How Are You Making Up Lost Revenue?
With the right approach, you can strengthen your non-dues revenue channels in 2021
By Alex Yewdell
In a normal year, this would be the moment when we would really start finalizing our plans for next year’s meetings and conferences. But, of course, this is hardly a normal year. Uncertainty continues to cloud a lot of the planning for the future, as many organizations delay their decisions on their 2021 meeting schedules as they wait for more information. While it is widely expected that non-dues revenues will take a hit in the new year as meeting attendance and exhibits/sponsorships sales shrink, we are here to tell you that it isn’t all doom and gloom.
At BH Sales Group, we firmly believe that with every challenge, there is an opportunity. As the meetings and events segment will naturally see a decline, we believe that with the right mindset you can actually strengthen certain non-dues revenue channels in 2021. Even in this moment of uncertainty, there are still plenty of opportunities to build your non-dues revenue pipeline and set your organization up for greater success when things eventually get back to normal.
Leave no stone unturned
Start by examining all of your current opportunities. Create an opportunity flow chart and exhaust all avenues with advertising and sponsorship possibilities. No, this isn’t getting greedy or a money grab—now more than ever, the vendors in your industry need ways to connect with your audience.
Prioritize peer connection
Fill the natural void left by diminished in-person meeting opportunities. When you outline your current opportunities, be sure to highlight the channels that provide peer-to-peer connections. Think creatively: how can you reimagine those opportunities for the current moment? This is where the true value is.
Don’t just retool—create new
Reevaluating your current opportunities is important right now, but you shouldn’t stop there. Start exploring different avenues where you could develop new offerings as well. Are there certain segments you’re not reaching? Could you build on one of your existing opportunities to engage with another audience? Is there a way to utilize the resources you have to help connect your industry in new ways? Putting in the extra effort now will not only benefit you in this current moment, you may end up thanking yourself for years to come.
Do not just utilize today’s technology, prioritize it. Maximize efficiency, minimize waste and promote organization within your non-dues revenue channels. This will help you off-set any sales losses for now—and help set you up for greater success in the future.
There is nothing worse than an unused platform. When you spend the time and energy creating a new opportunity, you need to make sure it is used. Communicate, communicate and communicate again to both your members and industry providers to make sure everyone understands how to use the new platform—and what they can get out of it.
Make it available
It is very likely that you will see a pool of new advertisers reaching out regarding your marketing opportunities. With traditional exhibit hall opportunities diminished for the near future, everyone is getting creative, and this includes the vendors in your industry. They are going to be looking for new ways to reach your audience so make sure you are ready. Make sure you have plenty of opportunities available.
While the circumstances of this year have been unlike anyone could have ever imagined, Blue House Sales Group is always prepared to take on the unexpected. We are an organization that’s light on its feet—being a lean operation makes it easy for us to help you switch gears when necessary. That’s because we know there are so many different factors that contribute to the strength of a non-dues revenue program, and those factors are constantly changing and evolving even in a normal year. You want someone on your team who is dedicated to keeping an eye on this aspect of your organization—and comes armed with creative strategies for how to pivot when the time calls for it. By helping you adjust to new challenges, we make sure that you’re always getting the most from your non-dues revenue.
Want to learn more? Get in touch today.