Professional organizations will attempt to increase their online presence to reach young professionals
New York, NY (PRWEB) October 02, 2014
The Professional Organizations industry promotes the professional interests of members who share a common occupation. To this end, industry operators conduct research, sponsor certification standards, lobby government officials and publish materials for members, in addition to organizing seminars, conferences trade shows and other events to provide educational and networking opportunities. According to IBISWorld Industry Analyst Leah Goddard, “since the recession, the industry has benefited from growth employment, which increases the potential pool of members for a range of organizations, as well as disposable income and corporate profit levels, which raises the propensity of employees or employers on behalf of employees to pay membership dues for industry services.” For these reasons, industry revenue is projected to grow over the past five years.
Despite these upward trends, the industry has struggled with a number of challenges over the period. According to Marketing General Inc. (MGI)'s 2014 benchmarking report on membership associations, the average renewal rate for professional organizations is just 76.0%, indicating that much of industry growth comes from attracting new members, rather than retaining existing members. According to MGI's survey, individuals typically do not renew memberships with professional organizations when they do not feel involved in the association and could not justify the associated fees based on the benefits of membership. Since employers pay an estimated 33.0% of dues in full, membership renewal depends in part on the ability of companies to allocate funds towards the continued education of their employees.
In response to these challenges, professional organizations will need to adapt to demographic and technology trends to achieve stronger growth over the next five years. “Industry associations are seeking to attract and retain younger professionals, particularly as more workers of the baby boomer generation retire,” says Goddard. To better reach this demographic, professional organizations will increase their presence on social media while communicating their value to younger professionals. At the same time, declining unemployment and rising disposable income and corporate profit will increase the pool of potential members. Consequently, industry revenue is forecast to grow over the five years to 2019.
For more information, visit IBISWorld’s Professional Organizations in the US industry report page.
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IBISWorld industry Report Key Topics
The Professional Organizations industry includes organizations that are primarily engaged in promoting the professional interest of their members and their profession as a whole. These organizations conduct research, develop statistics and certification standards, lobby or publish materials for members.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-37