Companies, corporations, and associations are always looking for new ways to generate revenue. While some companies rely on certain fees or dues to accomplish this goal, there are many other ways to acquire what is known as non-dues revenue. Non-dues revenue comes in the form of memberships, sponsorships, advertising fees, donations, and just about anything else that’s not related to some sort of dues. One of the most popular methods of generating income like this is to use online courses and certifications or an LMS system to improve non-dues revenue.
What is Non-dues Revenue?
Over time, many companies rely on several revenue streams (or diversified revenue) to keep going. Non-dues revenue is part of that process. If you aren’t familiar with the term, “non-dues revenue” refers to revenue generated by anything not associated with membership fees (or dues). Boosting non-dues revenue is beneficial to any company, whether it’s filling in financial gaps from reduced membership fees or merely generating additional revenue to help the company. Everything from sponsorships and advertising sales to special events can help a company obtain extra income in this manner. Ultimately, non-dues revenue helps broaden an organization’s reach, find new partners, and helps them to become more financially stable long-term. But finding additional revenue sources isn’t always simple or easy, leading to a need for associations to branch out a bit. Today, we’ll discuss non-dues revenue and how to use your LMS to improve it at your association.
Why is Non-Dues Revenue Important for Associations?
Non-dues revenue is an important part of an association’s financial help. It helps increase an organization’s stability and helps them grow. It’s also a great way to diversify revenue streams. In a world where memberships for certain services are decreasing and associations become more reliant on outside revenue sources, non-dues revenue can be a critical part of protecting their bottom line. Membership dues and fees aren’t as reliable as other types of income, not to mention attracting new customers/members isn’t always straightforward. That’s why it’s so important to branch out. Non-dues revenue is key to engaging with your members even more. If you offer more options other than membership, you’ll also attract potential members. This can make up for lapsed members or even entice new members to join your program or service. Ultimately, non-dues revenue streams remove some of the burden placed on dues alone by reducing how much money goes out in expenses each year while increasing profits at the same time.
Leveraging Your LMS
You might offer special coupons or discounts. Special offers can entice people to try a service out and eventually pay for it. You could also explore a member tier and a non-member tier so that you can generate non-dues revenue through memberships. Along with that idea, offering learning subscriptions separate from membership fees or special one-time courses can help you generate a little bit more revenue. Some LMS providers also offer companies specific packages that let them tailor content to specific teams.
Offer Live or Online Events
When it comes to boosting non-dues revenue, you can sometimes make quite a bit of money by offering live or online events and fundraising. In the case of learning, these can be webinars or specialized in-person training courses that you can sell to prospective LMS clients. Social learning and community are significant parts of working in an association.
Leveraging your association’s networking opportunities allows you to host live learning events or conferences. Using an LMS to set up an event, provide registration, and set up merchandise pre-orders can keep preparation costs considerably low. Better yet, by incorporating it into your LMS, you can create special online content relevant to the event that attendees can receive as part of their attendance.
Take Advantage of Gamification
Another unique way of introducing non-des revenue into your organization is using gamification. You’ve probably heard of the concept a few times by now: integrating video game-like functions and ideas into a work role. So how can it help you make money with your LMS? By structuring some of your additional content around gamification. Members who pay for something are more likely to engage with it. That means they’ll prioritize that content, but you must give them something worthwhile. Offering leaderboards, interactive game-like content, badging, and awards or experience point systems can help you generate additional income by selling an enhanced learning experience to customers. Using an LMS to boost non-dues revenue for associations can be extremely valuable, and hopefully, this has given you some ideas to get the ball rolling.