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Generating revenue is a critical aspect of sustaining and growing a nursing association. While membership dues provide a foundational source of income, exploring additional avenues for non-dues revenue is essential for financial stability and the ability to invest in valuable resources and programs.
Non-dues revenue models offer opportunities to generate funds through various channels, enabling nursing associations to tap into the value they provide to their members and industry stakeholders, monetizing their expertise, brand, and network.
By exploring and implementing a well-defined revenue strategy, nursing associations can unlock the potential for sustainable growth, innovation, new platforms and expanded member benefits. Embracing a diverse range of revenue options helps nursing associations remain agile, responsive to member needs, and financially resilient in an ever-evolving healthcare landscape.
This section will cover the following non-dues revenue models:
Product & Services Sales
Event Registration & Ticketing
Advertising & Sponsorship
Affiliate & Partner Revenue Sharing
Product and Service Sales
Product and service sales present a valuable revenue model for nursing associations, allowing them to generate income by offering products and services that cater to the needs and interests of their members.
This revenue stream not only contributes to the financial sustainability of the association but also provides opportunities for member engagement and value creation. By strategically developing and promoting products and services, nursing associations can diversify their revenue sources and further support their mission and goals.
A beginner's strategy to launching your product and service offerings
1. Market Research and Analysis:
Conduct market research to identify potential product and service opportunities, evaluate market demand, and understand the competitive landscape. Analyze revenue models implemented by other nursing and healthcare organizations to find repeatable models with some track record of success.
2. Product Development and Testing:
Create and develop products and services that fulfill identified needs and align with the association's mission and target audience. Invite coalition partners, colleagues and stakeholders to the table or build it in-house. Test and refine the offerings before launching to wider audiences to ensure quality and relevance.
3. Pricing Strategy:
Determine pricing based on factors such as production costs, perceived value, market demand, and competitor pricing. Consider offering different pricing tiers, packages, or discounts during holidays, celebrations, or other announcements to encourage cross-promotional marketing.
4. Marketing and Promotion:
Create targeted marketing campaigns to promote the products and services, utilizing various channels such as email marketing, social media, association website, and industry events. Highlight the benefits and value proposition of the offerings to generate interest and drive sales.
5. Sales and Distribution:
Establish multiple sales channels, including an online store, partnerships with retailers, or collaborations with industry events. Provide seamless purchasing options for members and ensure secure and efficient transaction processing.
6. Customer Support:
Implement a customer support system to handle inquiries, provide assistance, and address any issues or concerns raised by customers. Offer exceptional customer service to enhance satisfaction and build loyalty.
Transform your sales approach with best practices
Member-Centric Approach: Align product and service offerings with the specific needs and interests of the association's members, ensuring relevance and value.
Quality Assurance: Ensure the quality and accuracy of products and services, emphasizing professional standards and evidence-based content.
Continuous Innovation: Regularly assess market trends and member feedback to identify opportunities for new product/service development and enhancement.
Data-Driven Decision Making: Utilize data and analytics to monitor sales performance, identify customer preferences, and optimize pricing strategies and marketing campaigns.
Collaboration and Partnerships: Explore collaborations with industry partners or other healthcare organizations to expand product offerings, reach new audiences, and enhance credibility.
Examples and use cases
Online Educational Courses: Develop and offer online courses, webinars, or trainings on relevant nursing topics, providing continuing education opportunities for members.
Publications and Journals: Publish and sell industry-specific journals, magazines, or research publications, offering valuable insights and updates to members and the wider nursing community.
Advocacy Programs: Offering advocacy programs that advocate for the rights and interests of nurses at local, state, and national levels, helping members stay informed about policy issues and providing opportunities to get involved.
Media Programs: Nursing associations can provide media programs that offer members platforms to share their expertise through interviews, guest blogging, or podcast appearances, elevating their professional visibility and promoting the association's mission.
Merchandise and Apparel: Offering branded merchandise, such as apparel, accessories, or promotional items, that allows members to show their support for the association and promote their professional identity.
Event Registration & Ticketing
Event registrations and ticketing, such as conferences, workshops, webinars, and networking sessions, can serve as a significant revenue model for your nursing association.
This revenue stream not only provides financial support but also offers opportunities for knowledge sharing, networking, and professional development for members. Implementing effective marketing strategies, utilizing built and grown contact lists, and creating seamless event registration and ticketing can ensure successful events while maximizing revenue and member engagement.
