Associations advance important missions that support professions and fields, but to ensure financial sustainability and relevance amid growing competition, it’s essential to focus on innovating and creating new revenue-generating opportunities.
Research from ASAE’s Association Insights Center (AIC) in partnership with McKinley Advisors highlights the challenges associations face around optimizing new revenue opportunities. These include legacy governance structures, loss-leader programs and siloed functions and departments built for traditional activities rather than experimentation or product innovation.
Association executives identified three features that associations must build to be successful in identifying and developing new revenue opportunities. These include focusing on board and staff culture, creating an innovation process and committing to feedback and renewal.
Please select this link to read the complete article from ASAE’s Center for Association Leadership.