It’s important to have revenue-generating tools and approaches in place to keep your association strong.
Here are some approaches you might not have thought of to increase revenue for your association.
Over time, your association’s revenue needs change. Sometimes your membership growth might flatten out or go negative and you need to increase non-dues revenue. Maybe your organization needs to fund new initiatives to keep up with changing member expectations.
No matter the reason, it’s important to have revenue-generating tools and approaches in place to help your association stay strong.
So, let’s look at four technology-powered approaches you might not have thought of to increase revenue for your organization:
1. Artificial intelligence – You might not think of artificial intelligence (AI) when you think of generating revenue. But it can be a highly effective tool for increasing revenue.
For example, with Nimble AMS, you can use a point-and-click AI tool to create predictions about things like:
- Members’ likelihood to renew
- Members’ likelihood to enroll in a program
- What events members are likely to register for
- What purchases members might make next
Based on these predictions, you can then do things like identify good candidates for your next certification program and suggest products that might interest certain members.
Essentially, AI can help you adjust your marketing and engagement approaches for specific members to provide them with valuable offers that can influence their purchases.
2. Personalization – Personalization is key to keeping your members engaged. You can use member data to send personalized messages to your members that recap their activity with your organization and give kudos to them for their involvement. This type of personalized communication reinforces their engagement with your organization, which can help to retain members.
You can also use personalization data to present special offers and discounts to members who have reached certain levels of engagement with your organization.
And keep in mind that consumers expect personalized engagement these days. The Salesforce State of the Connected Customer report shows that 72 percent of purchasers expect vendors to personalize engagement to their needs.
With Nimble AMS, you can use your member data to create personalized content and offers based on what members have purchased, what they’ve viewed, where they’re located, and other demographic information.
3. Cross-selling – One of the best times to sell a member something is when they’re making (or they’ve just made) a purchase. They’re already in a buying mood, so they’re more likely to be open to relevant suggestions of other things to buy.
Nimble AMS makes cross-selling easy by allowing association staff to build a set of related products relevant to the item the customer just placed in their ecommerce shopping cart. The related products can be events, courses, products, subscriptions, memberships, and more. These products can then be presented to your ecommerce site visitors as “You might also like…” suggestions.
4. Automations – Automating processes can be a huge time-saver, which can free up your staff’s time for more revenue-generating activities. But it can be used for more direct revenue generation as well.
For example, using Nimble AMS, you can use process builder functionality to do things like:
- Automatically send an email to anyone who placed items in their shopping cart on your ecommerce site, and then didn’t follow through with a purchase. This email could ask if they have questions about the items in the cart or even offer a discount to encourage the shopper to complete the purchase.
- Automatically send a personalized email to members based on their past purchasing history.
- Automatically calculate the number of electronic badges members have earned and send them a special offer once they reach a certain threshold.
These are just a few of the many ways you can grow revenue for your association. Discover more ideas in The Ultimate Guide to Generating Non-dues Revenue.