These three areas of performance tracking always apply. Monthly, quarterly and annual checkpoints in these areas are recommended to streamline and identify important trends.
How many people are donating or using your product or service? If you have a specific field of membership or dedicated community that you serve, it’s even better to compare this number to the total number of people possible.
Examples of participation metrics:
- Total number of participants per product/service/offering/donation level
- Percentage of those participating of the total possible
Penetration / Usage
Of those participating, how often are they doing so. Many times, we focus more on acquiring more participants, but miss the opportunity to get more activity out of those already engaged. It’s generally less expensive to get more out of what you already have, so optimizing those efforts can result in big wins.
Examples of retention metrics:
- Average length of time (with service /product /donation) per supporter
- Percent of those who renew after one year
Keeping your donors, clients, members, etc. is the cheapest way to maintain and gain momentum. Here again, we sometimes don’t put as much focus on taking care of our low maintenance supporters. It’s more cost effective to retain than to acquire so stay in communication especially when heading into any kind of renewal period. Also, demonstrate that their input is appreciated by asking how the experience can be improved through surveys, personal calls or appreciation events. Virtual limitations have zero effect on doing this, in fact, it may be preferred.
Examples of penetration metrics:
- Total number of donations/transactions
- Number of different products/services used