Transform your trade association's efficiency by setting clear goals, managing membership, and diversifying revenue to avoid wasted time and resources.
Creating efficiency has always motivated me and little irritates me more than wasting my time, energy, and money. Think of how your association board and members feel. Does your association run itself like a non-profit and not a business? Are there endless meetings, notetaking, and brainstorming accompanied by limited action, planning, and execution?
Below are some key steps and considerations for operating an association like a profitable business.
Defining Clear Goals and Objectives for Your Trade Association
Many organizations painstakingly create a mission/vision and strategic plans that collect dust and are as forgotten as the Velveteen Rabbit almost was. Ensure these plans are living and breathing pillars by which the organization operates and measures its success.
Recruit, Retain & Engage - Association Membership Management
Creating a cohesive community is the core of any association. Our mantra “recruit, retain, and engage” helps focus organizations to continually attract new and maintain and engage existing members to bolster the organization interpersonally and financially.
Networking: Networking is a tremendous value proposition for associations. Offering events, online forums, and special interest groups or committees are terrific ways to engage members.
Marketing: Develop a strong brand identity that resonates with your target audience, produce valuable content that addresses the varying needs and interests of your members and prospects, and use targeted marketing campaigns to attract new members and retain existing ones.
Communication: Maintain an active and engaging online presence through a professional website and social media channels. Implement digital tools for efficient communication, event management, and resource sharing.
Know Your Numbers
Create and adhere to a detailed budget and plan accordingly for market conditions. It is good practice to hire a third-party bookkeeper or accountant to maintain consistent books and always know where you stand as an organization. Remember to review the financial reports regularly and check them against your KPIs.
Diversifying Revenue Streams for Your Trade Association
With business-to-business trade associations, revenue opportunities lie with a steady stream of dues, educational programming, and sponsorship offerings. If your industry is niche, consider ways for current members to invest more and tap into vendors who support member firms.
Evaluating and Improving Your Trade Association
Setting goals, making plans, and having members are foundational. Monitoring performance is key to longevity and sustainability. Refer to your KPIs to measure success regularly, modifying programs, services, and operations as necessary. Associations should evolve with their membership and the market.
When you understand the heart of organizational success associations CAN operate effectively and sustainably as profitable businesses while delivering value to their members and achieving their mission. In fact, at Avivant Partners, that is our mission and our passion! We offer end-to-end Association Management services.
Reach out to us if you have questions or comments, or need assistance in any of these areas!