Everyone, in every sector of the non-profit and commercial marketplace, is reimagining their business on an hourly basis.
Here are 7 practical insights and observations for you to consider as you determine the best course to preserve revenue and maintain cash flow.
7 Tips to Build a Revenue Recovery Plan
Write a press release.
That’s right. It’s a short cut to clarify what you are doing in this crisis. Nothing focuses your organization better than distilling everything you want to share with your community into a well-worded, concise, and specific 350-word press release. A press release cuts through the clutter, chastens the mind, AND gets everyone on the same page. Here’s a good example from the American Institute of Aeronautics and Astronautics (AIAA).
Pivot to a virtual event.
For many associations, your in-person annual meeting, conference, or trade show generates more than 25% of your operating income. Create an action plan to pivot to a virtual event and communicate to your membership. Tell them a compelling new event is coming and, within two weeks, you’ll have all the details. It takes only 30 days to convert or launch a new virtual event. Speed to market is key.
Secure underwriters to increase attendance.
Consider offering admission to your virtual event at a very low ticket price and subsidize all costs by working with your sponsors and exhibitors to underwrite the entire event. Partners need access to your members and attendees, and your audience needs the community, professional development, and knowledge that your industry partners can provide. Don't miss an opportunity to generate non-dues revenue at your virtual event in 2020.
Provide additional membership access.
Adjust your membership renewal and acquisition approach. Extend all current memberships up for renewal for 90 days at no charge. Offer a free 90-day membership trial to all non-members in your prospective member database. You’ll be rewarded by adapting your approach in these times of financial hardship.
Take care of your team.
If you are experiencing furloughs or layoffs, now more than ever, your core team must be strong. We have daily Zoom syncs with our entire team for 15 minutes. We ask our team each day to anonymously rate how they feel and share the results with them. You can easily set up a Google Form like ours below and do this with your team.
Reconfigure your overall value proposition.
Take a step back and evaluate your product offerings. It's time to determine what you should invest in, and what legacy benefits or programs you should jettison. Feed your opportunities and starve your problems.
Build a content marketing engine.
One of the most important things you can do, in good times and bad, is to consistently deliver value to your members and industry partners. To do that, content marketing is key. Make sure you're staying top of mind for your audience through regular communications that enhance their lives and careers. Aim to get at least 90 days worth of content generated upfront so that you can stay a step ahead.
I hope this revenue recovery plan sparks a new idea or action that you can take to rebuild your revenue and be ready for the recovery.