Data be the day
December 9, 2014Last week’s posting touched on the need for fraternals to use the information in their existing databases to help them become more effective, efficient, responsive and anticipatory organizations – making the hyper leap from serving members to actually knowing what financial service products and community service engagement opportunities will appeal to them before they do. If you are an Amazon customer – “If you liked this [book, toy, tool, gadget] you’ll LOVE this one!” – you know what I mean. But many businesses struggle with what they want “Big Data” to do, how they utilize the information they already have, and how they collect the additional data they need. In my view, we want to be able to mine data to:
- Identify your “best” members. To me, this means those folks with more than one of the following characteristics:
- They purchase the bulk of their family’s financial services products from your society;
- They are aware that they are a member of a fraternal and supportive of the society’s mission;
- They are actively engaged in at least one fellowship or community service activity each year;
- They hold a leadership role in your society’s local chapter system and/or your society’s governance structure.
- Using this information, fraternals can create a profile of prospective “best” members, both from within the ranks of their current membership and among individuals who are not yet members of the society.
- Provide more products and services to current members who want and need them (but may not know you provide them).
- Identify your “worst” members. These are the folks who:
- Own one small financial service product, maybe purchased for them by their parents or grandparents and haven’t a clue that they are a member of your society;
- Own a small policy to keep their membership in place but purchase their “real” financial services from the guy across the street;
- Wouldn’t have a clue that they are part of an organization with a well-defined community service mission and wouldn’t want to participate even if they knew.
- Provide your executive management team and board with the information it needs to dramatically change your society’s strategic plan and the tactics you use to achieve it. Decisions based on accurate, timely, and meaningful data have a much greater chance of being successful than those based on “gut feelings.”