The Secret to Increasing Association Revenue: Get Creative
It’s no secret that associations and other member-based organizations rely heavily on member dues to generate revenue. In addition, events such as national or regional conferences also bring in cash flow for associations so driving attendance is a crucial part of their success. However, there are many other ways that associations and nonprofit organizations can bring in additional funding, including some creative methods that you may not have considered. Here are a few unconventional ways that our association clients are bringing in more revenue.
The millennial generation has grown up in a wireless world and is connected to their devices while at work and when away from the office. Giving them access to donate online, including through mobile devices, can generate some quick revenue.
Hold a themed event or something more formal for members of the community who have been difficult to engage with. A formal dinner or event at a unique location can help present your organization in a new light and bring in fundraisers you would normally would not have access to.
Creative Advertising Options
Association can offer advertising space in their magazines or newsletters (especially online versions) to generate cash for the organization. Infographics, interactive ads and/or special offers can help drive web traffic (and revenue).
Associations can create unique and insightful content that can be applicable to many different people and organizations. One example is gathering information in a survey and then offering the survey results for sale. This is a great way to have people feel like their voice is heard while also generating revenue for the organization.
These are just a few ideas on how associations and nonprofit organizations can think outside the box when it comes to generating more revenue. Contact BroadPoint to discuss your financial or membership management challenges and we can develop a plan of action that fits your needs.