When you’re getting all you can from typical go-to revenue sources for your association, what do you do?
Here are three things you can optimize to boost revenue for your association.
By Kyela Bishop, YourMembership Marketing Coordinator, Community Brands
Increasing revenue for your association isn’t always easy. Sure, you sell sponsorships and even increase the cost of membership dues from time to time. But what do you do when those types of go-to revenue sources are tapped out?
You optimize what you already have.
Here are three things you can improve to boost revenue for your association:
1. Event attendance
When you’re looking to grow revenue, you might consider selling more sponsorships and exhibit booths at your events. But what about getting the greatest number of people possible to attend?
A highly effective way to optimize event attendance is to use a wait list automation tool. For example, event management functionality in YourMembership AMS by Community Brands, includes a powerful event wait list tool. This tool eliminates manual steps in the wait list process by allowing you to set wait list limits, let potential attendees add themselves to the wait list once the limit is reached, and automatically invite the next person on your wait list when a space opens up. This approach boosts the efficiency of your event management, helping you ensure you get more attendees to your events.
TIP: Learn more about using a wait list tool to optimize event attendance. Read the tip sheet, Optimize Event Attendance to Boost Revenue for Your Association: The Power of an Automated Wait List Process.
2. Member engagement
When your members are more engaged, they’re more likely to stick around year after year. And improved member retention means increased revenue for your association.
One way to optimize member engagement is to monitor and analyze engagement through your online member community. For example, YourMembership online community includes a dashboard that allows you to track metrics from your online community, giving you insights into member satisfaction and engagement levels. You can then use these insights to better understand what members want and deliver more of the content, programs, and benefits they’re seeking.
3. Your use of data
Beyond dashboards, you can optimize the use of your association’s data by analyzing it for insights into your organization’s health. These insights can help you make improvements across your organization to increase revenue while saving staff time.
For example, YourMembership AMS includes Advanced Analytics, which gives your association instant access to high-quality interactive charts and graphs that make it easy to view and analyze your data. Using Advanced Analytics, you can gain insights that help you grow your association’s revenue, such as:
- Uncover members at risk of non-renewal so that you can reach out to them directly to encourage them to renew.
- Understand which membership tiers have the least number of new members so that you can re-evaluate the benefits of each tier and make changes as needed.
- Pinpoint the slow seasons for membership acquisition so that you can develop marketing campaigns that inspire more people to join during those times.
Generating revenue year-round is critically important to the ongoing success of your association. The good news is that there are many ways to boost revenue for your association – even if you have a small staff.
Using YourMembership AMS, you can implement the revenue-boosting ideas in this guide, and more. Learn more about how YourMembership can help you grow your association: Explore YourMembership AMS.