Networking—meeting new people, exchanging information, sharing resources—is a core benefit for most professional associations. And at the Turnaround Management Association (TMA), members are truly expert networkers. That’s probably not a surprise from an industry organization whose membership consists of lawyers, accountants, and other business management experts who help companies with restructurings, bankruptcies, liquidations, and other complex business transactions. TMA’s role in connecting its members to each other is so key to their organization's benefits that about 75 percent of their members have done deals with another member.
“We have thousands of members spread across the globe. With Zenvoy, it’s nice to know we are providing a tangible value-add designed with the sole purpose of helping generate deal-flow!”
Created in 1988, TMA had historically offered networking at their in-person events or through the organization’s board and committees. Several years ago, however, the organization recognized they didn’t have an efficient way for members to connect online. Many were using LinkedIn, but TMA wanted something where members could meet based on their needs and interests. That’s when they turned to Zenvoy.
Using Zenvoy as a white label service, TMA developed TMA Connect as a central hub for its members to meet each other online, have industry-related discussions, ask questions, and more. Using Zenvoy’s customizable artificial intelligence matching engine, TMA was able to create a unique algorithm to match members based on a series of strategic questions. The organization worked closely with Zenvoy to create an effective connection method and was able to learn and improve the quality of introductions based on user feedback.
Today, TMA Connect is a prominent benefit for members and has served as a key sales point in new member acquisition. Although the introduction of TMA Connect was long before the Covid-19 pandemic, TMA is thankful it was in place when the crisis hit. To date, members have made over 100,000 connections, and that’s only increased since the challenges and potential health risks of large face-to-face events began. The organization had to cancel a number of in-person events, but thanks to TMA Connect, their members haven’t skipped a beat, connecting with each other and participating in online conversations.
And by using the regular member feedback they receive on introductions, TMA has built-in continual improvement, ensuring that members always get the most out of their online networking.
Looking to the future, TMA is working on harnessing even more conversation and community features that Zenvoy offers to help their members get the best value out of their membership.
To date, TMA Connect has invited ~8,500 TMA members seeing more than 30% of those members actively participate on the platform each week! At the organizational level TMA has also experienced increases in new member engagement, i.e., event attendance increase, reduced churn, and premier value-add.
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In early 2018 the Turnaround Management Association (TMA), set out to better connect 35 of its separate chapters all over the globe. With over 12,000 turnaround and financial professionals.