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As events and meetings have gone virtual, event sponsors have had to change their approach to getting the most out of their sponsorship dollars. Adapting to virtual events has been a boon for sponsors who have brought innovative ideas to the new platform, proving that just because we can’t be face-to-face, doesn’t mean sponsors can’t see excellent ROI on their investments.
As is the case with in-person events, sponsors who lean into the event with energy and innovation will have far more success than those who remain flat-footed. Besides, it’s more fun to be part of the action, so why sit on the sidelines and hope for the best?
Here are five ideas to differentiate your business, fill your sales funnel, and get more out of your investment in virtual event sponsorships!
Event Promotion on Social Media
If you’re sponsoring a virtual event, let the world know about it! Write a blog post about the event and its importance to the industry and share it on social media. Create event-specific profile pictures for your social accounts in the weeks leading up to the event to let your audience know you’re sponsoring and attending. Your event promoters will love the help spreading the word about the event and will happily share your content with their own social media audience. It’s a win-win for sponsors and promoters alike.
There’s an awful lot happening in the greater environment that impacts associations. Here are three issues association leaders will want to be aware of:
Several weeks ago, President Trump signed an Executive Order issuing a temporary payroll tax deferral for the employee portion of Social Security taxes from September 1 through December 31, 2020. The order applies to "any employee the amount of whose wages or compensation, as applicable, payable during any bi-weekly pay period generally is less than $4,000, calculated on a pre-tax basis, or the equivalent amount concerning other pay periods." The EO has created many questions for employers. How does one define an "eligible employee"? Is eligibility affected by employees holding more than one job, employees changing jobs, the employer opening or closing during the period, etc.? How are wages or compensation defined - inclusive of bonuses, vacation payouts, overtime etc.? While Treasury Secretary Mnuchin has said the order is voluntary, voluntary for whom - the employee or the employer? The US Chamber has stated that, in the absence of further guidance, it's unlikely employers will implement this order...
In the past few months, COVID-19 has provided association executives a master class in agility. In the coming months, those newly honed skills will be tested as Michigan's children don't head back to school and, instead, settle in at home for remote learning. Remote learning presents real challenges for parents, and associations that employ parents. Here are some things to consider when developing a plan to support employees who have children attending school remotely:
People come first. Employees are more stressed than ever. They are worried about their children's education, employment status, and sanity. Association leaders should identify the collective impact this will have their staff teams and open a dialogue about potential solutions and supports. While many ideas are starting to percolate, co-creation of solutions with employees will improve efficacy and better leverage resources.
Management consultant Peter Drucker posed the question 40+ years ago and it is more important now than ever. What does the customer (or member) value? As association leaders wrestle with budgeting for the next year in an economy that rivals that of the Great Depression, this is the critical question. Association resources - human, capital, physical, everything - must be aligned in response to the answer.
What products and services will members need to weather this storm? Key questions include:
What should the association continue to provide?What should the association double down on?
What should the association stop doing?
What should the association start doing?
As associations move past the early response phases to COVID-19 and plan for an uncertain future, there is a lot of conversation around how to analyze business lines and develop business models. While there are many different approaches to doing so, the Business Model Canvas is a deceptively simple tool that captures a business model's building blocks in a useful, one-page snapshot
The BMC is a visual organizer that focuses on the essential aspects of a business model and allows the user to appreciate the relationships among those aspects. The Value Proposition is central to a strong business model, and it is oriented as such in the tool. Also inherent in the tool's design are both sides of the balance sheet. On the right side of the BMC, are those aspects of the business model that relate to revenue generation: Customer Segments, Customer Relationships, Channels, and Revenue Streams. On the left side of the BMC are the aspects that have costs associated with them: Key Resources, Key Activities, Key Partnerships, and Cost Structures.