Four Revenue-Generating Strategies for Associations
October 24, 2024
By Elisa Shaw
As we close in on the final months of the year, many associations are feeling the pressure to hit their revenue goals. With rising operational costs and limited resources, every dollar counts. For associations that rely heavily on membership dues, that pressure is even greater, especially as members begin to evaluate whether their memberships are worth the cost. But here’s the good news: associations don’t have to look toward membership retention as their sole revenue generator. Nor do they need to increase workloads or overwhelm staff to boost income. In 40 years of partnership with local, state and international associations, we’ve seen associations employ several strategies to successfully generate revenue while improving member retention and satisfaction.
Here are four strategies to increase association revenue and help build a stronger, more resilient organization going into the new year:
Provide exclusive tools and assets.
Offering exclusive assets to non-members is a fantastic way to generate additional revenue while also providing tangible benefits to current members. For instance, let’s say your association supports small retail businesses. You could develop a comprehensive toolkit that includes resources such as newsletter templates, blog post outlines and social media graphics tailored to the retail sector. By selling this kit at a premium price to your members, you not only create a new income stream, but also equip them with the tools they need to grow their marketing efforts and engage their customers effectively.
The National Association of REALTORS® (NAR) capitalizes on the benefits of selling assets directly to its 1.5 million members, offering discounts on a wide range of industry-relevant marketing materials through its online store. Exclusive offerings like these digital and physical assets, templates, brochures and more can position your association as a partner and true resource for member success, encouraging loyalty and attracting new members who see the value.
Takeaway: Members are more likely to stay—and pay—when they see real, tangible value in what you offer.
Develop new membership tiers.
Developing new membership tiers or revisiting your existing memberships is an effective way to increase revenue while offering greater value to your association’s members.
By creating tiered membership levels, you can provide enhanced benefits for higher-paying members, such as VIP access to events, exclusive content or special networking opportunities. This approach allows members to choose the level of engagement and investment that best suits their needs.
For instance, the Florida Sheriffs Association, with over 100,000 members statewide, offers flexible membership options, with dues ranging from $25 to $100. Benefits increase significantly at each membership tier, providing maximum value to members with greater investment.
Additionally, offering discounted membership tiers with fewer premium offerings can also help with membership retention. This ensures that members stay connected to your organization while paving the way for future upgrades as their needs and engagement levels evolve.
Tiered memberships not only boost revenue, but also foster a sense of community by rewarding your most engaged members with premium experiences and content.
Takeaway: Tailored membership tiers offer flexibility for members and more revenue for your association.
Expand sponsorship opportunities.
Sponsorships are often an untapped goldmine for many associations. But rather than sticking to traditional event sponsorships, think outside the box by offering digital sponsorship packages, exclusive industry reports or sponsored content that can provide value to both members and sponsors alike.
The key is customization. Tailor packages that meet your sponsors’ marketing goals while offering your members access to valuable resources and connections. By expanding your sponsorship offerings through event sponsorships, digital advertising or sponsored content, your association can create valuable partnerships with businesses that align with your mission.
In Florida, the Festivals & Events Association offers custom sponsorship agreements to organizations, giving them access to targeted marketing opportunities. These packages range in deliverables, including corporate displays, logo placements on marketing materials, social media promotions, audio-visual presentations during events and more.
In addition to benefits like these, you can also offer sponsors exclusive networking events with your members. This not only boosts your association’s income, but also enriches the member experience by connecting them with trusted industry partners.
Takeaway: Diversified sponsorship options equal diversified revenue streams.
Launch premium educational programs.
Associations are sitting on a wealth of expertise, and that knowledge is worth capitalizing on.
By offering premium educational programs, associations can generate revenue while providing exceptional value to both members and non-members alike. Developing paid webinars, online courses or certifications can position your organization as an industry leader, attracting individuals beyond your membership base.
Serving 160,000+ members worldwide, the American College of Physicians offers its continuing education courses to doctors as a membership perk, while also selling them at an upcharge to non-members.
By collecting fees from non-members, you can open an entirely new revenue stream while expanding your reach and your reputation. Plus, you don’t have to shoulder the entire burden alone as educational programming offers an excellent opportunity to partner with industry experts and your sponsors. Sponsors can provide financial support, and guest speakers can offer specialized knowledge, creating high-quality content that draws in a wider audience. This approach not only increases income, but also boosts your association’s visibility and influence.
Takeaway: Educational programming not only drives revenue, but also expands your influence and industry standing.
In today’s competitive landscape, associations must continually innovate to increase revenue and support their members effectively. By implementing new revenue generation strategies, your organization can introduce new income streams while building member engagement and value.
These approaches not only strengthen your association’s financial foundation, but also foster an engaged community where members feel supported and connected.
By implementing strategic new approaches, you not only strengthen your financial foundation, but also foster an engaged community where members feel supported and committed to your association’s success.
