The biggest, and potentially most untapped, resource your organization has is its data. With it you have access to key insights to help drive important decisions that can positively impact your business.
Utilizing data has proven benefits. How can your organization benefit? Read on to learn more.
Support Decision Making
When it comes to making both big and small decisions for your business, relying on analytics to back up and influence your choices is extremely important. Deciding which programs to cut or keep, how to handle certain facility-related inquiries or even what to do during your next fundraiser or membership campaign can be easier if you have access to analytics. The information gained can help you understand what’s going on in your organization and what you can do to improve upon it.
Making key departmental decisions can be complex, but utilizing analytics in your organization can help reduce risks and increase confidence in the fact that you’re making the right decisions to holistically improve your organization.
Find Your Ideal Demographic
With data and analytics, you can get the full picture of each participant or member in regards what classes they take, when they use child care and how much they have donated, giving you a better understanding of their needs and how your organization can better serve them. You can also see where your organization may be lacking if membership is down in a specific demographic, as well as how you can reach out with programs or classes that would pique their interest.
Increase Revenue and Lower Costs
Improve staffing levels, see where your resources are being utilized or need reduction, and decrease costs while increasing revenue with analytics. According to new research from Boston Consulting Group (BCG) commissioned by Google, BCG found that leading businesses and organizations who are “growing their customer base, ROI and competitive advantage focus on adopting a path to full data-driven marketing and attribution. Those that succeed are seeing significant benefits—up to 30% in cost efficiency savings and 20% increase in revenue.”
Utilizing analytics to monitor all aspects of your organization allows you to measure efficiency and focus on what elements need improvement and how to increase performance, productivity and effectiveness, thus helping determine the best actions to take to lower costs and increase revenue.
By leveraging analytics, your organization can boost memberships by optimizing membership-building campaigns on digital platforms. Examine your current customer data to determine which platforms you can best reach potential members and what kind of verbiage and imagery they best respond to. You could even use the current customer data to build audiences within those platforms that are similar to your current members, and focus membership-building campaigns on that specific audience.
Gain visibility into all aspects of your department from community engagement to facility rental trends with ACTIVENet. Learn how ACTIVENet can help grow your business with data analytics.