Trade and industry associations are entering an era of unprecedented opportunity, and this same moment in time applies to professional societies.
In an era of questions such as “Whom can I trust,” “Where can I go for reliable information,” and “How can I connect with the people who share my interests?”, the answer for business professionals is not consumer-oriented social media, nor is it for-profit organizations driven by Wall Street quarterly performance expectations.
Today, the mission-focused, non-profit, industry conveners represented by associations and societies ARE today’s trusted sources for information, professional development, and community. And the number-one asset that is core to the business model of associations is the media portfolio anchored by your annual meeting and industry trade show. Your live media event is your top driver of member engagement and, potentially, organizational revenue. The days of relying on membership dues as your key revenue category are rapidly going away.
Today’s successful organizations must earn their keep every day. A “fishing license” like Amazon Prime or your Costco “membership” make sense, but they are NOT what’s driving the revenue of today’s successful business models.
Just ask The Rolling Stones. They aren’t making money today with records or charging a fee to be a member of their fan club: They make their money touring, doing live gigs, and creating memorable experiences. And so are most of today’s younger musical acts. Live Nation is making more money than the top two recording labels combined.
Here’s my point: If you want to engage your members, deliver value, and shift your business model from the annual dues model to a twenty-first-century value pricing model, look to your live events as the place to start.
To learn more about the top 2019 trends in trade shows, conferences, and events, download the “hot off the press” 360 Live Media report click here.