Is your association interested in engaging new audiences to increase revenue? Sometimes, repurposing and retargeting existing services is the most effective solution to reach new markets.
We worked with the Casualty Actuarial Society (CAS) to assess their opportunities to diversify revenue and participation by targeting professionals outside of the actuarial field. Learn more about a four-step approach that you can repurpose in your own exploration of new markets.
Step 1: Research Related Markets
Before moving into new markets, conduct research. The goal of this research is to broaden your understanding of professionals who might find relevance in your association’s existing offerings.
When working with CAS, McKinley’s research team conducted a field assessment to measure the current state of the actuarial profession and evaluate over 30 professions in related markets. We focused on specific characteristics of each profession as shown below.
Step 2: Narrow Your Reach
Next, further narrow the field. In step one, you completed your initial, broad research of professions in related markets. Now, your association can narrow the field to a select group of prospective audiences that seem to offer the greatest market potential. Once McKinley and CAS reviewed the assessment findings, we were able to narrow down the list of related markets to four relevant professions for further analysis.
Step 3: Identify Market Gaps
Consider the competitive arena. Secondary research should include an assessment of competing associations and the relevant services they provide to professionals within those markets. By taking a closer look at the resources offered by competitors, your association will gain a sense of how its offerings compare. Additionally, you will gain insight into unfulfilled market needs. In the case of CAS, we discovered several opportunities to fill gaps left by competitors.
As part of this research and analysis phase, McKinley and CAS:
- Further analyzed CAS’ own offerings.
- Considered the relevance of CAS’ offerings for each specific profession.
- Determined where CAS provided unique value.
Drawing from this final analysis, we determined that three out of the four researched professions held the greatest potential for CAS.
Step 4: Adapt Your Services
Save time and resources by adapting and making the most of your current offerings. After narrowing down your new audiences, identify existing offerings that could be efficiently adapted to serve these new markets.
McKinley’s research ultimately found a market opportunity more than 31 times the size of CAS’ original audience.
What does this mean for your association? New markets could be within your association’s reach by following this research-based, step-by-step approach.