As the leader of your association, you face the annual challenge of member retention and renewal. But identifying at-risk members feels like finding a needle in a haystack, despite hours of analyzing data.
Enter Salesforce Einstein Prediction Builder. This AI-powered tool uses Artificial Intelligence and Machine Learning to leverage your vast wealth of data to analyze patterns and identify members who are less likely to renew their memberships.
After using Salesforce Einstein Prediction Builder to identify at-risk members, Einstein Generative AI enhances your retention strategy by crafting personalized communication and campaigns. Analyzing member data, Generative AI tailors messages and offers to resonate with individual preferences. With targeted campaigns, you can re-engage at-risk members, boosting membership renewal rates.
By leveraging these innovative AI tools, your association can attract and retain members more effectively fostering stronger member engagement.
Einstein Prediction Builder - A Game-Changing Solution for Elevating Member Engagement
Leveraging Data to Predict Membership Renewal Patterns
At its core, Einstein Prediction Builder thrives on the principle of leveraging data, statistics, and Machine Learning intelligently to predict membership renewal patterns. By delving into historical data and discerning subtle trends, this tool empowers you with actionable insights into member behavior. You can forecast potential churn risks, facilitating proactive interventions to retain members and bolster engagement.
Benefits of Einstein AI Prediction Builder
- Einstein Prediction Builder is a no-code tool, making it accessible to a wide range of users in your association.
- This tool streamlines the process of building custom predictive models, allowing users to focus on insights and decision-making.
- By streamlining data analysis processes, Einstein Prediction Builder enhances operational efficiency.
- It frees up valuable time and resources for strategic initiatives within your association.
The Journey of Einstein Prediction Builder- How it Works for Elevating Member Engagement
Stage 1: Data Preparation and Identifying the Requirements
Imagine your association with a membership database or spreadsheet containing various attributes such as membership tenure, engagement levels, event attendance history, and interaction frequency. Einstein Prediction Builder needs to know the outcome that it is trying to predict. In this case, it is trying to predict members who are at-risk of not renewing memberships.
So, you have got this column labeled “Membership Renewal” in the spreadsheet. This column tells us the known outcomes whether each member renewed their membership (a “Yes” if they did, a “No” if they didn’t and “unknown” if the membership renewal status is not known). Einstein Prediction Builder will analyze the data from the different attributes (membership tenure, engagement levels, event attendance, etc) to predict the “unknown” outcome.
While using Einstein Prediction Builder for your association, you must remember that there must be a minimum of 400 member entries (50% Yes and 50% No outcome) This will serve as the training data to predict the “unknown” outcome.
Stage 2: Building Predictive Models with Einstein Prediction Builder
To start building the model, you inform Einstein Prediction Builder that you are predicting a Yes/No outcome and select “No Field” for easy distinction between example and prediction data. Then, you specify which records represent “Yes” and “No” outcomes, using column “Membership Renewal”. Next, select relevant columns for predictions, excluding unnecessary features like contact emails.
Now, Einstein Prediction Builder gets to work analyzing all that data, looking for patterns, trends, and correlations between different attributes and membership renewals. It’s like sifting through a mountain of clues, trying to figure out what makes members more likely to renew their memberships. This predictive model is dynamic – it can adapt and evolve over time as you feed it more data and learn more about your members’ behaviors.
Upon completion of training, the model becomes operational for predicting outcomes of unknown membership renewals. With this model in place, your association can gain a powerful tool providing actionable insights into which members are not likely to renew their memberships.
Stage 3: Generating Insights on Member Renewal Likelihoods
In this stage, Einstein Prediction Builder analyzes individual member data to estimate the probability of their renewing their memberships. Using Machine Learning algorithms, the model evaluates various factors and attributes associated with each member, such as their engagement levels, tenure, interaction frequency, and past renewal behavior.
By considering the interplay of these variables, the model produces a predictive score indicating the likelihood of each member renewing their membership. Members identified as having a high probability of renewing their memberships may require minimal intervention, whereas those with lower renewal likelihoods may benefit from targeted outreach efforts or incentive programs.
By continuously monitoring and analyzing member renewal likelihood, you can proactively enhance member engagement strategies to mitigate churn and foster long-term member loyalty.
In this predictive model, Einstein Prediction Builder evaluates individual member data using Machine Learning algorithms to estimate the likelihood of membership renewal. Members are segmented based on their predictive scores, indicating their probability of renewing their memberships.
The predictive model categorizes members into three segments based on their likelihood of renewal: Segment 1 (scores 99-75) indicates a high probability of renewal, Segment 2 (scores 75-50) suggests good chances with some uncertainty, and Segment 3 (scores 50-30) implies uncertainty regarding renewal.
This segmentation enables associations to prioritize engagement efforts, focusing resources on members in lower-scoring segments to mitigate churn and foster loyalty, while requiring minimal intervention for those with higher scores.
Personalizing Member Engagement Strategies with Generative AI
Now, let’s dive into how Einstein Generative AI takes your association’s engagement strategies to the next level by crafting personalized communication and campaigns. It is like having a personal assistant to boost your membership renewal efforts by fostering stronger connections and driving long-term member loyalty.
Understanding the Power of Einstein Generative AI
Einstein Generative AI isn’t your ordinary messaging tool—it’s a sophisticated system that can analyze vast amounts of member data to craft tailored messages and appeals. By understanding each member’s preferences, behaviors, and past interactions, Generative AI creates personalized messages that resonate on a personal level.
Targeted Campaigns for Maximum Impact
Einstein Prediction Builder will help you identify members at risk of churn. Now, leverage Generative AI to create targeted campaigns specifically for these members. Craft personalized emails, highlight overlooked benefits, offer tailored content, recommend events based on past attendance, and provide exclusive incentives aligned with members’ interests. All written in a natural, engaging tone that sounds like you wrote it yourself. This level of personalization leads to higher member engagement and renewal rates.
Benefits of Generative AI for Associations
Conclusion
With the power of AI, your association can transcend traditional methods of member engagement and retention. Through predictive analytics and personalized messaging, you can foster stronger connections with your members, enhancing their overall experience and satisfaction. By harnessing the insights provided by Einstein Prediction Builder you can identify members who are at risk of churn. Using Generative AI, you can tailor your strategies to meet the unique needs of these members, thus winning them back and driving lasting loyalty.
Ready to revolutionize your association’s approach to membership renewal and retention? Take the next step towards unlocking the full potential of AI-powered engagement. Contact us today to learn more about implementing Salesforce Einstein Prediction Builder and Generative AI for your association.
