When it comes to associations, there are plenty of ways to generate revenues. Memberships, subscriptions, and donations of course are not the only contributors that generate revenues for any association. With the evolving scenarios in the continuing education and training industry now associations can utilize the power of learning management systems (LMSs) to create more opportunities for additional earning, irrespective of the location or the timings of the learners. When it comes to associations, there are plenty of ways to generate revenues. Memberships, subscriptions, and donations of course are not the only contributors that generate revenues for any association. With the evolving scenarios in the continuing education and training industry now associations can utilize the power of learning management systems (LMSs) to create more opportunities for additional earning, irrespective of the location or the timings of the learners.
Benefits of Non-due Revenue Strategy for Associations:
How to build your association’s non-dues revenue strategy for 2021?
Here are a couple of points to decide on your non-dues revenue strategy for 2021 with an online learning management system:
- What do you expect from the strategy and what are your offerings?
Knowing your goals helps you devise the best strategy – whether it’s revenue generation or expanding your user-base. Evaluate what courses and teaching assets you have and are offering to the members or learners for their online learning needs. Is it possible to offer them more online learning formats like webinars, ebooks, or whitepapers?
- Get members feedback and see how the strategy can help them
Understand your members’ learning requirements, find the skill gaps and offer courses that bridge the gaps. Offer interactive learning through audio, video, presentations, etc. You can bundle online learning within the membership or offer discounted plans to them. On-demand courses on mobile devices can be a great deal.
- What is your pricing strategy?
Plan your expenses carefully and don’t go overboard. Else the expenses might surpass your association’s revenue. You can design training courses in such a way that different levels of membership are entitled to access a certain course or level. You can add advanced or specialized course modules as paid ones for revenue. But, there is a catch to all your online learning courses that you offer free-of-cost to members. Make them available to non-members with a minimal cost, and who knows they might be members to access all these for free.
- How to promote your offerings?
Your in-house team can take care of it and you can also collaborate with partner experts for cross-brand promotions. Website, social media are powerful tools you can explore along with email, press release, and other promotional methods. Create surveys and polls too and understand what members require.
- What clicked for you and what is the best learning system?
Assess from the online campaign and analytics for measuring the effectiveness and evaluating the quality of data gathered. This will help you with future campaigns. Match the members’ learning requirements to finalize the right learning management system (LMS) for your association. You can measure that in terms of ease of use, AI-enabled reporting and proctoring, attractive dashboards, gamification, content formats supported, and how engaging their online learning system is.
Major sources of the non-dues revenue for associations:
- Creating virtual learning course content and selling it on a subscription-based learning model so that member organizations can pay a yearly or monthly access fee for the educational resources.
- Sponsorships for online learning through live events can be a good source of revenue. You can create and host a webinar series with partners sponsoring it or offering scholarships to learners for generating revenues. Invite their experts as guests for more credibility. You can even use your social media for sponsored posts and monetize the audience.
- Leadership and soft skills are highly in demand across industries along with core skill sets. Associations can train resources from other industries for future leadership positions to hone their skills and generate non-dues revenue.
- Young members always look for learning opportunities and offering online learning as part of the membership might help them and your association as well. When online learning opportunities with desired courses come as a perk to their membership you can retain more members and attract new ones in the long run.
- Expert-led industry education for educating members and staff with best practices in their related areas of specialization in the form of interactive sessions like training workshops, guided exercises, and webinars with a small participation or registration fee from learners.
- Understand what your members’ learning needs are, and offer them accreditation programs and certifications to boost their professional growth in the desired industry. It enhances members’ trust in your association and helps you create a product that not only serves members but can attract non-members from the same industry.
Well, now that you are aware of the best non-dues revenue strategy for your association. What are you waiting for? If you are wondering which LMS should you pick. You should always look for a learning system that is AI-enabled, gamification supported, and offers both online and offline learning across all devices at any point in time. If it has a mobile app and can work without internet connectivity, then that’s the icing on the cake. Content authoring tools supporting content standards like SCORM or xAPI are a plus. A good LMS would empower your workforce by developing their skills and help them be more productive with the right career growth. Explore MapleLMS for more information!