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2014 - 2015 TRCC Revenue Strategy

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EPIC Toledo

on 11 January 2014

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Transcript of 2014 - 2015 TRCC Revenue Strategy

2014 Revenue Goal: $300,000
Average Dues: $500
Net number of additional members needed: 600
Each board member will receive the impact on their company’s dues based on the proposed strategy.
Our market research begins!
Hybrid Tiered Dues Structure
1. Stay put - preserve grandfathered status
2. Delay the pain - modified plan year (early/off-cycle renewals)
3. Explore new opportunities -
a. Private exchange
b. Small group self-funded options
4. Stay calm and carry on
Current ACA Strategy
Secure consensus today
Next Steps
The proposed revenue strategy:
Meets our objective of $300,000 in additional dues revenue
$180,000 in dues increases
$120,000 in dues upgrades
$80,000+ in new sales, including Board Referral Program
Supported by industry statistics
In Summary
Level I: $1,500 (100+ employees)
Level II: $3,000 (200+ employees)
Level III: $5,000 (500+ employees)
Level IV: $7,500 (750+ employees)
Level V: $10,000 (1,000+ employees)
Level VI: $15,000 (2,500+ employees)
Level VII: $25,000
1-4 employees $395
5-9 employees $450
10-19 employees $550
20-49 employees $750
50-99 employees $1,000
Proposed Dues Schedule
Current Dues Schedule
D. Increase Dues Revenue
Chamber Board Referral Program
C. Strengthen New Member Sales Efforts
Implement Member Action Plan (MAP)
Conduct industry analysis with strategically chosen members
Create new opportunities for engagement
Create outreach program with TASBA and Chamber Boards
B. Increase Member Engagement and
Retention Efforts
Less focus on events/networking and cost saving benefits
A. Re-define Our Value Proposition
A. Re-define Our Value Proposition
B. Increase Member Engagement and Enhance Retention Efforts
C. Revise New Member Sales Strategy
D. Increase Dues Revenue
2014-2015 Strategy
Presented to
Finance Committee
Executive Committee

TRCC Revenue Strategy
What does all this mean in terms of how we can increase dues revenue?
Current Membership Matrix Breakdown
ACCE Category 4: $2 million to $5 million in total revenue – 49 Chambers responded
Peer Group
business development services
energy savings
web/directory referrals
health insurance
committee involvement
sponsorship opportunities
education/workforce development
Current Services within the Matrix
Business Builders
Community Builders
Community Investors
Developed by Cathy Hight, Hight Performance Group
Get something for their Business
Get something done through the Chamber
Membership Profile Matrix
Business Investors
We looked at the following statistics to determine
the best way for us to increase dues revenue.
2. Increase dues of current members
1. Increase the number of members
Benchmarking: Market Share
1. Update Base Dues Schedule
Simplify the dues schedule by eliminating business categories
Calculate dues on employee size only
Minimal increase to minimum dues (1.5%)
Proposed Investment Schedule
What will the market bear?
Does it align with the perceived value of membership TODAY?
Board member company dues analysis
What is the value of a TRCC membership to you?
Present strategy to Chamber board in September
Potential impact - $180,000 in additional dues revenue
16 sales - $24,451
5 board facilitated sales - $5,626 (to date)
Potential – 95 companies/$80,000 in revenue
More focus on:
Business development tools
EPIC/Leadership Development
1. New Base Dues Schedule 1-99 employees
2. New Investor-Level Membership Schedule
Create a customized membership
Awareness campaign
Industry best practices
Consider third party contractual arrangement
Benchmarking: Dues
Begin working on the 2014 program of work and budget
In addition:
Benchmarking: Size
Benchmarking: Size of Members
How to Increase Dues Revenue
2. Increase dues of current members
1. Increase the number of members
Community Builders
Business Builders
1. Update Base Dues Schedule
Simplify the dues schedule by eliminating business categories
Calculate dues on employee size only
Minimal increase to minimum dues (1.5%)
Hybrid Tiered Dues Structure
Potential impact - $180,000 in additional dues revenue
Business Investors
Community Investors
2. Create Investment-Level Membership with Upgrade Opportunity
Potential impact - $120,000 in additional dues revenue
Create a strategy to increase dues revenue and decrease our dependence on our health insurance program as a dues and non-dues revenue generator.
Statement of Purpose
11 by staff - $18,825 (to date)
Buffalo, NY
North Myrtle Beach, SC
Dayton, OH
Fort Worth, TX
Richmond, VA
Spokane, WA
Green Bay, WI
Indianapolis, IN
Wichita, KS
Lexington, KY
Minneapolis, MN
San Francisco, CA
Min: 734 Med: 1,540 Max: 3,609
Min: 2,486 Med: 15,425 Max: 255,502
Impact of New Base Dues
Potential Impact of Investor Dues
Min: 60 Med: 219 Max: 594
Min: 61% Med: 83% Max: 99%
Min: $94 Med: $577 Max: 1,836
Min: $100 Med: $340 Max: $710
Current Membership Matrix Breakdown
Current Membership Matrix Breakdown
Benchmarking: Size
*2013 new survey data
Full transcript