Performance Under Pressure: Lessons From Pandemic Success Stories
COVID-19 has created new challenges for business models
A lot of organizations are struggling right now as the coronavirus (COVID-19) creates new challenges for their business models. But some are finding ways to thrive—or at least discover bright spots in an otherwise dreary time—by leaning into the membership model.
As a result, these for-profit organizations offer examples worth learning from in the association space. Among their strategies:
Don’t be shy, ask for support. Case in point: The Daily Beast, which has nearly doubled its membership growth rate since mid-March, according to Digiday. Site visitors are encouraged to financially support the media outlet, which currently is offering a one-month trial for $1 and says its coronavirus coverage earns only 77 cents on the dollar in ad revenue compared to other content. The Daily Beast also displays a “give more” option, which has raised the average order size by 35 percent, says Chief Revenue Officer Mia Libby.
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