Association sponsored research allows associations to attract and retain new members, promote good practices and create greater visibility through media coverage. However, there are a variety of funding models that can also effectively turn research into non-dues revenue. There are a number of things that should be considered when attempting to generate revenue from an association sponsored research program.
Evaluate the Competition
When trying to generate revenue, it’s important to know your competition. All competing products and data should be evaluated. Consider all potential sources including other associations, industry consultants, government agencies and private research firms.
Select Your Revenue Model
Each association has different requirements when it comes to choosing a revenue model. All options should be considered carefully before selecting the revenue model for your association. Options include:
Increase Interest in Your Product
In order to create revenue, people need to want what you’re offering. Consider creating customized research reports and interactive dynamic online reports to enhance relevance and increase interest in your product.
Distribute Research Reports
For the best results, you will want to get people talking about your product. Offer a variety of webinars, conference sessions and panel discussions. This will help get the conversation started and enhance the engagement of subscribers and participants.
Promote Research Programs and Products
You will want to make sure that you fully promote your research and products. Include valuable information from your research in customized messages, press releases and marketing materials. This helps peak interest and establishes that you have valid information. You can also consider selling your research reports to interested parties.
In order to figure out a fair price for your research you will need to fully understand your market and your members. You need to know how your product stacks up against similar products. You also need to figure out the value your members are likely to put on your research.
Want to read more about this? Download our full whitepaper – Follow the Path to Success: A Step-by-Step Guide to Monetizing Your Data to Grow Non-Dues Revenue.
Vault Consulting offers research and accounting services to non-profits, associations and their affiliates. Please contact us for more information about our services.