It’s no secret that non-dues revenue is essential for keeping your association financially sustainable. Leveraging multiple revenue sources generally helps organizations reduce risk and better withstand underperformance in any single area.
However, selling the same merchandise in your online store and offering your sponsors the same opportunities year after year will no longer suffice. Instead, you need a refined non-dues revenue strategy focused on longevity, adaptability, and member value.
In this guide, we’ll explore several innovative non-dues revenue streams your association can leverage to raise more funds and further enrich the member experience.
1. Industry Benchmarking Reports
You likely already collect data about your industry. Why not monetize this valuable information as an educational resource?
There are many different ways you can commercialize industry benchmarking reports, including by:
- Providing tiered access. Let’s say you have three different membership tiers. While you may include industry benchmarking reports as a membership benefit for your highest membership tier, you may charge extra for members in the two lowest tiers to access them. That way, you can collect additional funds while also encouraging members to upgrade their membership.
- Offering a discount for members. Perhaps you charge members to access your industry benchmarking reports, but you give them a slight discount. Members will receive a perk of their membership, while non-members can get a taste of what your association has to offer.
- Giving partial access for free. Summarize key findings from your industry benchmarking report in a blog post. Then, add calls to action that encourage readers to purchase the full report so they can unlock even more insights.
2. Digital Microcredentials and Badges
Microcredentials and badges help members upskill and prove their commitment to career development. In fact, 72% of employers prefer candidates with microcredentials, proving that small continuing education opportunities can have a large impact on members’ career prospects.
Plus, these badges act as mini advertisements for your association. When other industry professionals see a badge with your branding on a fellow professional’s LinkedIn profile, they may be enticed to learn more about your organization, complete a course, or even become a member.
One strategy is to make your microcredentials stackable. Stackable microcredentials build upon each other to broaden members’ skillsets. They can be stackable vertically, meaning they empower career advancement, or horizontally, meaning they allow professionals to diversify their skills.
For example, American Medical Technologists offers vertically stackable microcredentials on top of their RMA certification to help professionals advance in their careers. Beyond expanding their knowledge and driving additional revenue, this approach helps instill a lifelong learning mindset in which members continuously dive deeper into their fields.
3. Sponsored Learning Pathways
You can do more than simply charge sponsors for their logo to be included in your event marketing materials. Try having industry partners sponsor specific learning paths on your website.
While these learning pathways should remain objective and educational, sponsors can have their brands associated with them, giving members a chance to get to know them. This type of sponsorship is a more natural way for them to generate leads and provides consistent revenue for your association.
For example, these sponsored learning pathways may look like:
- A healthcare billing software company sponsoring a learning pathway about transitioning to value-based care models for a healthcare association
- A supply chain management firm sponsoring a learning pathway about sustainable supply chain management for a manufacturing association
- A point-of-sale system provider sponsoring a learning pathway about offering a contactless guest experience for a hospitality association
To find corporate partners willing to sponsor your association’s learning pathways, Double the Donation’s guide to corporate sponsorship recommends leveraging connections within your network. For example, one of your board members may have a contact at a company you’d like to work with, allowing you to more easily initiate a partnership.
4. Microlearning Subscriptions
Perhaps you offer several certification courses. While members may engage with them, there may be other members who are looking for a lower cost, lower time commitment way to get involved.
Enter microlearning subscriptions. This knowledge-as-a-service type of subscription empowers members to continuously receive helpful insights and resources for a small monthly fee.
Build a searchable library of resources like:
- Short video clips adapted from recent webinars you’ve hosted that focus on specific topics
- Industry news breakdowns that highlight need-to-know information
- Standard operating procedure (SOP) templates that can give members a head start on developing new documents
- Glossaries of industry terms to help new hires or young professionals
- Digital pocket guides with helpful infographics that members can access from their phones while solving a problem at work
- Summaries of your major research reports with the most critical statistics
Then, members can search for and leverage these materials on their own time. For example, if a healthcare professional needs guidance on developing their practice’s new patient intake protocol, they may search within your microlearning library and find a relevant template and short video clip explaining intake best practices.
5. Verified Vendor Directory
While you may already have a vendor directory on your website, take it a step further by providing an option for companies to pay for a premium listing. This offering allows you to increase revenue while your top recommended vendors receive some extra recognition. Consider charging vendors an annual listing fee and using a cost-per-lead model to establish recurring revenue.
Then, you may enhance these listings with elements like:
- A badge signifying that your association has thoroughly vetted the provider and trusts them
- Video demos explaining the vendor’s products or services in greater detail
- Lead capture forms where interested members can easily connect with vendors
In addition to boosting vendors’ online presence, a verified vendor directory also creates another unique resource for members. Instead of doing their own vendor research, members can come straight to your website, where they know they can connect with vetted providers from a source they trust.
Your non-dues revenue streams should not only help your association earn more, but also enhance the member experience. By incorporating these revenue sources into your strategy, you can unlock new opportunities for members as you raise more funds.
While diversified revenue is generally beneficial for associations, additional revenue sources also complicate accounting for nonprofits and associations. If you need help managing your various revenue streams, partner with an accounting firm that has experience working with associations. If you’re ready to scale and modernize your learning programs, partnering with the right technology can make all the difference. Book a demo to see how we help associations do exactly that.
