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I stole the idea of posting a blog with a monthly "Honor Roll." I don't remember who suggested it, but it was in a meetup during JiveWorld'17.
In the post, I thank 10 community members and award them with an Honor Roll badge and something like 100pts. In the post, I suggest that members "follow" each person on the Honor Roll. I'm using the tool to see what impact it has on engagement and metrics of the community.
As for metrics to select the members, I keep it unstructured and merely keep tabs on particularly active or helpful members each month. I don't want people in my community, who're VERY points driven, to think they can "game the system" to get on the Honor Roll. So, it's really just a teacher's pet list each month. I've only been doing it three months, but the early feedback has been positive.
The second month, however, I put all the product managers at my company on the list. They are responsible for updating product release docs (mine is an external, support-deflection community for customers, mostly). So if members follow them, my hope is notifications will help inform members of new product updates and other product manager activity.
Not sure that really nails your need, but it's how we do it.
Thanks for sharing Frank