The most common myth about associations is their financial solvency is reliant on annual dues. The reality is membership payments comprise about 45% of trade associations’ revenues and 30% of professional associations’ finances.
While those numbers are nothing to scoff at, there is a lot of money left on the table for nimble organizations adept at identifying trends and acting on those findings.
COVID-19 will continue to be the biggest economic influencer for the foreseeable future. It’s already known most meetings and conferences—powerful revenue generators—scheduled for early 2021 will go virtual or have been delayed until mid-year, in hopes a potential vaccine will be available and more association members will be willing to travel.
That’s a long time to wait for organizations in need of keeping members engaged and who are contracted to put sponsors in front of dedicated audiences.
Enter podcasts to the rescue. Hourlong chats with experts in the field are a perfect substitute to education sessions typically saved for in-person events. In many ways, podcasts are a better solution as they can and should be scheduled out on a recurring basis. On-demand availability allows each episode to live in on as long as the topic remains relevant (potentially years).
By selecting a set day and time for each episode, you are giving association members something to circle on their calendars. Associations are fortunate in that they have a built-in base for listeners who should be interested in the topics.
Having a good turnout and high engagement is all well and good on its own, but the true ROI comes back to the uncertainty associations face in collecting revenue in today’s climate.
Even when meetings return in person, there will be a virtual component to offset coronavirus concerns. That means fewer people will be attending in person, which is not ideal for trade show booth operators and sponsors of general sessions.
Sponsors are looking for one primary goal: Reaching a captive audience that is predisposed to using their product or, in the case of a destination management organization, visiting a city or region.
Organizations would be wise to consider pitching exhibitors on the idea of moving at least some of their dollars to the podcast, which opens up new platforms for advertisement like:
- A short interview before the podcast host talks to the main guest.
- Logos on graphics promoting the podcast, further getting the brand’s name out via email blasts, newsletters and social media posts.
- Coordination with an association’s editorial department on post-podcast content that’s able to direct traffic back to the sponsor’s website or offering. Such content marketing includes podcast replays, email recaps, blogs based off the episode and individual social media posts linking back to the sponsored podcasts.
This partnership is a win-win, as it allows the exhibitors to build a customer base and helps fund podcasts, which are among the most versatile content associations can produce to engage mentors.
Rather than sign a sponsor for one podcast, it’s advisable in the spirit of partnership to select an alternate model. Perhaps the exhibitor could participate in three consecutive podcasts or sign on for every other episode. This helps maintain the financial ROI of the podcast and has the potential to create interest from other exhibitors to also anchor the podcast.
All of a sudden, your on-demand content is in-demand.
