Show Me The Money
It is well known and well understood that nonprofits of all stripes need funding beyond what can be supported by their members, donors, or supporters. That funding must come from the industry that supports and provides products and services, which help the association, society, or charity to achieve their mission.
The challenge associations and all nonprofits face today is threefold:
- The industry expects higher returns and better ROI, and now they have so many alternatives to engage with audiences, who associations have long held a tight grip on, that the competition for your annual event is increasing every day.
2. The “usual suspects” of industry partners who have been part of your events are not sufficient to produce the revenue that associations need to meet their increasing financial needs. You must increase the number of companies that support your organization.
3. Event exhibitors, sponsors, and most audiences are looking for new ways to interact and engage with one another. Trade show booths, tote bags, and room drops aren’t enough.
So what’s the solution? It’s a five-step process:
First, quantify the buying power of your audience. This can be done efficiently and is step one. Every industry partner needs to know more than titles and decision making authority.
Second, “new inventory” must be developed. Innovative new ideas like retail pop-up stores, brand activations and integrated content and demos. These are just a few of the dozens of new ideas that are working.
To learn about the other steps that are moving the revenue needle, just click here and schedule a brief call to learn more.
There are so many successful practices that are working. We’re excited to share them with you.