Preparing for a recession as an association is like purchasing life insurance: no one wants to think about the inevitable, but being poorly prepared doesn’t mean you are immune. The best time to prepare for a recession is before it hits.
5 Ways to Recession Proof Associations
The idea of economic uncertainty is not a fun one to dwell on, but staying calm and being creative are just one of many strategies for your association.
- Create a Strategic Plan: Strategic planning is critically important to the success of an association. Your strategic plan should include technology to support your associations engagement, retention, and revenue goals.
- Streamline Your Processes: Your team needs to be efficient, especially during uncertainty. Using a CRM will allow your association to be able to automate email communication, reports and renewals. By automating manual tasks you are able to spend more time connecting with members, which will eventually lead to increased retention.
- Offer Continuous Value: Members need to see that their money is actually getting them something of value. The 2019 Digital Evolution Study showed the value that members place on associations that have up-to-date and progessive technology. Providing valuable online content and learning opportunities are some ways to offer value to your members.
- Don’t Cut Marketing: Although it is natural to want to make as many cuts to spending as possible, however cutting the marketing budget is a costly mistake.
- Use Social Media to Your Advantage: A solid social media strategy will help your members to see how you are dealing with uncertainty. For example, Instagram, with 1 billion active users, can drive up your ROI.
Use a recession to show your members what really matters.
If you still need help, your association should consider outsourcing to an inbound marketing agency. An agency, like Tangible Words, can do the following:
- Content Creation: Content is key - an inbound marketing agency can create blogs, emails and other online content to drive customers towards your association and help them stay there.
- Hubspot Expertise: An inbound marketing software (like HubSpot) gives you the opportunity to set up a CRM (customer-relationship management). A CRM allows all team members to have access to the same information, which ensures that everyone is on the same page. It is an approach that helps you to manage your interactions with current and potential customers.
- Social Media Strategies: If the thought of coming up with daily (or weekly) social media posts leaves you scrambling for inspirational quotes, an agency can take that over for you. All you have to do is watch your members engage with the content!