Many associations and societies have grappled with the new post-pandemic reality. The landscape that associations knew before — in-person events, relative predictability in membership and revenue, and a stable labor market — has been replaced by unpredictability and unknowns.
Associations across the U.S. identified increasing revenue as their top challenge for 2022, according to research published in 2021 by McKinley Advisors. The same conclusion was drawn by a 2021 survey of members of the American Society of Association Executives (ASAE), which ranked “managing the impact of COVID on non-dues-driven revenue streams” as the biggest issue facing industry leaders.
When you look at the pandemic’s impact on association finances, there’s certainly cause for concern, even with the worst of the COVID-19 seemingly in the past.
Lockdowns and stay-at-home orders hit the “pause button” on in-person events like annual meetings, conferences, training sessions, and educational seminars. Previously, these were perennial sources of revenue for countless associations and societies.
The switch to virtual events and webinars might have attracted digital attendees, but online meetings haven’t generated the same amount of revenue as in-person association events, which have historically made money by charging for exhibition venue stands or for different tiers of sponsorship at a conference.
Non-dues revenue typically makes up to 60% of total revenue for an association — and the pandemic effect on association earnings is palpable. As the ASAE 2021 survey confirmed, association leaders need to think in new and creative ways about their non-dues revenue strategy.
So, what are your options for increasing non-dues revenue? We’ve detailed a few ideas below to help your association increase revenue post-pandemic. Let’s take a closer look.
1. Optimize your career center
First and foremost, upgrading your job board to a full-service career center will boost your association's non-dues revenue quickly and cost-effectively while also attracting and retaining members.
By positioning your career center as an industry leader with robust offerings, such as engaging and relevant content for your target audience or learning and development tools, your association can attract advertisers and sponsors to generate revenue through display advertising technology.
In addition, your career center can be used to market your premium content, events, and gated content to your audience — all of which are additional sources of non-dues revenue for your association.
2. Offer education and training programs
Members have always joined associations to gain professional certifications and access to training, but amid The Great Resignation, learning and development content have become even more crucial.
That means offering online training and certification courses, webinars, and gated content like eBooks to generate revenue. In doing so, your association can leverage these sources of non-dues revenue in the “new normal” of the digital-first post-pandemic landscape.
3. Explore the potential of hybrid events
This isn’t just a case of dusting off the pre-pandemic playbook. Now is the time to think about the ways in which COVID-19 has changed expectations of how events of all sizes and purposes work, uncovering fresh opportunities for increasing non-dues revenue in the process.
How can you create hybrid digital and in-person events that improve the experience for participants? This isn’t simply a matter of allowing participants to choose between in-person and virtual attendance. It also means considering building augmented and virtual reality experiences into events to add new perspectives on the issues being discussed, as well as inviting attendees to participate on social media and other digital channels.
If you plan like it’s 2022 (not 2018 or 2019), your association can adapt to the new post-pandemic reality and potentially attract potential new partnerships and revenue opportunities.
4. Take an innovative approach to sponsorships
The unprecedented nature of the pandemic forced many associations to increasingly think outside the box in terms of revenue generation. This is especially true for sponsorships — one of the most popular forms of non-dues revenue.
With in-person events steadily being replaced with virtual events, now’s a great time to regard your digital communications as sponsorship opportunities too. That means treating social media posts, email newsletters, app, and webinar registrations in equal terms as in-person events when it comes to sponsorships.
By partnering with your top sponsors to help them reach your members, you’re improving the relationship and generating income.
5. Invest more in digital advertising
With your association’s events and communications increasingly digital in the post-pandemic landscape, it also makes sense to focus your advertising efforts in this area too.
Google AdSense and banner ads for your website and social media accounts are popular ways to do this, as are affiliate marketing programs. Investing in digital advertising, especially when combined with a sustained SEO strategy and regular communications of useful content to your target audience, can be a key source of non-dues revenue for your association for years to come.
6. Capitalize on merchandising to increase revenue
Even with events and communications increasingly going digital post-pandemic, good old-fashioned merchandising never goes out of style!
There’s value in your brand’s logo — whether people are wearing it or using an item with it emblazoned on the side. Branded products — from T-shirts to tote bags — are a simple but effective way of generating additional revenue while building a sense of community and affinity, particularly when people first join your association. Instead of thinking of merchandise as a one-off sales opportunity at an annual convention, consider hosting an online store and promoting it via social media and newsletters.
Increase your association's revenue today
The COVID-19 pandemic has brought to the forefront the need to think in nontraditional ways when it comes to generating non-dues revenue.
The bottom line is that associations with diversified income streams have weathered the economic storm better. That has also highlighted the need for a well-optimized, full-service career center to help boost non-dues revenue as well.
To evolve your job board into a modern career center with market-leading revenue generation tools, get in touch with Madgex today and ensure that your association is positioned to grow its revenue effectively post-pandemic.