Core Strategies Drives Association’s New Revenue Growth

Core Strategies Drives Association’s New Revenue Growth

 Despite increasing competition, political turmoil in Washington, DC, and a slow growth economy Jeffrey D. Morgan, President and CEO, NIRI www.niri.org (National Institute of Investor Relations) reports impressive membership and revenue growth. He points to a “strong Board partnership, measureable member data, core strategies and strong execution” as essential ingredients to his Associations growth.

Listen, Learn and Deliver

Working through two strategic plans in five years, NIRI identified where the Investor Relations profession was heading and, determined what his Association needed to do in order to adapt and provide core value to their members. Collaborating with his Board, members and staff, Morgan utilized the planning process to 1) Develop actionable data defining the membership’s  business needs (pain points), and 2) Developed core strategies with NIRI’s members with high impact products to satisfy member business needs.

 

Game Changing Value for Members

Companies, stay or leave membership based on the obvious connections between their needs and an Association’s products and services.  In NIRI’s case, member data and establishing core strategies identified business needs which paved the way for new products. According to Morgan “these became a game changer for NIRI.”

 

Uniqueness to Enhance Competitive Position

As competition for Association dues increase, retention and core member value are critical to satisfaction and revenue growth. NIRI seized upon one new approach to reinforce its uniqueness to members and prospects.

 

Core Strategies Drives Association’s New Revenue Growth

Morgan’s strong 17% non U.S. membership growth performance (over three years) confirms the rule of thumb for Associations. The fewer connections to member’s “pain point” issues, the weaker the retention and member revenue growth performance. Morgan and NIRI gathered data, addressed member needs and achieved strong retention and growth performance.

core strategies

 

Free eBook “Accelerating Strategic Member Engagement” is available for all Association Executives at www.potomaccore.com,www.icimo.com, and www.verticalleapconsulting.com.

Can Social Media Drive Association Revenue?

Can Social Media Drive Association Revenue?

 Yes, but not as a stand alone strategy.  Listening, engagement and connection to an Association’s overall strategy is what matters most says Digital Media Expert Jason Langsner. An established web communications professional, he’s accelerated engagement and more than multiplied online communities at B’nai Brith, Georgetown University Alumni Club of Metropolitan Washington, D.C. and TechAmerica.  

For Associations determined to engage members, improve retention and grow membership online, social media is not as impactful as a stand alone tool. How can CEO’s get ROI? By incorporating social media within an Association’s overall engagement strategy, and incorporating business objectives.

Effective social media begins with listening. First make sure Associations understand their members. In many ways Associations apply the same principles they utilize in offline world as they do in the online world.

The key is assure you are having a conversation with members:

  1. Identify where members are online
  2. Bring content to them, engage them and seek feedback
  3. Benchmark your Association online compared to competitors

Associations can engage and grow their communities online by sharing content with members. Utilizing this approach B’nai Brith grew it’s Facebook fan base from 300 to 10,000. Langsner suggests basics including:

  • Facebook. Like members and prospects, this encourages to do the same and grow your fan following.
  • Twitter. Follow members, prospects and sponsors.  This encourages to in turn follow your Association on Twitter.

 

Can Social Media Drive Association Revenue?

Langsner encourages Online Managers to always be mindful of competitors and to make sure your Association stays ahead of the game with high quality content and engagement.

At a time when Associations must engage their members, social media is a powerful tool. However a key question remains; can Social Media Drive Revenue? According to Langsner, B’nai Brith’s online revenues have increased six fold in the last six months.

social media

 

Free eBook “Accelerating Strategic Member Engagement” is available for all Association Executives at www.potomaccore.com,www.icimo.com, and www.verticalleapconsulting.com.

Assessments Help Deliver Association Growth

Assessments Help Deliver Association Growth

Competitive forces and shrinking corporate profits compel today’s Association CEO to redefine relevance. At under performing Associations this means reexamination of programs, staffing, advocacy and conferences.  For Stephen M. Renna, CEO of the Commercial Real Estate Finance Council www.crefc.org, a thorough assessment and alignment process opened the door to engaging his members and a stronger value proposition for his organization.

Not the First Rodeo

Transforming and growing Associations is something he has done twice before as a CEO.  Prior to CREFC, he applied an assessment process as President of the National Association of Real Estate Investment Managers.

Alignment and Board Leader Buy In Are Key

At both Associations he implemented an assessment process to help make them relevant. He describes the review as taking an Association through a review of “the good, the bad and the ugly.” Seeing the initiative as an “alignment” of his Association’s value proposition with his member needs, he uncovers key data to move forward.

 

 

 Checking off Key Components

1. Association Run Professionally and Competently

Effective operations, business runs efficiently, reports progress to leadership.

2. Alignment with Updated Strategic Plan and Mission

Represents the sector well, staffing and budget support member needs.

3. ROI and Delivery from the Member Perspective 

Relevant programs, conferences, best practices, industry standards, and, policy.

4. Buy In

Collaborate with and secure board agreement on value proposition, and direction. Enlist staff.

5. Execute

Measure qualitative and quantitative success, engage members and communicate results.

Assessments Help Deliver Association Growth

Despite uncertainty Steve Renna sees CREFC positioned to help his members, “It’s more important than ever for Commercial
Real Estate Finance Professionals to participate.”

Does his assessment deliver results? The Association’s member retention could achieve 90% again in 2013, conference attendance revenues are on an upswing as is new member growth.

association  growth

 

Free eBook “Accelerating Strategic Member Engagement” is available for all Association Executives at www.potomaccore.com,www.icimo.com, and www.verticalleapconsulting.com.