Driving Association Revenue Growth

March 11, 2013

Driving Association Revenue Growth. Board Participation is key.Company Executives are busy and in a number of cases expect Association staff to deliver revenue. Yet, there are examples where Board Members are very helpful in driving revenue. In certain situations, Boards help retain and recruit members and sponsors and the results are impressive. Could the paradigm change at your Association? Yes and it requires a strategic change in how your Association works with its Directors.

Four Steps to Board Participation 

First: Engage and Energize Board Members. Recruit Board members to participate on Pain Point issues (see March 4 2013 post: Know Pain Points to Drive Revenue Growth).  Executives will participate on Association Boards in order to engage on policy affecting their business objectives. Once they see ROI, it’s time for another conversation.

Second: Confirm that involvement adds ROI.  Share upcoming advocacy strategies, seek feedback and buy in.

Third: Seek help to expand the Association’s advocacy capacity on Pain Points. Be prepared, be specific and make it easy for them to help. For example, request introductions, phone calls, e mails, letters (Association provides) to priority retention, new member or sponsor companies.

Fourth: Acknowledge the Board members’ help to drive revenue.  Recognize help at their board and executive committee meetings. This shows sincere appreciation and it will motivate other Board Members to help.

Board Engagement

Associations should view this change as a multiyear effort. Every Board relationship is critical and consequently each is built one at a time.

Driving Association Revenue Growth

One Association utilized this approach to recruit a high percentage of its Directors. The same Board Members once they participated in Pain Point issues, helped drive back to back above 90% retention and $1 million + net revenue gains. Another Association built on new sponsor offerings and significantly increased revenues.

How has your Association worked with Board members to secure their help in driving revenue? 

Much more on Association Revenue Growth at www.potomaccore.com/blog

Social Media Connects an Association’s Global Community

March 7, 2013

Social Media Connects an Association’s Global Community. Many Associations embrace Social Media in order to reach and effectively engage members. Those CEO’s incorporating social media with their overall engagement and incorporating business objectives achieve greater ROI. Through the Strategic Planning Process, the National Investor Relations Institute (NIRI) www.niri.org, identified Social Media as an integral part of their strategy to build and reinforce its growing community of global Investor Relations Executives.

Engage Members at Their Desks

Steve Lane, President , Vertical Leap Consulting www.verticalleapconsulting.com notes “Real member engagement is all about “we”; bringing members together and facilitating the dialogue that leads to new solutions to their shared “pain point” issues”In a hyper paced world, a cyber community focus makes it easier to engage members to participate, share information and derive value from their member investment. Jeffrey D. Morgan, President and CEO reports that Social Media is a key element of his organization’s member engagement strategy.

Community Connection

As NIRI’s global membership expands, the Association looks to connect its members with one another and keep the conversation going. Morgan notes that a larger share of share of its membership growth is outside the United States making Social Media an important member resource.

Increasing Investment Expand Capacity and Capability

At a time when Association  memberships are more closely evaluated, member engagement and participation are increasingly important for Associations like NIRI. Vertical Leap Consulting’s Lane adds  “The principles of engagement are simple yet powerful:

  • As the perceived ability to impact outcomes increases,
  • Behaviors change from being a recipient of information to increasingly higher levels of contribution, and
  • Connectedness to the Association increases”

For NIRI and CEO Morgan Social Media is driving member engagement and so much so the Association is increasing its investment.

As NIRI’s member engagement accelerates so has the Association’s retention and new member growth.

How does Social Media Connect your Association’s community? 

Much more on Association Revenue Growth at  www.potomaccore.com/blog

Core Strategies Drives Association’s New Revenue Growth

March 6, 2013

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.

Core Connections can Help Double Association Revenue Growth

March 4, 2013

Core Connections can help Double Association Revenue Growth

Competition squeezing revenue growth at your Association? Seth Godin has the right thought on competition; “…it takes away the requirement to set your own path, to invent your own method, to find a new way.”  Associations face competitive pressure from new single issue coalitions and Associations, Law Firms, and Public Relations Firms. New growth path? Drive Home Core Connections, connect to your member’s business objectives to every program and on every platform.

Link Your Core Connections to Member Pain Points Everywhere

Make it a priority. Display your Association’s commitment to help your members achieve their business objectives. Associations who reflect member concerns increase their competitive position, elevate renewal rates and grow revenues.

Engage your Senior Management team, involve your Board Members and Drive Home your Association’s Core Connections:

  1. Association mission, vision statement and value proposition
  2. Public policy agenda and advocacy programs
  3. Website, new and traditional media, member communications
  4. Conferences and educational programming
  5. Peer to peer best practice sharing
  6. Membership recruitment and retention
  7. Organizational structure, performance objectives and compensation programs

Core Connections Work

Associations linking to member business objectives see results:

  • New member revenues grew almost $2 million in revenue in a two year window.
  • Renewals delivered over 90% retention
  • Key CEO’s agreed to participate on an Association’s Board of Directors

Core Connections can Help Double Association Revenue Growth

It’s a safer bet that renewal conversations and new member recruitment meetings become a lot easier if Associations reflect Core Connections.

Seth Godin nails it. Associations should set their own path and find a new way.

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

Know Pain Points to Drive Association Revenue Growth

March 4, 2013

Know “Pain Points” to drive Association Growth

Maybe Hill Street Blues character Sgt. Phil Esterhaus had it right when he said on every show “Hey, Let’s be careful out there!” Confirming Association renewals and recruiting new members can be as challenging as working a precinct in an iconic television show. However, if we know the issues along with the dollar impact on members we know the “pain points.”

