Associations today face the challenge of creating new, innovative opportunities for sustainable growth and relevance. Relying solely on membership dues is no longer an option for organizations looking to create a lasting impact in their industry. Diversifying non-dues revenue streams is crucial in meeting this challenge.
But how can you diversify your revenue streams without losing sight of your core mission and values? Take inspiration from the popular ABC TV show “Modern Family.” Believe it or not, there are lessons to be gleaned from this comedic mockumentary and its eclectic cast. Taking from each character’s unique personality, let’s gather approaches that can help you think outside the box to drive non-dues revenue.
Jay’s Country Club Sponsorships
Like Jay’s successful closet company, leverage your association’s prestige to secure high-value corporate sponsorships. Offer exclusive partnerships that provide premium access to decision-makers and influencers. One example of this type of offering could be a board partner sponsorship, where, at a board-exclusive event, a sponsor can give a short presentation on their products/services and then network with leaders after.
Another example is providing leader focus groups, allowing a sponsor to gain marketplace insights by meeting with identified industry leaders. Sponsors can use this time to beta test a product, understand the pulse of the industry or identify concerns that may drive their product solutions. Consider if your leaders or sponsors require an NDA for both ideas.
Claire’s Home-Organization Workshops
Channel Claire’s organizational skills by partnering with sponsors and allied organizations for education and professional development. This positions your association as an industry-leading authority in your field and provides an opportunity for members to invest in their professional growth.
Organize regional sponsored mixers where members connect throughout the year. This strategy engages members year-round and offers sponsors the opportunity to connect with your members in a smaller setting. Sponsors can provide brief educational content and — voila! — members and prospects are talking about your association, which could make membership and sponsor renewals easier.
Through creativity, you can “organize” your strategic partnerships around your educational offerings and vice versa.
Many sponsors want to engage directly with your members — their target audience — with their educational content and resources. Associations can meet this need by offering sponsored content opportunities through newsletters, webinars, virtual workshops and presenting at your annual conference in a sponsored session.
Boost attendance, expand your reach and introduce your member value by organizing group registration packages for your in-person and virtual events. The more colleagues they bring to your event, the cheaper their per-person registration fee. It’s a win-win! This strategy is particularly effective for trade associations.
Phil’s Real Estate Showcase
Much like Phil’s enthusiasm for showing houses as a real estate agent, incorporate fun and excitement into your exhibit hall. For example, offer a “golden ticket” sponsorship where attendees stop by the sponsor’s booth to pick up a candy bar in hopes of winning a golden ticket for a cool prize, provided by the sponsor. Not only does this drive exhibit hall traffic, but it also encourages attendees to visit vendors.
Additional ideas include offering a sponsored gathering spot in your exhibit hall such as a lounge area, relaxation station, a beer garden, or even a private space for sponsors to meet with clients and prospects. You can also add to your conference lineup by showcasing a silent auction to bring buzz and people to your exhibit hall. Volunteers can secure contributions such as luxury items or items that make attendees’ jobs easier. One trade association I worked with in the past raised $17,000 in the first year they offered a silent auction in their exhibit hall, thanks to a focused task force.
Like Phil showcases homes, offer a virtual vendor showcase where products and services that benefit your members are highlighted year-round on your website. This can be included as a sponsor benefit and as a standalone sponsor opportunity.
Cameron and Mitchell’s Fundraising Galas
Cameron and Mitchell love to throw great parties. Organize glamorous events that combine networking and entertainment to support your mission. However, not all events need to be “glamorous” in the traditional sense. Get creative! Maybe it’s an early morning walk or run during your annual meeting or a casual event to support a local charity in your conference city.
Sponsors will want to align their brand with something that is unique and connects with their company’s values.
Manny’s Love of Fashion and Literature
Channel Manny’s fashion sense to create eye-catching branded merchandise. Develop a line of association swag that appeals to members — high-quality stuff they will actually want to buy. Avoid being stuck with unused inventory by partnering with a print-on-demand vendor.
And just as Manny loves literature, leverage your literary expertise and authority to generate revenue by publishing initiatives such as research reports, white papers, online content and industry guides.
Alex’s Tech and Innovations
Alex fully embraces technology and innovative ways to solve problems, and you should too. Consider developing innovative digital tools or apps that are specific to your industry. While the upfront costs could be significant, the recurring revenue from individual and bundled app sales can be a game-changer for an organization. A professional society I previously worked with recouped its development expenses in 18 months and now earns six-figure revenue annually from app sales.
As your industry innovates and evolves, position your organization as an early adopter to new technology and a consistent provider of tried-and-true resources. Establish vetted affinity programs that align with your mission and members’ needs to drive almost-passive income.
Haley’s Digital Influence
Haley uses her digital presence to stay top of mind with her followers. You could do the same by leveraging your association’s expertise in a podcast or a video series. To connect revenue with your podcasts or video programming, offer sponsors year-round or multi-pack packages. Also offer sponsor-driven content for a larger fee.
To further your influence, create a team to amplify your social media posts and publish pearls of wisdom to expand your reach and authority. This strategy can increase your influence and followers, which can translate to more dollars.
As times change, it is essential for associations to be adaptable in diversifying non-dues revenue sources to ensure growth. Embracing creative strategies such as these will help associations build a sustainable future, while staying true to their core mission and values.
Cathey B. Wise, CAE, is an executive director with 30 years of experience in association and nonprofit management.
