How to Generate Additional Revenue Generation

Many associations are facing the unforeseen effects the pandemic has brought upon them. Part of digging out will be reviewing and revising your association’s original budget projections for 2020. Canceled events, paused fundraising, and delayed membership renewals may have influenced the bottom line and as states are starting to emerge from shelter in place precautions there are still affected yet to be seen.

Amid uncertainty, there are straightforward ways to communicate your association’s value proposition to members and sponsors. Industries experiencing increased unemployment might see more traffic on their continued learning products. If you offer courses, keep members updated on availability and price. Your professional members with more time on their hands can grow their skills and earn credits to improve their competitive advantage when jobs become available. Associations’ job boards will see increased member engagement in the form of job seeker registrations, resume uploads and job views. The key takeaway is to market available resources to your members.

Here are 4 creative, revenue-generating ideas to consider during a recession:

1. Host a virtual giving day

Remember, there is strength in numbers. To increase the odds of attendance and raise more revenue, combine forces with other non-profit organizations, or sister chapters.

2. Pivot onsite plans to virtual events

There are several products available to meet every budget. Whether it’s a small virtual event for your region or your large conference, members are wanting to connect with peers more than ever.

3. Don’t shy away from asking for donations

People are supporting the causes they feel passionate about and are feeling good doing it.

4. Consider offering additional opportunities to your top sponsors

Whether this is a virtual happy hour, an additional spot in an e-newsletter or a podcast, don’t forget where your critical relationships are.

What’s next?

Prepare your association for success beyond 2020 by leveraging creative revenue streams to diversify your portfolio. Keep open communication with your members about available resources your association offers. Lastly, strengthen your value proposition with sponsors beyond onsite conferences to protect revenue.

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