Associations can no longer rely only on traditional revenue sources such as dues and registrations and must broaden their revenue base to meet increasing budgetary demands and spread the downside risk of uncertain markets. Revenue assessment is a key component of a business model development but is sufficiently critical and complex to require separate analysis and development, and it sometimes requires more frequent updating than the overall business plan. Bostrom’s revenue diversification support is multi-faceted.
- Identification and analysis of all association assets and opportunities to monetize the association’s intellectual property
- Analysis of the association’s historical revenue streams and cost structures to identify weaknesses to be addressed
- Critical assessment of pricing strategies to enhance revenue generation and market position
- Market analysis to identify unmet stakeholder needs and emerging trends in products and services that the association might be positioned to take advantage of
“Bostrom has provided solid operational support to move our board to a more strategic level and their ability to bring new ideas and modern association management practices has increased engagement from our members.”Greg Carlson
Related Articles from SOLUTiONS
A Guide to Building New Revenue Sources Into Your Business Model Members are the lifeblood of an association. Traditionally, membership was the primary income source for the organization. Today, while membership is a critically important revenue source and member...
by Holly Stevens, development director, Bostrom Rather than seeking sponsors solely for an annual conference, meeting or other one-time event, associations and professional societies are exploring year-round (and multi-year) funding/sponsorship opportunities to...
by Randy Lindner, CAE, MHSA, president, Bostrom, firstname.lastname@example.org Three-fold and three percent. That’s the growth rate of one national association’s non-dues revenue over the last 20 years – and its percentage of total revenue from member dues. The National...
All associations – just like any successful business – should look into diversifying their revenue streams. But before you think about new revenue sources, it’s necessary to understand your current revenue sources. One way to start is by bench-marking your current...
Ready to Talk?
To find out more about how we approach revenue diversification or to schedule a personalized consultation, contact Bostrom today.