Events can become costly very quickly, so start small and grow big! If your event is in-person, consider what you can do to make it more accessible for bedside nurses.
How to start charging for events
1. Event Planning:
Conduct market research on your topic of choice.
Analyze top resources, blogs, posts, and newsletters on the topic.
Define your unique value proposition.
Define the event objectives, target audience, and desired outcomes.
Determine the event format, theme, location, and duration.
Determine if the event will offer continuing education hours/credits.
Set a budget and allocate resources accordingly.
Develop a comprehensive event plan, including the agenda, speakers, and session topics.
2. Pricing and Ticketing Strategy:
Evaluate event costs and determine the desired profit margin.
Research market demand and competitor pricing for similar events - consider specialities, location, size, industries, etc.
Set the registration fees and ticket prices accordingly.
Consider offering early bird discounts, promotional codes, or group rates to incentivize registrations during peak periods.
3. Event Promotion:
Develop a marketing plan to promote the event. Decide which, if not all, marketing channels you will use.
Create compelling event messaging and materials including graphics of varying sizes for your website, social media, emails, and blogs.
Utilize various channels such as email marketing, social media, association website, and industry partnerships.
Implement targeted communications to reach your intended audience.
4. Registration Process:
Choose a user-friendly event registration platform or integrate registration functionality into your association's website.
Configure registration forms to collect necessary attendee information.
Enable secure payment processing options.
Provide clear instructions and guidance throughout the registration process.
5. Attendee Communication:
Send confirmation emails upon successful registration.
Provide event updates and reminders leading up to the event at regular cadences.
Share important event information, such as agenda, venue details, and session schedules.
Offer pre-event resources or materials to enhance attendee preparation.
6. On-site Logistics:
Coordinate with the event venue and service providers to ensure smooth logistics.
Set up attendee check-in and badge printing stations.
Manage session schedules and room assignments.
Address any on-site issues or concerns promptly.
7. Post-Event Follow-up:
Share post-event materials, such as session recordings or presentation slides, with attendees.
Gather feedback through surveys or evaluations.
Thank attendees for their participation and offer opportunities for continued engagement.
Analyze event data and performance to identify areas of improvement for future events.
Exceeding your pre-determined event goals
Start event planning well in advance to allow sufficient time for marketing, logistics, and attendee engagement.
Offer early bird discounts and other incentives to encourage early registrations.
Provide a user-friendly and intuitive registration process to minimize barriers and increase conversion rates.
Continuously communicate with registered attendees to keep them informed and engaged.
Seek feedback and analyze event performance to identify areas for improvement in future events.
Foster partnerships and collaborations with industry organizations to enhance event visibility and attract a diverse attendee base.
Advertising & Sponsorship
Sponsorship and advertising revenue can become a staple in the financial sustainability of nursing associations. By securing sponsorships and advertising partnerships, your association can generate additional revenue while offering valuable promotional opportunities to external organizations.
Unlocking valuable digital real estate for non-dues revenue
1. Sponsorship Package Development:
Identify the available sponsorship opportunities within your association, such as your website, events, publications, or digital platforms.
Define the benefits and exposure associated with each sponsorship opportunity.
Create comprehensive sponsorship packages with different tiers, clearly outlining the benefits and deliverables for each level.
Develop pricing structures based on the value provided to sponsors.
2. Prospect Identification and Outreach:
Research and identify potential sponsors aligned with the association's mission, values, and target audience.
Develop a targeted outreach strategy, including personalized communication to engage potential sponsors.
Showcase the association's value proposition and the benefits of sponsoring or advertising to attract interest.
3. Sponsorship Negotiation and Customization:
Engage in discussions with potential sponsors to understand their marketing goals and objectives.
Tailor sponsorship packages to meet the specific needs of each sponsor, considering their budget, target audience, and desired outcomes.
Collaborate with sponsors to develop customized sponsorship activations, such as branded experiences, speaking opportunities, or exclusive access.
4. Advertising Opportunities:
Identify advertising opportunities within the association's communication channels, such as newsletters, websites, events, or publications.
Develop advertising packages that offer various formats, sizes, and durations to cater to different advertiser preferences and budgets.
Clearly communicate the reach, demographics, and engagement metrics of the association's audience to attract advertisers.
