Some Statistics:
Overcoming revenue challenges in associations through strategic digital marketing.
Associations today face a dual challenge: declining memberships and the need to diversify revenue streams. A strategic marketing budget is critical in addressing these challenges. However, many associations underinvest in marketing, often allocating just 1% of their budget compared to the industry standard of 10-15%. This lack of investment hampers opportunities for growth in memberships and nondues revenues.
Strategic budgeting for success according to Deloitte, marketing budgets rose to 13.6% of total company budgets in 2023, highlighting the importance of strategic marketing investment. HubSpot notes a shift from traditional advertising to digital platforms like Facebook and TikTok, emphasizing the need to align budget allocation with industry benchmarks and emerging trends.
Lessons from Kabloom’s Case Study Kabloom’s $16,000 campaign, which generated $1.8 million in revenue and record attendance for a medical association, illustrates the power of strategic marketing. Key elements included precise audience segmentation, optimized channel selection, and data-driven budget allocation.
How can you succeed in digital marketing?
5 Steps for Associations to Succeed in Digital Marketing
- Invest Strategically: Allocate marketing budgets in line with industry benchmarks to fuel growth in memberships and revenue.
- Understand Your Audience: Use data analytics for refined segmentation and tailored messaging to enhance engagement.
- Optimize Channel Selection: Focus on digital platforms like social media, SEO, and PPC to reach and engage your target audience effectively.
- Leverage Data: Continuously optimize campaigns with real-time insights to improve performance
- Develop a Comprehensive Strategy: Align marketing goals with organizational objectives to ensure sustainable growth.
