Is your association publication worth the investment?

“Why does our magazine cost so much?”

This is a question frequently posed by the CEOs and boards of associations as they look to cut costs and improve member services.

Associations usually recognise that their member publications are among the most tangible and frequent benefits of membership. However, when budgets are tight, the chief decision-makers can question how much value is created by spending tens of thousands of dollars on printing, graphic design and mailing.

Here’s a typical cost/benefit analysis for association publications.

Costs
Usual costs for printed publications include:

• overheads (phones, computers etc)
• editorial (writers)
• images (photography, stock images)
• graphic design
• printing (including paper cost)
• mail house processing
• Australia Post

These vary according to size, weight and frequency.

Usual costs for electronic newsletters include:

• overheads (phones, computers etc)
• editorial (writers)
• images (photography, stock images)
• HTML design/build
• testing
• mail software

Benefits

Advertising/sponsorship revenue
An often under-used revenue stream for associations, publications can be attractive for advertisers and sponsors. This revenue can help to cover production costs and, in some cases, even make a profit.

Advertising is an easily measured form of revenue that can be directly attributed to the publications.

Subscriptions
Paid subscriptions to association publications can also be an additional revenue stream, and can be weighed directly against production costs.

Some other benefits are harder to measure in dollar figures but can be directly attributed to the publications.

Member retention
Association publications generate revenue by being a critical member retention tool. They keep members informed of the latest news, engage them in association issues and encourage them to feel a part of a like-minded community. All compelling reasons for members to pay their renewal fees each year.

The best way to measure the impact of publications on membership renewals is through member surveys. For example, the Real Estate Journal ranks as the number one service for members of the Real Estate Institute of New South Wales, with 90% rating the Journal as excellent or good, according to the latest member survey in September 2009.

New members
Association publications also attract new members. For example, magazines are easy for members to pass around the office and electronic newsletters can easily be forwarded. If the publications contain effective marketing material about the benefits of membership, they can encourage new members to sign up – as well as being attractive benefits of membership in their own right.

Revenue from other products and services
Effective association publications help to generate revenue for the association’s other products and services, such as events and professional indemnity insurance, through regular promotion to members.

Weighing the benefits of association publications against their costs demonstrates a strong business case for your magazine or electronic newsletter.