CS-Effect hosted a focus group with six association leaders to discuss the impact of COVID-19 on their association events and sponsorships and to share critical learnings as a result. Here are a few of the insights gained.
Virtual meetings may entice those members who did not attend conferences in the past to now participate. “We never had a virtual meeting before; we will never not have a virtual meeting in the future.”
A virtual platform and a non-person experience does not get the lead generation sponsors are looking for, so there is a need to find other ways to meet sponsor needs.
Rethink sponsorship packages. Some participants included sponsorship commercials between sessions. A few gave their sponsors the option to cancel their sponsorship or roll the dollars into the next year. One association decided to return all money to sponsors and participants.
Consider maintaining sponsorship levels but pivot on the benefits and what is offered to sponsors, including recorded videos that were then presented to all attendees.
Create new programs to replace the in-person event including a virtual career fair that people could peruse to search for employment opportunities.
Many are looking at how to move away from transactional sponsorships to annual sponsorships. They are interested in learning more about sponsored content and other ways to build value for sponsors.
A full day event with presentations is too much; It is much better to have a half day meeting and make the content available afterwards.
Don’t always put the top leadership as the first speaker if they are not engaging.
Association budgets should be re-forecasted for revenues based on virtual meeting realities and expenses based on hybrid virtual/in-person costs. Expenses will exceed revenues; need new non-dues revenues to fill money gap.
Need to identify new ways for sponsors to engage with members and secure the leads that they did during in-person events.
Authentic relationships must be cultivated at the highest leadership levels.
The annual meeting is no longer a driver of revenue due to virtual meeting pricing; work with sponsors to create a new, sustainable reason to engage with big ROI.