Nearly two out of three association executives expect declining revenues in the coming months, according to the ASAE and The Center for Association Leadership's Associations and the Economy survey. About 64 percent said they expect revenue declines in the coming fiscal year, while only 11 percent expect a revenue increase.
Execs had an equally gloomy outlook on meeting revenues. Roughly 63 percent of executives at individual membership associations expect revenues from conventions, tradeshows and meetings to drop. At trade associations, 70 percent expect a decline in revenue. Over 60 percent of executives from both association areas expect to also see a decline in event sponsorships.
This is obviously an unfortunate picture for association events, especially seeing as how over the past 12 months, a greater number of executives (42 percent) said they generated more revenue from meetings than they had the previous year than those who said they generated less revenue (24 percent).
How will associations make up for a decline in revenue? Reducing staff travel was the top cost-cutting strategy, according to the survey, followed by reducing the use of outside vendors and consultants and renegotiate meeting contracts.
If you're an association planner looking to cut costs, whether in the face of lower revenues or not, make sure to check out some of my past tips for keeping your meeting attendance up, efficiently managing contact with your members, encouraging membership renewal, and making it easy to accept donations. We also list the 5 powerful tools for your next association event.
Execs had an equally gloomy outlook on meeting revenues. Roughly 63 percent of executives at individual membership associations expect revenues from conventions, tradeshows and meetings to drop. At trade associations, 70 percent expect a decline in revenue. Over 60 percent of executives from both association areas expect to also see a decline in event sponsorships.
This is obviously an unfortunate picture for association events, especially seeing as how over the past 12 months, a greater number of executives (42 percent) said they generated more revenue from meetings than they had the previous year than those who said they generated less revenue (24 percent).
How will associations make up for a decline in revenue? Reducing staff travel was the top cost-cutting strategy, according to the survey, followed by reducing the use of outside vendors and consultants and renegotiate meeting contracts.
If you're an association planner looking to cut costs, whether in the face of lower revenues or not, make sure to check out some of my past tips for keeping your meeting attendance up, efficiently managing contact with your members, encouraging membership renewal, and making it easy to accept donations. We also list the 5 powerful tools for your next association event.
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