Core Strategies Drives Association’s New Revenue Growth
Despite increasing competition, political turmoil in Washington, DC, and a slow growth economy Jeffrey D. Morgan, President and CEO, NIRI www.niri.org (National Institute of Investor Relations) reports impressive membership and revenue growth. He points to a “strong Board partnership, measureable member data, core strategies and strong execution” as essential ingredients to his Associations growth.
Listen, Learn and Deliver
Working through two strategic plans in five years, NIRI identified where the Investor Relations profession was heading and, determined what his Association needed to do in order to adapt and provide core value to their members. Collaborating with his Board, members and staff, Morgan utilized the planning process to 1) Develop actionable data defining the membership’s business needs (pain points), and 2) Developed core strategies with NIRI’s members with high impact products to satisfy member business needs.
Game Changing Value for Members
Companies, stay or leave membership based on the obvious connections between their needs and an Association’s products and services. In NIRI’s case, member data and establishing core strategies identified business needs which paved the way for new products. According to Morgan “these became a game changer for NIRI.”
Uniqueness to Enhance Competitive Position
As competition for Association dues increase, retention and core member value are critical to satisfaction and revenue growth. NIRI seized upon one new approach to reinforce its uniqueness to members and prospects.
Core Strategies Drives Association’s New Revenue Growth
Morgan’s strong 17% non U.S. membership growth performance (over three years) confirms the rule of thumb for Associations. The fewer connections to member’s “pain point” issues, the weaker the retention and member revenue growth performance. Morgan and NIRI gathered data, addressed member needs and achieved strong retention and growth performance.
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