Boost Your Bottom Line May 15, 2023
As associations work to move their balance sheets in the right direction, many are taking innovative approaches to recover from pandemic-related revenue losses.
Dues Drivers
Making the Case for a Dues Increase
Going years without raising dues likely means you’ll have to play catch-up. To help members understand and accept higher dues, remind them of the benefits of membership—and give them time.
Are You Due for a New Dues Structure?
Understanding member concerns, conducting appropriate research, and having a smart implementation plan will help associations design a new dues structure that benefits members and the bottom line.
Nondues Know-How
A New Look for Nondues Revenue
Post-pandemic, associations are becoming more entrepreneurial and working with corporate partners in new ways to develop new revenue streams.
Why Your Sponsorship Program Needs a Refresh
As sponsors place more value on content and thought leadership offerings, associations must retool their sponsorship programs to meet those needs and generate nondues revenue. Doing this will also require reframing the relationships they have with sponsors.
Are You Measuring What Matters to Grow Revenue?
The dollars your association takes in are the obvious measure of revenue success. But on your way to growth, what data should you be watching? Start by identifying meaningful numbers around your strategic goals.
Product Principles
Accelerate Your Speed to Market
Associations have to move faster than ever to introduce new products to the marketplace. You can get speedier with smart product management and boost revenue by extending your reach to new customers.
Build a Smart Sunsetting Strategy
Associations are known for having a hard time letting go of programs and products. But creating a strong product portfolio means being thoughtful about eliminating underperformers and focusing on those that move the association forward.
Now Is the Time to Update Your Pricing Strategy
At the start of the pandemic, many associations offered discounts to members on their products and services. But that is not a sustainable model moving forward. Instead, groups need to align value with pricing.