1 Industry Association’s Approach to Non Dues Revenue Strategy. Although Boards look for non dues revenue, they in some cases encourage staff to seek industry collaboration as a part of the effort. SPI: The Plastics Industry Trade Association plasticsindustry.org , developed an approach that accomplishes both of these objectives.
Collaboration, Industry Advocacy and Revenue Growth
Looking to increase sector collaboration and increase revenues, William R. Carteaux, SPI President & CEO, established a B2B collaborative called resinGear resingear.com. Through this effort, SPI and other plastics related organizations sell their industry’s private line of corporate, industrial, and promotional apparel. This strategic initiative is helping the plastics industry organizations:
- Achieve industry collaboration and cooperation which had previously been ineffective
- Elevates the segment’s brand among clients and the general public
- Demonstrate their commitment to a “zero waste” threshold in domestic landfills
- All dollars generated help the industry associations advocate a pro North American Plastics Jobs agenda at all levels of government
Building Upon Core Strength with “Adjacency Expansion”
Organizations like SPI reinforce core & profitable strength by moving into “related segments or businesses,” in order to grow additional revenues. Authors Chris Zook and Jim Allen articulate a similar approach in “Profit From the Core, Growth Strategy in an Era of Turbulence” copyright 2010 Bain and Company. Applying this methodology, Associations and Societies now have the ability to leverage existing customer relationships while they build upon their competitive advantage in a new market area.
1 Industry Association’s Approach to Non Dues Revenue Strategy
Some of the organizations participating include: the Plastics Pipe Institute plasticpipe.org, the Western Plastics Association westernplastics.org, the Vinyl Institute vinylinfo.org & the American Composite Manufacturers Association acmanet.org.
All nineteen plastics Associations are eligible to participate, and Carteaux indicates that he already sees improved industry collaboration.
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