Dollar Impact

Put yourself in your member’s place. Knowing the issues is important. However, understanding the dollar impact of issues shows your Association’s grasp of the enormous challenges they must overcome to be successful. Companies have choices, new Associations and single issue coalitions represent deep competitive threats. Executives seek solutions to business obstacles, with fewer membership dollars they renew or join Associations that help them achieve business objectives.

Identify Pain Points and Deliver Value

Identify, quantify and qualify policy impact and confirm member participation in the most critical areas:

  1. What is the dollar impact of policies on members and prospects?
  2. Are your member’s participating in areas that impact them?
  3. If education programs are important from a dollar impact perspective, are they engaged in these programs?

Does this approach Drive Association Revenue Growth?

Yes, one Association utilized this information to accelerate member engagement. In another situation an Association doubled new member revenue.

Know Pain Points to Drive Association Revenue Growth

A new CEO discovered that their predecessors invested heavily in a large number of educational products that none of his members were buying. Where were the “pain points” supporting the business decision? Clearly an unfortunate situation.

pain points

 

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?

February 27, 2013

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

February 25, 2013

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.

Culture Can Impede Association Revenue Growth

February 22, 2013

Culture Can Impede Association Revenue Growth

Did you ever wonder how the fictional TV character and Football Coach Eric Taylor delivered football championships at two different high schools? Good leaders know, having the right culture drives strong morale, productivity and performance.

In case you are dealing with other priorities, count on board members or a mentor to suggest you address the internal culture.  It’s good advice.

Tips to Drive Culture Change

Checklist:

  1. Establish a neutral and safe environment.  Hire an outside facilitator, they will effectively  engage everyone. They will earn credibility and trust as they move the process forward with clarity and purpose.
  2. Be clear at the start that you want one team applying mutual respect. Everyone helps each other to drive advocacy success, member satisfaction and growth.
  3. Everyone has equal footing. The entire team is accountable for creating the newly integrated and culture.
  4. Follow-up is critical.  Vision and mission statements, performance objectives, annual compensation assessments reflect the new culture.
  5. Recognize success at staff meetings. Be generous in your praise, be specific citing how collaboration makes the difference.

Culture Can Impede Association Revenue Growth

Former colleagues reminded me of the culture change and the  turnaround performance we achieved. Despite a weak economy we grew membership and revenue. Change was difficult,  it included some tough lessons for me too. I’m thankful for what everyone learned in the process.

As CEO’s,  we own the culture. If it’s collaborative, respectful and integrated our chances of achieving growth are greater. Will you be tempted to avoid ruffling feathers? Yes and count on it, you will.  My advice? Listen to Coach Taylor  “… you gotta try. That’s what character is. It’s in the try.”

association revenue growth

 

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

 

Path to Association Growth

February 21, 2013

Path to Association Growth. We’ve created this  blog to provide Association CEO’s and senior managers with a toolkit of strategies and new ideas that lead to growth. My objective is to help you grow your Associations.

Fierce Competition Hampers Growth

You face increasing competition, your members demand value, and your board leaders demand strong financial performance and advocacy results. In real time, this Blog is your new go to resource. Stop by often.

I will include: tips on how to leverage data driven strategies,  and why core connections drive retention and growth and how member engagement is crucial to Association Growth.

Real Time Help

We:

  1. Post web interviews with Association CEO’s that have best practices. You can view them at any time.
  2. Share content breaking ground and helping you grow your Association. We post weekly.
  3. Invite your participation, share your concerns and will work with you to provide solutions.

Path to Association Growth

Your path to growth is more certain when you:

  • Contact us about how Potomac Core Consulting can help your Association grow: phone 703.878.8786, Skype-daniel.varroney, E Mail dan@potomaccore.com.
  • Follow me on Twitter @Dan_Vee
  • Like Potomac Core Consulting on Facebook http://facebook.com/potomaccore

Welcome to the new Association Growth Community.

What are the two major obstacles to growth at your  Association? 

Much more on Association Revenue Growth at www.potomaccore.com

Association Membership ROI or Distraction?

February 21, 2013

Association Membership ROI or Distraction? How did your Association fare on retention and new member growth in 2012? Before end of year, some membership decisions were on-hold, the fiscal cliff among other things were causing companies to hold off renewing or even joining your organization. What did your members decide? It’s connected to whether or not your members perceive their membership as an ROI or a Distraction.

Stay or Go Equation

Companies are evaluating membership differently.  Now companies have a Stay or go Equation. They evaluate by asking is this  membership is an ROI or a Distraction:

  • If it’s a distraction, members vote with their feet and go elsewhere.
  • If membership has ROI, your Trade Association is connected to your member’s business objectives.

Your  metrics will help you determine your Association’s ROI.

Three Step Process to ROI

1. Data Driven Strategies

Example – Quantifying policy impact on corporate business objectives.

2. Core Connections – Help companies achieve business objectives

Example – Do strategies to retain, increase participation, grow new members and sponsors reflect a core connection?

3. Member Engagement – Transformational culture change to “We”

Example – Members are more easily engaged once they see their association working as a strategic ally to advance their business interests through consensus. When they don’t feel actively engaged,  they form their own coalitions, forums and on-line communities.

Association Membership ROI or Distraction?

Steve Lane, President and CEO , Vertical Leap Consulting and I developed this path to Association Growth. Our research says your Association adds value, connects to your members’ business objectives and your members are more engaged.

How can this process help your Association grow revenue and membership?