March 10, 2016
Members. They make your association’s world go ‘round. For member-based organizations, members are their lifeline. An immense amount of effort is focused on recruiting, engagement, and retention. It’s logical enough - your organization wouldn’t make much sense without your members. That’s why you’re doing this, right?
It may seem like it, but membership dues aren’t the only revenue stream critical to your organization’s success. Many associations fail to see that they have the ability to generate substantial revenue through other initiatives. By thinking outside of the box and putting in a little effort, your association can see the benefits of these measures.
Members of your organization may attend several events during the year, but why not host one for them? This not only shows your commitment to engaging members, but can generate extra revenue.
Advertising has always been a lucrative initiative and that is no different with associations. By offering sponsorships and advertising, associations can bring in additional revenue.
For trade associations, offering continuing education courses not only promotes member engagement, but are also an opportunity to grow their revenue. Association executives can develop these courses with industry experts to deliver to members at an additional cost. Why not provide your members value and make a profit at the same time?
Online stores provide members with association swag. Whether it’s apparel, pens, magnets or coffee mugs, members love to sport their affiliation. Additionally, this can result in extra cash-flow for your organization.
It may seem impossible, but associations can generate additional revenue from various initiatives other than membership dues. If your association is interested in creating additional programs, be sure to rely on member data to understand what their interests are so you don’t waste time or effort.
To learn more about creating additional revenue streams for your organization, check out our white paper, "Growing Your Organization."