Exploring Innovative Strategies
Membership organisations are constantly looking for ways to generate revenue and support their organisation’s goals. While traditional methods such as membership dues and event sponsorships can be effective, it’s important to also explore new and innovative ways to generate revenue. In this article, we will discuss several strategies that membership associations can use to generate revenue and support their mission.
Here are 6 ways to increase your membership organisation’s revenue:
- Diversify revenue streams: One effective way to generate additional funds is to diversify. Instead of relying solely on membership fees, event income and sponsorships; consider other sources such as online courses, webinars, and consulting services. These can be offered to members and non-members, and can provide a significant source of revenue for your association.
- Sponsored content and advertising: Another strategy is to monetise your association’s website and social media channels by selling sponsored content and advertising space. This can include things like sponsored blog posts, banner ads, and sponsored email campaigns. By offering these opportunities to businesses and organisations that are relevant to your members, you can generate additional revenue while providing value to your members through relevant content.
- Partner with other organisations: Partnering with other organisations can be an effective way to generate revenue. This can include things like co-branding opportunities, affiliate marketing, and joint membership programs. By working together, you can reach a wider audience and generate new revenue streams for your association.
- Leverage data and insights: One under-utilised strategy is leveraging the data and insights that your association has about its members. This data can be used to create targeted marketing campaigns and generate income through data-driven marketing services. Additionally, this data can also be used to identify potential new income streams and opportunities for your association.
- Offer certifications and professional development: Another way to generate earnings is by offering certifications and professional development opportunities for your members. This can include things like online courses, webinars, and in-person workshops. These can be offered to members and non-members, and can provide a significant source of revenue for your association.
- Create a membership referral program: Implementing a membership referral program can be a great way to generate new revenue. This program can incentivise current members to bring in new members to your association by offering rewards or discounts for each referral. This can help increase membership and drive revenue growth.
It’s important that when selecting an Association Management System (AMS) that these capabilities are available to your organisation. Check that it has: variable membership fee structures; varying ticket pricing for members/non-members; subscription options; marketing options and more.
In conclusion, there are many innovative strategies that membership associations can use to generate further funding. By diversifying revenue streams, monetising your website and social media channels, partnering with other organisations, leveraging data and insights, offering certifications and professional development, and implementing a referral program, associations can generate new funding and support their mission. It’s important to continually explore new opportunities and be open to trying new strategies in order to stay competitive and financially successful.