5. Relationship Management:
Provide excellent customer service and support to sponsors and advertisers throughout their partnership.
Regularly communicate with sponsors to ensure their needs are met and expectations are exceeded.
Seek feedback from sponsors and advertisers to continually improve the partnership experience.
6. Data and Analytics:
Use analytics tools and tracking mechanisms to measure the reach, engagement, and conversion rates of sponsorships and advertising efforts.
Gather data on website visits, click-through rates, email open rates, or event attendance to provide meaningful metrics to sponsors and advertisers.
Analyze the data to gain insights into the effectiveness of sponsorships and advertising campaigns and make data-driven improvements.
Best practices for maximizing sponsorship and advertising dollars
Develop clear sponsorship packages with well-defined benefits and deliverables.
Tailor sponsorship opportunities to align with sponsors' marketing goals and objectives.
Cultivate strong relationships with sponsors and advertisers through excellent customer service.
Regularly evaluate and adjust sponsorship packages and advertising opportunities to meet market demands and trends.
Leverage data and analytics to measure the effectiveness and impact of sponsorships and advertising efforts.
Seek long-term partnerships with sponsors and advertisers to foster mutual growth and success.
Affiliate & Partnership Revenue Sharing
Affiliate and partnership revenue sharing is a valuable revenue model that nursing associations can implement to generate income through strategic collaborations.
This model involves forming partnerships with external organizations, such as healthcare companies, educational institutions, or professional service providers, and earning a percentage of revenue generated from referred sales or actions. By leveraging the association's credibility and reach, this revenue model allows associations to earn passive income while providing members with access to new benefits such as relevant products, services, discounts, or educational and career development opportunities.
Revenue-sharing to increase your bottom line
1. Partner Identification and Vetting:
Research and identify potential partners that offer products, services, or educational opportunities relevant to the association's members.
Evaluate potential partners based on their reputation, quality of offerings, and alignment with the association's mission and values. Inovle your Board of Directors or outside consultation as needed.
Engage in discussions with potential partners to establish mutual goals, understand their revenue sharing models, and negotiate terms.
2. Revenue Sharing Agreement:
Define the terms, commission structure, and performance metrics for revenue sharing in a formal agreement.
Clearly outline the responsibilities and obligations of both parties, including promotional activities, tracking mechanisms, and payment terms.
Seek legal advice if necessary to ensure compliance with relevant regulations and to protect the interests of the association.
3. Promotional Strategy:
Develop a comprehensive promotional plan to showcase partner offerings to your association members.
Utilize various communication channels, such as newsletters, website banners, social media, or dedicated email campaigns, to promote partner products, services, or educational opportunities.
Craft compelling and persuasive messaging that highlights the value and benefits of the partner offerings to your association members. Show that your organization is mission-aligned with your associations's policy agenda.
4. Tracking and Attribution:
Implement tracking mechanisms to accurately attribute revenue generated from member actions referred by the association.
Use unique referral links, promo codes, or tracking pixels to track member interactions and conversions.
Ensure seamless integration between the association's systems and partner tracking systems to capture accurate data.
5. Performance Monitoring and Reporting:
Regularly monitor partner performance, including sales, conversions, or actions referred by the association.
Generate reports that provide partners with transparent and detailed information on revenue generated through the partnership.
Analyze data to identify trends, optimize promotional strategies, and identify opportunities for revenue growth.
Making sure partnerships pay off
Choose partners that provide high-quality offerings and align with the association's values and member needs.
Promote partner offerings authentically and transparently, ensuring members understand the value and benefits of the products or services.
Regularly evaluate and update partner offerings to ensure relevance and member satisfaction.
Foster strong relationships with partners through open communication, regular updates, and collaborative efforts.
Monitor and analyze performance metrics to optimize promotional strategies, identify high-performing partners, and make data-driven decisions.
Examples and use cases:
Educational Institution Partnerships: Partner with accredited educational institutions to offer discounted or exclusive access to continuing education courses or certifications. Earn a percentage of the tuition fees paid by association members who enroll through the partnership.
Healthcare Product Affiliations: Form affiliations with healthcare product companies to promote and recommend their products to association members. Earn a commission on sales made by members who purchase products through the association's referral links.
Professional Service Referrals: Establish partnerships with professional service providers, such as insurance companies, legal firms, or financial advisors, and refer association members to their services. Receive a percentage of revenue generated from member sign-ups or transactions