Driving Innovation and Revenue Growth for Association Success

Driving Innovation and Revenue Growth for Association Success

Associations are crucial for supporting various professions and fields, but they must combine innovation and revenue growth opportunities to maintain financial sustainability and relevance amid increased competition. 

Research from ASAE’s Association Insights Center and McKinley Advisors highlights several challenges associations face, such as outdated governance structures and siloed departments.

To overcome these challenges, ASAE suggests that associations focus on three areas for innovation and revenue growth.

Building a Strong Cultural Foundation: Associations should foster a positive internal environment encouraging experimentation and continuous improvement. Overcoming resistance to change is crucial, and staff should have a clear vision of future goals. Engaging and educating the board to adopt a business-oriented mindset while balancing risk and reward is essential. An open communication and collaboration culture will help adapt to changing needs and encourage innovation.

Implementing an Innovation Process: Establish a structured process for capturing and developing new ideas aligned with customer goals and the organization’s mission. Use creative facilitation methods and gather input from diverse perspectives to inform decision-making. Prioritize revenue-generating activities and align programs with the organization’s mission and strategic plan. Evaluate programs based on impact, cost, and opportunity cost to ensure they advance strategic pillars.

Committing to Feedback and Renewal: Use data-driven tools like SWOT analysis and performance frameworks to assess programs and make informed investment decisions regularly. Allocate actual costs to events and programs to fully understand their financial impact. Leverage successful initiatives to phase out underperforming areas, focusing on revenue-generating or high-value activities. Associations can drive innovation and ensure relevance by cultivating an experimental culture and continuous evaluation.