CONSUMER HEALTHCARE PRODUCTS AUSTRALIA
AUSTRALIA
REVENUE DIVERSIFICATION ROADMAP
THE BRIEF
Consumer Healthcare Products (CHP) Australia engaged Mayvin Global as part of its Strategic Review. The overarching objective was to answer two fundamental questions:
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Has CHP Australia explored all viable alternative revenue streams to reduce revenue risk?
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What other solutions exist globally, that CHP Australia could consider, to reduce the reliance on membership subscription fees?
THE OUTCOME
23 potential revenue ideas were identified and CHP Australia together with Mayvin Global and our financial analyst Lucrature, narrowed these to 10 key ideas, that were detailed in a Revenue Diversification Roadmap.
These ideas were broadly in the areas of:
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Member value
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Education
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Events and conferences
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Account management
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Non-member leverage / opportunities.
CHP Australia commenced implementing some of the category enhancements during the project.
Mayvin Global have been engaged on another revenue generation project.
“We challenged Mayvin Global to identify alternative revenue sources beyond membership dues and our existing diversified revenue. Mayvin Global engaged with the international healthcare association sector to explore revenue growth trends that could be considered for the Australian context.
Deanna, Brad and Sally, challenged our thinking over the 12-month period of the project, scrutinised our revenue and profit margins and identified a shortlist of options – some new and some based on improvements to deliver a Revenue Stream Roadmap. The ideas were well received by the Board. Not only are we moving forward with some, but along the journey, we started to implement some of their recommendations.
Working with Mayvin Global was an extremely positive experience and the team rose to the challenge with very favourable and actionable results for us. We’ve already engaged Mayvin Global in another project. We look forward to the results of the Revenue Roadmap in the coming months.”