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In Search of New Revenue

Listening is key

For most associations, 2020 saw financial losses from major in-person events, like annual meetings and member trainings. While many struggled to recover from the tailspin, some were able to restore balance by coming up with innovative ideas that generated revenue to replace their lost income.

How did they do it? While a rapid product launch during a pandemic may seem like magic, it’s more akin to following a formula with three essential elements. It starts with identifying a pressing need, and then figuring out how to address it. After that, an association can quickly develop a product, understanding that the objective is to try something, not to achieve perfection on the first attempt.

Even in an environment that requires speed, associations should do some market research to make sure they are on the right path, said Michael Tatonetti, CPP, CAE, founder of Pricing for Associations. But don’t let the term “market research” scare you.

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