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Despite the recent slight reduction in interest rates, feedback from many associations indicates that members are slow to renew, suggesting
tighter financial conditions. In this environment, your association's role in the industry is crucial. It's not just about surviving but
about leading the way in exploring innovative ways to increase your association's revenue. Sustainable, diverse revenue streams are vital
for economic stability, long-term success, and enhancing value to your members.
Membership fees are a primary revenue source. To encourage renewals and attract new members, focus on delivering exceptional value. Consider the following strategies:
1. Career Development: Why not offer mentorship programs, career resources, and certifications. Later this year, we will offer a webinar on implementing a certification and accreditation program to add value to your members.
2. Exclusive Content: Provide members-only articles, research papers, and industry insights. Remember that your membership's combined knowledge becomes the new knowledge base.
3. Discounted Services: Partner with companies to offer members discounts on relevant products and services. This is a good idea but has some drawbacks.
4. Recognition Programs: Implement awards or member spotlights to boost engagement. Members need to be recognised by their peers, which is an essential strategy.
Events remain a significant revenue generator. Diversify your offerings to cater to various member needs:
1. Conferences and Workshops: Focus on timely industry topics and feature renowned speakers.
2. Webinars and Virtual Events: Lower costs while expanding reach, especially for international members.
3. Networking Mixers: Create informal settings for members to connect and collaborate. For example, networking nights
4. Premium Event Packages: Offer VIP experiences, early access, or exclusive post-event content. Ideal for premium members
Moving beyond traditional sponsorships, develop sustainable partnerships with key companies and organisations. Benefits include:
1. Customised Partnership Packages: Tailor offerings to align with partner goals.
2. Content Collaboration: Co-host webinars or produce joint publications.
3. Product Showcases: Provide partners with opportunities to demonstrate solutions to members.
4. Joint Research Initiatives: Partner with companies for industry studies that benefit both parties.
Maximize your association's online presence to generate revenue:
1. Online Learning Platforms: Offer paid courses, certifications, and training modules.
2. Job Boards: Charge for job postings or resume access.
3. Sponsored Content: Feature partner articles or advertisements in newsletters and on your website.
4. Member Portals: Create premium digital spaces for exclusive resources and discussions.
Think outside the box to diversify income:
1. Merchandise Sales: Sell branded apparel, books, or tools relevant to your industry.
2. Affiliate Programs: Earn commissions by promoting partner products or services. However, this must be transparent.
3. Donations and Grants: Apply for funding from foundations or Governments aligned with your mission.
4. Consulting Services: Offer your association's expertise to external organisations.
Traditional event sponsorships are evolving. Follow these nine steps to turn sponsors into enduring partners:
1. Identify shared goals and values.
2. Develop tailored partnership proposals.
3. Offer year-round engagement opportunities.
4. Co-create valuable content and events.
5. Provide measurable ROI for partners.
6. Maintain transparent and frequent communication.
7. Involve partners in strategic planning.
8. Celebrate partnership successes publicly.
9. Continuously refine the partnership based on feedback.
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Risk management is one of those areas that every association and not-for-profit Board knows is important - but it can sometimes become
little more than a risk register reviewed once or twice a year.
Insurance can be treated in much the same way.
The organisation receives its annual insurance renewal, the premium is approved, the policy is renewed and everyone assumes the organisation
is covered.
A practical look at volunteer governance, operational decision-making and what the events industry needs to understand about associations.
Nick Koerbin has spent many years working with professional and industry associations, and he has developed a simple habit: whenever he
meets a professional, he often asks whether they belong to their association — and whether they believe the membership is worth it.
A recent conversation with a young allied health professional raised some important questions about membership value, relevance and the
expectations of the next generation.
In this article, Nick shares that conversation and challenges association leaders to consider a simple but confronting question:
Would the next generation of professionals in your sector believe your association is worth joining?
How we help membership based, not-for-profit associations now and into the future.
