05/27/2020

Three Tactics to Boost Your Nondues Revenue

Diversifying your offerings will bolster your reserves in case something goes wrong

Diversification is the first rule of financial management. And the association space is no different. The fact is, membership dues can only get you so far if your goal is to invest more money into the programs and services you offer.

Not convinced that nondues revenue is essential to your association’s growth? Consider this: The 2019 edition of Marketing General Incorporated’s Membership Marketing Benchmark Report found that roughly 46 percent of association members were older than 55, while just 26 percent were under 40. The report also found that the associations struggling to grow (28 percent of those surveyed) were most likely to have more baby boomers as members, while those seeing declines (26 percent) said they faced challenges attracting younger members. Clearly it’s risky to lean on membership alone, given that nearly half of all association members, on average, are nearing or at retirement age.

Diversifying your offerings will also bolster your reserves in case something goes wrong. With all of that in mind, here are a few strategies to help point you in the right direction.

Please select this link to read the complete article from Associations Now.