4 Ways To Reinvent Your Association’s Business Model
Written by: Kadena Tate, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
If you're like most association executives, you're feeling the pressure to reinvent your organization's business model. Times have changed, and to stay relevant, your association needs to find new ways to generate revenue and serve its members.
During the pandemic, membership went down because people couldn't afford the dues. To make up for the loss in revenue, several associations decided to:
Offer affordable online courses and complimentary webinars
Sell products related to your industry
Provide consulting services
Develop an app or software program
The great news is that these actions were able to support the members and generate temporary revenue. The downside is that many lacked a long-term strategy that fostered true community and positioned the association as an indispensable part of members' lives.
The good news is that it's not too late to make these changes. Here are four simple ways you can reinvent your association's business model:
Develop a clear value proposition that resonates with your members.
Create a robust digital community where members can connect with each other and access exclusive content.
Offer unique benefits and services that members can't find anywhere else.
Position yourself as a thought leader in your industry by publishing original research, hosting events, and speaking at conferences.
Now, in all fairness, anyone can do the aforementioned. But you are reading this because you are an innovator. You have come to disrupt business as usual. With that in mind, you are invited to step into the wonderful world of creativity.
Think outside the traditional membership model: To build an "invincible" association, think outside the traditional membership model. This means finding new ways to provide value to members, beyond just the benefits of membership. When in group settings, your members are often influenced by the opinions of others. If you want to increase your membership, focus on creating a community where people feel comfortable sharing their thoughts and ideas. This can be done in person or online, but it's important to create an environment where members feel like they belong.
For example, you can:
Develop non-traditional revenue streams, such as corporate partnerships or events. Partnering with other organizations can help you reach new audiences and tap into new markets. By working together, you can also pool resources and share costs.
Have a social purpose. This means that your association must solve problems that are important to your members AND the community at large. Imagine if The National Speakers Association partnered with KIVA Microfinance and the Republic of Humanity. In my opinion, this partnership is a wonderful opportunity for all parties involved to feel seen, heard, accepted, and understood. The heartbeat of this partnership is connection, collaboration, creativity, celebration, and commerce. If your association doesn't have a social purpose, perhaps now is the time to develop one!
Ask yourself "How can my association pair bold thinking with committed action?" Yes, you can reinvent the way you engage with members by using technology to create a more personal experience. You can also build an ecosystem of support for your members, so they can confidently succeed in their industry. The bottom line is that it's time to get creative and think outside the box.
It's also important to stay up to date with the latest trends. What worked for your organization five years ago might not work today. Keep your finger on the pulse of the industry and be willing to make changes when necessary. A great example of this is how The Climate Action Business Association encouraged members to integrate the circular economy directly into their business model.
In today's ever-changing world, it's more important than ever to have a business model that is agile and responsive to the needs of your members. By following these simple tips, you can create an association that is not only relevant, but also indispensable to its members.
So what are you waiting for? It's time to reinvent your association's business model. Are you up for the challenge? What innovative changes will you make to ensure your association thrives? Let us know in the comments below!
If you're ready to take your association to the next level, contact Kadena Tate today for more information about how we can help you reinvent your business model.
Kadena Tate, Executive Contributor Brainz Magazine
Kadena Tate is the author of “Cultivating Courage: The Path to Reclaiming Your Power” and contributing author of the NY Times Bestseller “Business Model You,” published by Wiley Press. In addition to writing books, Kadena also works as a revenue strategist and business model designed for authors, coaches, and speakers who want to create movements, masterminds, and membership programs.
