Many of the larger for-profit companies have a new product pipeline. The practice of managing a product pipeline is one of the key reasons they excel on both financial and engagment metrics.
9 reasons why associations should have a new product pipeline
1. One of your new offerings will grow to take the place of the revenue lost from an existing product that is trending down. Portfolio diversity helps keep revenues steady over time.
2. In adopting this practice you made the time, resources and knowledge available in your organization to innovate. The decision to innovate has been made, a plan has been drafted and a process established. It’s easier to keep the momentum going verses full stops and painful starts.
3. Each new product launch provides you with new news. You generate another reason to connect with your members whether to gather insights or market the product.
4. When you know you have to feed the “innovation monster” you are always on the look out for good ideas. What member problems can you solve? What industry trends are coming and how can we leverage them?
5. New product development offers a creative outlet for your staff.
6. Bigger innovations are easier because you can adapt the process and methods you used for smaller past projects.
7. Members start to look forward to your new product launches. Your association covers the range of their needs. They have favorite offerings that help them with their jobs. When they have a problem they turn to your association first.
8. Some of your new products may offer opportunities for sponsorship. Not only can this deliver more revenue but it helps connect the association to the larger community.
9. When you wait to innovate it may be too late. If the business is on the downturn there may not be the resources or the member interest to have a successful launch. When you have a new product pipeline and innovation is ongoing you have a greater opportunity to launch ahead of the curve.
Developing a new product pipeline offers you more opportunities to meet your members needs, involve sponsors, engage staff and stay relevant.