“There needs to be an ROI attached to your Member Experience” is a great theme for “The Money Framework,” which debuted in Episode 2 of the “There’s Money in Your Member Experience” webinar series.
Member feedback is more than words on a piece of paper or on a computer screen - it’s a clue, like, an actual clue.
Good, honest (and even sometimes critical) feedback, which typically will come from your biggest champions, is pointing you in the direction of a problem … or, more appropriately, an opportunity.
The feedback is your clue that will point you to the opportunity. Truly it’s a matter of listening.
Episode 2 provided an overview of "The Money Framework” and did a light dive into each of its three concepts.
- Money on the Ground
- Money on the Table
- Money on the Balance Sheet
So we’re going to recap that for you here.
Let’s start with …
Money on the Ground
Finding it does not require internal processes. It’s something quick and obvious that’s right in front of you.
The staff member that has received the feedback can reach out and contact that member and take immediate action.
Once the feedback has been addressed with the member and internally, the external loop is closed. The majority of the time, Money on the Ground is a series of one-off opportunities that affect positive change.
This is what we'll dive into in Episode 3 on Thursday, February 3 at 1 p.m. EST. You can REGISTER HERE.
Now let’s look at …
Money on the Table
This concept consists of the identification of broken processes to create opportunities for process building that leads to long-term, sustainable change.
Here’s an example: One of your members submits a request to fix a broken machine, let’s say it’s a treadmill. Great. Your members should have an outlet to submit these kinds of requests.
But here’s where the problem lies … That request went to three different people, none of whom actually know what their role is in addressing that request. As a result, the request does not get addressed in a timely manner. Then that member submits a piece of critical feedback - which gives us a clue.
So what needs to happen? If there is a process in place and it’s very clear that it’s broken, it needs to be fixed. If there isn’t a process in place, a new one needs to be created.
The goal of process building in this case simply isn’t only to fix the treadmill; the goal is to fix the process that allows us to fix the broken treadmill much faster.
Think of this as "Innovation." When you and your team identify areas of need and improvement, you're truly innovating areas of opportunity for positive change and growth.
Creating a culture of innovation through empowerment will help your team and, ultimately, your business, to operate with efficiency and precision.
Now let’s look at …
Money on the Balance Sheet
This is the outcome of culture shifts within your organization.
A culture shift in this case isn’t only about having happier employees. It’s the empowerment of your staff to better understand how the business operates.
The moment your staff grasps the concepts of Money on the Ground, they are able to turn one-off pieces of feedback into opportunities for revenue generation.
And … the moment your staff can execute the Money on the Table concept, they are able to identify and fix root problems that ultimately end up generating critical feedback.
Once your staff is able to execute these concepts, adding money to the balance sheet becomes a given. It happens organically as a result of the first two concepts.
Business owners cannot do everything alone. One person is not scalable. Our brains are not scalable. What is scalable is a process that results from the brain of one or multiple people.
Process is scalable. The result is finding levels of centricity within the core functions of your business. What that means is that it’s not only the Owners, GMs or Managers who are thinking with the balance sheet in mind, it’s the entire staff.
Each of our next three webinars will address these three concepts. We’ll be coming to you live on the first Thursday of each month through April.
We couldn’t be more excited to continue teaching this framework. To reiterate, the goal of this framework is to create an ROI for your Member Experience. We hope that our recap is helping to paint a picture so you can implement it at your club.
About 1/4 inch below this text you can watch Episode 2 in its entirety. Hope you enjoy!
If you love MEMBER EXPERIENCE and have another 45 minutes, head on down and watch the Recap of Episode 1 - Your Culture is Your Brand.