10 Questions to Consider When Expanding Your Association’s Portfolio
While many associations are returning to in-person meetings, some associations are expanding their portfolio by launching new programs or using new delivery channels to increase non-dues revenue. In a quick poll conducted by Avenue M in mid-June 2022, with 15 CEO/Association executives, 60% reported that their organization has launched a new program or product in the last two years that was profitable. For example, one organization launched a new professional certification program while another expanded its virtual education offerings.
If your organization is considering expanding or creating new products, programs, or services (PPS), we recommend starting with the following questions:
- Does it align to our mission, vision, and strategic priorities?
- Who/What is our competition? What is our level of quality? Are their alternatives out there to serve the needs of our community?
- How much does it cost? Staff or Volunteer time? Direct costs?
- Does it bring in revenue? Does it cover its costs? Does it bring in surplus?
- Does it bring value to our members and/or our larger community? Does it meet the needs of our customers?
- Have we already explored and realized all efficiencies? Have we reduced complexity? Have we looked at alternative ways to deliver?
- Does it play to our strengths?
- Does it have long-term viability? Does our success with this PPS help other PPS? Would a cut hurt us in the long-term?
- How many individuals benefit from the PPS?
- Does it differentiate us?
Want to learn more? Click the links below.
- When Is It Time to Add a New Member Benefit?
- Can You Boost Nondues Revenue With E-Learning Subscriptions?
- Three Ways Associations Can Prioritize Credentials and Certificates
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(Image: Adobe Stock)
