it receives to the community by creating a successful community of practice. Some association leaders evaluate MX maturity to gain insights into strengths, weaknesses, and areas of improvement.

Whitney suggested that association executives create an engagement dashboard centered on business goals. Engagement is the key to the lifespan of any organization, and he said there are different ways to measure engagement, depending on what is important to a particular association.

Don’t get me wrong to focus only on vanity indicators such as logins, views, comments, posts, registrations, attendees, etc. Practical indicators that result from a healthy community are often more important than new member acquisition, membership retention, and non-membership income, helping associations improve future outcomes.

Advanced predictive analytics capabilities specific to the latest MX platforms help association leaders uncover meaningful insights and make data-driven decisions. For example, analytics can help predict membership termination in that people who are not involved in a meaningful way are more likely to drop out at the time of renewal.

Whitney said analytics play an important role in advancing the community experience.

He said it was important for the community to create many data points and use them efficiently. You need easy access to reports based on the data that exists, because you can’t grow if you can’t measure it.

Associations can learn a lot about the industry and its future using data that exists in a single physical event. Placing virtual events, online interactions, and community posts on top of it creates millions of data points that can be efficiently exported and analyzed.

Forj’s team, an MX platform for associations and professional community organizations, specializes in RD Whitney, Chief Community Officer of the Group of Chief Executive Officers (CEG) and Chief Operating Officer of the CFO Leadership Council (CEG Community). Thank you for your knowledge. The value of a strong community. To learn more about the Forj MX Maturity Model or request a demo of your company’s MX platform, please visit www.forj.ai.

Sources

1/ https://Google.com/

2/ https://associationsnow.com/2022/05/return-on-community-how-engagement-and-mx-spur-revenue-growth/

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