The following is a guest post from Tom Morrison, an association CEO, professional speaker and recipient of The Florida Society of Association Executives’ Association Executive Member of the Year Award for 2012. He is passionate about helping associations achieve true transformation for the future and build a REVOLUTION!
These new learning styles are incredible opportunities for your association to create new income streams.
Many associations have printed content, some in book format, a lot in electronic format just lying around. They have videos sitting in a closet. They have PowerPoints that have been used in prior general sessions. They are hosting conferences with no video camera in the room capturing what could be an incredible income stream for their association.
All of the above are pieces to a new revenue model called, “Repurpose, Repackage, Reuse,” to selling knowledge to your members.
Let me give you an example of how this looks in the real world. Our association had a five module course that included a thick 3-ring bound Instructor’s Guide, five student handbooks and written tests. The thick Instructor Guide was OVERHEADS! Yes overheads.
This program sat dormant for 2 years with none sold. Then, one day the light clicked on. We began to ask the famous… “What if we….?” The “what if we” was, what if we converted the overheads to PowerPoint? What if we partnered with one of our industry professionals to create 2 hours of video for each module to take the teaching out of the member’s hand? What if we also gave an option for members to take the course online and call it the Qualified Furnace Operator Program?
One thing led to another and within a few weeks, we had everything we asked for: A totally repackaged product that started selling like crazy in both print and online. The print version sold for $1,200 while the online version sold for $1,000. Within just a couple of weeks, we sold $20,000 of the printed version with many others taking the course online through our subscription program.
The key to the whole innovation was inventorying our content and then starting to ask… “What if we….?”
The next bit of innovation was purchasing a $300 HD camera and a tri-pod. We began to take it with us to all of our regional conferences and videotaped our sessions with the approval of our speakers in our agreements. Most speakers were industry professionals and wanted the exposure. We then began to build our online content, one live meeting at a time. Now we have over 200 hours of content and over 350 courses being taken each month. This has lead to an annual income stream of over $100,000 in just seven years.
And that content makes us money for as long as we can deliver it effectively.
“Small firms” like Boeing, Eaton Corporation and FedEx are all clients to our online learning center. We finally found the golden nugget that pulled the big companies into our membership space.
By repurposing, repackaging and reusing content, it has enhanced our member engagement and increased our revenue per member from $1,500 in 2006 to $2,200 in 2013. With our size membership, that was another $180,000 a year. That is 100 new members we did not have to recruit! That was huge!
Remember this… it is more cost effective to convince your current members to spend their money on meaningful programs than it is to recruit new members.
In closing, I would encourage anyone reading this post to do the following:
1) Inventory your current content or print, electronic, Power Point presentations and videos
2) Inventory your meetings of all types and determine which you could record
3) Seek out industry professionals who could put video to your printed content and PowerPoints
4) Brainstorm an industry certificate program that members receive when they complete “x” number of training hours
5) Most importantly… get your team together with all this information and then start asking the question: “What if we…(insert idea)?”
Education and training, done right, can be like printing money for any association.
Join me and Digitec Interactive President and Creative Director, Jack McGrath, for 6 Steps to Printing Money at Your Association with eLearning, a free Webinar October 15, 2013 2:00-3:00 PM EST. Start your printing press today.
Since joining Metal Treating Institute in 2005 as executive vice president, Tom Morrison, now CEO, has been instrumental in helping MTI drive its member value proposition and technology use to grow net worth from $85,000 to over $850,000. Tom has helped MTI leverage technology in the areas of communication, training, community, and benchmarking to minimize costs while expanding services and outreach. A finance graduate of Florida State University, he is active in both the Florida Society of Association Executives, where he was named Association Executive of the Year in 2012, and the American Society of Association Executives. He and his wife live in Jacksonville, Fla. They have three children.
Spirit animal: Jaguar
Diet-breaker: Chips and bean dip
Comfort object: iPhone
Personal vice: Electronically staying connected to my friends
Useless talent: Eating chips and bean dip while staying connected to my friends on my iPhone.
Unreasonable paranoia: Snakes!
Wishes more people cared about: Their marriages