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Report: Association Business Models Need Retooling
- A report by McKinley Advisors suggests associations need to re-evaluate their business models with a holistic approach.
- The report recommends considering five elements: value, revenue, community, reach, and operations.
- Leaders are advised to move beyond small adjustments and focus on broader changes for audience and revenue growth.
- The report emphasizes the importance of fostering buy-in for any business-model changes.
- Association staff, volunteers, and stakeholders may require a cultural adjustment to adapt to new business models.
- Examples in the report include the Association for Supply Chain Management, which shifted from individual certification to serving the supply-chain community.
- ASCM transformed its business model by becoming more data-driven and customer-focused.
- The report highlights the need for top-down leadership and staff support for successful business transformations.
- Leaders are encouraged to communicate openly, create excitement, and share the vision for change.
- The report acknowledges challenges in breaking through cultural barriers and misaligned structures within associations.
- Staff involvement and cross-functional collaboration are crucial for effective business model transformations.
- Transparent communication and keeping stakeholders informed at key stages of change process are essential.
- The report stresses the need for associations to adapt to new economic, social, and generational trends.
- Leaders need to think beyond specific products or services and focus on overall revenue strategies.
- Making incremental changes may not be effective given the evolving business landscape.
- Innovative approaches and a revenue-centered mindset are necessary for association sustainability and growth.
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