We see first-hand how membership organisations and not-for-profits are under increasing pressure to diversify their income streams. The old standbys, like membership subscriptions, conference fees, and training programmes, aren’t as reliable as they once were. If your organisation is feeling the squeeze, it’s time to explore new revenue avenues.
In Episode 9 of The Sponsorship Warehouse, Ali and Kari dive into a topic that's more relevant than ever in our sector: the need for membership organisations to diversify their income streams.
Why Diversifying Your Income Matters:
If you’re used to relying on:
· Membership subscriptions
· Conference and event fees
· Training and development programmes
· Publications and media
...you might have noticed these revenue streams aren’t as dependable as they once were. Member expectations are shifting, competition is intensifying, and the ripple effects of the COVID-19 are still being felt. Whether it’s declining memberships or simply needing to keep up with the times, finding new ways to generate income is essential for staying afloat and, even better, for growth.
So, where should you start looking for fresh income streams? Here are five promising areas to explore:
1. Partnerships and Sponsorships:
Sponsorships aren’t just for your annual conference anymore - think bigger! Your organisation likely has various activities, programmes, and assets that could attract sponsors, from research projects to policy initiatives or thematic campaigns. The more creatively you approach sponsorship opportunities, the more revenue you can generate. However, it’s crucial to establish clear criteria to ensure that these sponsorships and partnerships align with your organisation's values and goals.
To dive deeper, download our Sponsorship Principles Guide here.
2. Monetising IP and Content:
Your organisation is sitting on a goldmine of intellectual property (IP) and content—things like industry data, research findings, and expert insights. Here’s how to turn that into cash:
· Create tools or diagnostics based on your data.
· License or syndicate your content to other entities.
· Develop e-learning modules from content you already have.
· Sell or sub-license data insights that others might find valuable.
Just make sure you’re handling this data responsibly and following privacy laws to the letter.
3. Training and Learning:
If your events and workshops have gone virtual, you’ve already taken a step in the right direction. Now, think about how you can expand on that. Can you offer specialised training programmes or certifications that appeal to a broader audience—even outside your current membership? This can not only boost your revenue but also expand your reach.
4. New Markets and Communities:
Have you considered who else might benefit from what your organisation offers? Here are a few ideas:
· Expand membership tiers to appeal to different groups.
· Partner with other organisations to reach new audiences.
· Create special interest groups or niche communities within your industry.
It’s all about thinking outside the box and finding new ways to engage both new and existing members.
5. Certification:
Certification programmes can be real moneymakers if done right. Make sure you develop solid criteria and policies to maintain credibility, and you could become the go-to authority in your field. This not only attracts new members but can also bring in revenue from companies eager to have your stamp of approval.
Looking to get more creative?
Consider offering consulting services in your niche, developing branded merchandise or licensing your content, exploring grants for funding, or launching a jobs board to support members while generating extra revenue. These strategies can boost your organisation’s income and impact.
At the end of the day, income diversification is about more than just finding new ways to make money. It’s about making the most of what your organisation already has and using those assets strategically to build a sustainable future. Take the time to evaluate where you stand - look at your current activities, expenses, and potential income sources. With a bit of innovation, your organisation can not only survive in this changing landscape but come out stronger on the other side.
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If you're ready to explore how we at b2b can help you develop, scope, and activate your programmes or solutions, or if want to learn more about our training and mentoring, get in touch at hello@thesponsorshiptoolkit.com, for a free 15 minute consultation with one of our experts.
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