Finding the Funds You Need to Flourish— Part I
For an association, generating revenue can take a great deal of time and effort. But there’s no two ways about it: a steady source of incoming funds is critical to your organization’s success and its very survival.
This is the first in a series of articles that will explore various methods for increasing your revenue as an association or NPO.
There are several potential association revenue streams open to you: membership dues, event registration fees, sponsorships, grants and, in some cases, individual and corporate donations. Membri 365, our complete customer relationship management (CRM) system built using the Microsoft Power Apps platform, can be your secret revenue-boosting weapon. Here’s how:
Take your event management and association revenue to the next level
Many associations — chambers of commerce, for example — hold regular activities throughout the year, not only to educate and enrich their members but also to bring in much-needed revenue. With Membri 365 association management software, you can lend a professional touch to your event planning, with an easy-to-use online ticket purchase feature. But it doesn’t stop there: Membri is a highly flexible event management tool that you can use to maximize your turnout and make more money for the same amount of effort.
Here are a few specific examples of how this powerful membership solution can make event management easier and more lucrative for your organization:
1. Presales: Membri 365 lets you offer an early bird discount for a specified amount of time to get your ticket sales off to a flying start. Presale pricing can often be an irresistible incentive for your members. And the more advance ticketholders you have, the greater the chance they’ll spread the word and build momentum.
2. Optional add-ons: Membri’s specialized features, designed specifically for associations and NPOs, will let you manage multiple activities within the same event. Let’s say you’re organizing a keynote luncheon. You can sell tickets to the luncheon at a set price, but you can also tack on a VIP meet-and-greet before or after the event, for an extra fee, available to the first 10 or 20 people to sign up. The Membri 365 event management solution lets you program the different types of activities and the maximum number of attendees allowed at each. The result? An automatic boost in revenue for almost no additional effort.
3. Cart abandonment management: Some people are still reluctant to pay any kind of fee online, worried about the increased risk of being hacked. So they may start registering for the event but stop when they arrive at the payment page. Membri 365 lets you see which carts have been abandoned. You can then use this information to convert these individuals into event attendees by reaching out and letting them complete their transaction in a way they are comfortable with. Don’t forget: this kind of data is also invaluable in exploring future business opportunities. Be sure to make the most of this feature to ring up sales that might have otherwise been lost.
Offer tiered membership fees
Needless to say, membership fees are a core source of revenue for any association. As a membership solution, Membri 365 can put an array of options at your fingertips to sign up new members and retain current ones — and reap the financial rewards!
1. Registration fees: Adding a registration fee, over and above your membership dues, can be an effective way to drum up additional income. With Membri 365, you can easily apply a one-time charge to new sign-ups. The benefits are twofold: you’ll be adding an extra amount to your coffers the first year of membership and you’ll be incentivizing existing members to renew automatically to avoid having to repay the fee to reactivate a lapsed account.
2. Multi-year memberships: Membership retention is crucial to all associations. Annual renewals are the norm, but Membri 365 gives you another option: multi-year memberships and renewals. You can offer an attractive discount to members who commit to a two- or three-year membership. The benefit? A longer renewal cycle and a guaranteed source of income.
3. Membership credits: One of the issues many associations struggle with is member turnout at the activities they organize. Because Membri 365 is a full-fledged CRM for associations, it can be used to administer an option that is gaining in popularity: membership credits. Rather than charge a yearly amount for membership, say $100, it can be increased to something like $150, only with a $50 credit toward future event fees. This is another great idea for optimizing the management and profitability of your association’s activities.
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So as you can see, there many ways your association can drive membership, revenue and event attendance upward. Be sure to keep an eye out for upcoming articles designed to help your association meet and exceed its performance objectives.
Would you like to find out more? Are there any other questions we can answer for you? Contact us today to talk to one of our specialists
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