Stay Current with Non-Dues Revenue
How much should you charge for your certification?
Certifications and learning programs are a lucrative way to generate non-dues revenue for your association, and they build your brand’s credibility and awareness by giving members and non-members alike a reason to add your name to their resume and email signature. But once you’ve curated your curriculum, setting a price point can be tricky. Consider these three factors as you arrive at a profitable yet reasonable price.
A Slice of the Pie
At 39%, membership dues make up less than half of an association’s total revenue. The other 61% comprises internal and external sources such as events, advertisements and sponsorships.
1. Your Input Costs
Your goal is to make money on this offering, so you’ll want to be sure that your price is high enough to more than cover the cost of developing the content, hiring teachers, proctors or facilitators, and any technology you buy or license to offer courses and testing.
2. Consumer Price Tolerance
Asking your audience what they’re willing to pay is a good way to get direct feedback, but don’t assume that everyone who responds will purchase. What you can assume is 2% of your subscribers will purchase your certification, so square that with your input costs.
3. Pricing Psychology
Three irrefutable truths of pricing are that buyers respond to prices that end in nine, they like freebies and they can be turned off by sticker shock. Use these to your advantage. Consider adding a free item to your program, or even listing one aspect as free, and reframe your price as “the cost of a cup of coffee per day,” or another nominal cost that when spread out over the term of the program feels like a bargain.
Source: accredible.com, Tips for Pricing Your Certification Program
Four Ways to Increase Revenue Through Event Content
Your association’s event can be a great way to generate new revenue streams. But what are the best ways to execute? An option that association professionals should consider is harnessing content produced at your event for both immediate and future use. Dan Stevens, president of Association TV, spoke at an AM&P360 session about how to maximize content at events, and here are four ways to make this content profitable for your organization:
One Size Doesn’t Fit All
50% of associations are now offering tiered membership models to better fit niche needs and desires of members.
1. Livestreaming – Whether behind a paywall or supported by a sponsor, having digital access for those members who can’t attend in person is a great way to assign value to your event or conference.
2. Daily Recaps – This video option allows attendees and those at home alike to see who the most talked about speakers were or what the most popular exhibits were that day. Allow companies an opportunity to integrate their product or subject matter into the recap, creating another sponsored revenue stream.
3. Extended Content – Record speakers and sessions, and save the content for future use throughout the year. Whether in print, video or podcast form, these engagements have staying power for members who are excited to learn.
4. Continuing Education – Associations can offer educational videos taken from the event for free, but offer a paid option to earn CE credits.
Source: siia.net, Frances Moffett, Unlocking Your Association’s Event Revenue Opportunities
Employ one of these creative sponsorship ideas that has worked for fellow association professionals.