Having a solid stream of revenue is great, but that doesn’t mean it’s always going to stay constant. Just like any fluid source of income, there are going to be highs and lows.
But if you’ve been experiencing more revenue drought than usual lately, it could have something to do with your affinity programs. Yes, even the most trusted and efficient affinity program can dry up over time, so your association needs to pay attention.
If your association has been enjoying the steady income stream that an affinity program promises, you may not be prepared when that affinity programs needs maintenance and auditing. That’s why we’d like to show you a few easy tips you can use to jumpstart affinity programs that need a little bit of refreshing when the time comes.
Let’s talk about how your association can keep its revenue stream as strong as ever. Keep reading for fresh tips and ideas to keep non dues revenue flowing to your organization.
1. Meet with affinity partners
When most affinity programs aren’t performing at their best, it usually has to do with communication. Not being on the same page as your affinity partner can really set both of you back and cost more money than its worth.
Instead of viewing your affinity partner as a means to an end, you should be focused on creating a genuine connection with them. You should not only be discussing how you can allocate more revenue from working on them, but also what their needs are and what they’re looking to get out of having your membership as an asset.
Bridging communication gaps with affinity partners could help you bring more value and life back into your program. Take the time out of your day to get in contact with affinity partners and see if they’d be interested in setting up time to analyze the program and take further steps to nurture it together.
2. Audit contract value
Are your members not as easily enticed by your affinity program as they once were? It could have to do with a decrease in contract value.
Affinity programs aren’t just financially smart for your association or the third party company it works with, they also work to save your members money. By providing discounts and contracts that members can use to cut costs on things they actually use, you’re giving them a huge reason to get on board with your affinity program. But if you aren’t changing up the impact and value of these contracts over time, they can lose their appeal to members.
Taking the time to audit the contracts your affinity program provides you with insight not only on where your contracts are lacking, but what members are really looking for out of your programs. This way, you can work harder on tailoring your affinity program to fit changing member needs.
Auditing contracts on your own will allow you to have a hands on approach to the way you handle your affinity programs.
3. Look to member retention for signs
If members are enjoying what you’re providing them, chances are they aren’t going to get up and leave that easy. So, if you’re noticing a drop off in retention lately, this can show you a lot about your affinity program offers and when to switch them up.
Keeping a regular eye on how member retention rates are doing will be a big clue as to whether or not your affinity programs need touching up. While a decrease in non-dues revenue is a huge red flag, you may want another sign that it’s your affinity programs that are struggling. After all, your association probably has its hands in a lot of revenue stream “jars”.
This can be said for a lot of different aspects of membership, not just retention. Focus on how members engage with your affinity programs. Do they utilize all of the discounts your contract provides? Do they share the news with others? The more excited they are to be apart of something bigger, the more you can tell about your program’s worth and value.
4. Don’t be afraid to rebuild
If you’ve noticed that an affinity program you’ve set up doesn’t seem to have a chance to bounce back and increase revenue, don’t be afraid to build things from the bottom up.
Sometimes, things need to be torn down so they can be rebuilt into something better that brings in more revenue for your association. It’s important to account for your losses and change things that need to be changed in order to create better opportunities for members and bring back more revenue for your association.
Take losses with ease and rebuild the foundation for great revenue sources from there.
Refreshing and analyzing affinity programs can give you the inside scoop on how your non dues revenue streams are performing to bring more into your association.