Finding New Revenue Streams

Virtual Discussion from April 23,2020 - This session focused on how to provide timely and relevant services to your members, with featured speakers from the Oncology Nursing Society and Feathr.

Full description:
Many associations are being forced to re-write parts of their “playbook” to adapt to changes in the market, and that’s not necessarily a bad thing.

Now is the time to identify which revenue streams are profitable and which ones are not. It’s also a time to look at your data to uncover opportunities – to assist members, provide resources, or determine what new revenue opportunities might exist if you shifted your product and service offerings.

This session will focus on how to provide timely and relevant services to your members, with featured speakers from the Oncology Nursing Society and Feathr.

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Transcript:
"...
5:15
today with a lot of great content so
we're going to kick it off with real quick building blocks and then Jenny
will dive into specific examples that you could be doing right now to discover new revenue sources so that'll be really
awesome then we're going to move on to a discussion with Ryan ons on how they are
pushing forward with new products and revenue sources and then kick it over to Aiden to dive into how you can use
digital sponsorship to drive revenue as well so all about revenue today
oftentimes people are looking to diversify but now more than ever people
are taking the jump and the leap and really the opportunity to do so...
I'll tell you it's data right data is everything when it
comes to Netflix and how they kind of operate and recommend new things for you
to watch and so that's what we're gonna be talking about is data and how you can leverage that to
create new opportunities for your association so here we have common challenges and the one that we've been
seeing come up the most and the most recent challenge is the lack of real-time data to make decisions because
the environment shifting and changing so frequently that we want to have real-time data to make and pivot on
those decisions some of the other key ones to note are recognizing the impact
of major changes you know we're looking at launching new revenue sources or really shifting the way that we're using
our internal resources until we need to be able to measure the impact of those major changes what programs are
profitable I mean do you know that across-the-board what programs are profitable so you know what to sunset
and then what to reinvest in that's a key point we're going to be talking about today is reinvesting and then lots
of manual reports happening right now lots of manual reports and probably different numbers flying around and
really kind of a lack of the source of truth are the one source of truth having
all your data in one place so any of these challenges sound familiar to anybody and we usually get a lot of
people shaking their heads I can't see you guys but could throw it out there in the chat if one of these is more
relevant to you than another so the building blocks I'm getting started so
the great news is you have what you need right and so you have hopefully a clear
United objective and you have a strategy to get there and then you have the right
data so a lot of times I think it's a misconception that people think you know my data's not in great shape I don't
have the right data now that's usually not true you can usually drive insights
out of something that you have and get some sort of indicator on where you need to go however your data universe
might look something like this kind of scattered throughout and you want to get it to be a 360 view right and you could
do that with an analytics tool so your ecosystem might look something like this
you might have a couple of these you might have additional ones that aren't listed here but these ones are very
common that you have source systems like an AMS perhaps a different event registration software certainly sub web
analytics social marketing automation and LMS and you really want to get all
of this working together to retain acquire engage measure results and grow event attendance and really be able to
get the 360 view of your members and non-members
something really key here is
all of these source systems here typically have really great reporting and what people sometimes struggle
struggle with is getting analytics out of these systems because they're not necessarily built and structured to do
so and sometimes people confuse what is reporting and what is analytics I'm going to turn it over to Ginni to explain the differences and then dive into some examples of what you can be
doing right now to identify potential sources of revenue Jenny you know many of the systems in your tech stack and your data ecosystem are going to be transactional
systems that are enabling you to create some really wonderful reports but the
challenges that oftentimes were for analytics we want to be able to see historic data
11:32
..."

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