First off, we want to extend our thoughts and prayers to all those that were affected and are still being affected by Hurricane Ian. We know the devastation will be felt for many days and years to come.
Two weeks ago we attended Non Dues-A-Palooza in Nashville, TN. The opening speaker, Russ Webb – Executive Director at the Bay Area Apartment Association, talked about how you must embrace and push innovation and change even when it’s not easy in order to be successful in our ever-evolving world. Russ became Executive Director of the Bay Area Apartment Association in November of 2019. Little did he know there was a hurricane brewing...only it’s name wasn’t Ian, it was Covid-19. Despite all the challenges Russ faced with Covid and the traditional challenges a new ED faces from members and boards like “we’ve already tried that,” Russ was able to do some pretty amazing things. To highlight a few, his membership is up 40%, his revenue is up more than 500K, and he has more leaders involved than ever. Russ proved that you can't be scared to push and try new things.
As he put it, some attempts will be unsuccessful, but some won’t. The only way to know is to try unconventional things and then study the data to determine your success stories.
In a graphic put out by the Bureau of Labor Statistics last month (below), we see just how much inflation is impacting different sectors of the market. The association industry is no different. We know that our members will be affected by inflation and recession, which directly affects the association itself. However, this presents an opportunity for associations. Just as Russ did when Covid hit, we can use the inflation to assist our members, but it can’t be just through traditional means. One thing that was a highlight of last week’s event was that data is a true gold mine for unconventional revenue generation, and associations are prime to be the data hub for its members. What questions should you have been asking your members yesterday to help them with their upcoming challenges? What questions should you be anticipating they will need data on over the next three years?
At Dynamic Benchmarking we have worked with our clients to benchmark inflation predictions, inventory and supply chain modeling, and of course the trending topic these days of measuring DEI. If you happened to miss the article ASAE released on Monday, “The Importance of DEI in Advocacy Efforts,” we encourage you to go back and read it.
So how will you avoid a storm at your association? Will the decisions you make today still be affecting you in the years and days to come? Get unconventional and get ahead of your members’ needs. Data is a good place to start.
If you would like to learn how benchmarking can help anticipate your members’ needs and bump your bottom line through non-dues revenue, schedule a quick 15 minute meeting with our team to discuss.
