We all want our event to be impactful. We want everyone who attends to feel that the experience is worth their time.
And at the end of the day, you also want your event to be profitable.
Considering all of the time and money you’ve invested up front, your event should be making money, not losing it.
Part of a great event strategy is incorporating multiple ways to generate income.
We’ve got you covered with 5 powerful ways you can generate revenue before, during, and even after your event.
1. Ticket Sales
It all starts with the most basic of revenue generators - registration fees and ticket sales.
You need to keep in mind that when someone registers for your event, or purchases a ticket, it’s often their first interaction with you. So you want to make sure that it’s a positive experience from the start.
Make sure you have a high-converting landing page set up for the event that is both easy to navigate, aesthetically pleasing, and clearly communicates what the event is all about and why they want to attend.
Remember to create a sense of urgency. If you have a limited number of tickets available, show the number of tickets that remain. If your event registration is for a certain period of time, have a timer counting down the remaining hours and minutes for which they can sign up.
Once you have a long list of people registered for your event, that shouldn’t be the end of your efforts to generate revenue. Registration fees and ticket sales are just the beginning. There are plenty more profitable ideas, the first one being the VIP ticket.
VIP Tickets: Take your ticket sales to the next level by offering a VIP ticket. Your ticket should include special “perks” that event-goers just can’t pass up.
The secret to generating the most profit is to include perks that don’t cost you anything (or add a minimum increase to your expenses) For example, things like VIP check-in, reserved front-row seating, product samples, meet and greets, or event swag.
And remember to make the VIP’s feel special with a VIP badge!
The idea is to take things that you already have and monetize them. With the right extras, you could charge up to 50% more per ticket!
And, remember to market these tickets as “upsell opportunities” to people who purchased your basic ticket. They may not purchase VIP when they register, but as the event draws closer, the idea of upgrading often can be enticing.
Added Value: Everyone loves the feeling of getting more “bang for their buck”! Providing your attendees with something free, immediately upon registering, may be the perfect way to encourage them to purchase their ticket. It could be something as simple as a downloadable workbook, ebook, a previous video training, or one of your low ticket offers.
Companies sponsor events in hopes of moving their own organizations forward. If your event provides a sponsor with an opportunity to reach their target audience you'll be able to secure partners, improve your reach and digital presence, develop strategic partnerships, and gain social proof.
Sponsor relationships are a powerful marketing tool for your business and your event. Ask your sponsors to share the event on their social media pages or website to help further increase registration and ticket sales.
Sponsors can offer your event goers special discounts or giveaways. If they set up a space at your event, you can charge a booth fee or even a percentage of their total sales.
You may also want to consider selling ads. If you are handing out itineraries or other printed materials, businesses can pay to have their information included. If your online event page is generating heavy traffic, think about selling ad space there too.
If you aren’t sure who to reach out to, think about which companies target the same audience and compliment your brand. Knowing which companies will make great partners is key.
Sponsorships, when created with intention and priced right, can be a huge revenue generator for your event.
Check out our Event Sponsorship Roadmap for a step by step guides to creating the perfect sponsorship packages, proposal, and pitch!
3. Selling Merchandise
Take full advantage of the revenue you can generate by selling merchandise throughout every stage of your event.
You don’t have to wait until the actual event to sell your merch. When someone is buying tickets or registering for your event, offer merchandise. Set up an online shop where people can buy swag before the event itself. You can also entice event-goers by offering special items that won’t be available at the event.
At the event, set up a booth or table to sell apparel, water bottles, tote bags, or something else directly related to your business and event. If you’ve written a book, this is a great time to set up a special book signing.
Keep the momentum going after your event by directing attendees back to your online shop to purchase additional swag or merchandise, possibly at a discounted rate.
Chances are, you have attended an event where someone is “selling from the stage”. This is both a proven tactic and a great way to generate revenue. There are a couple of different ways to go about doing this without making it a “high pressure” or “salesy” experience for your attendees. We could write an entire book on the do’s and don'ts of selling on stage, and it is completely dependent on what you are selling. Your “offer” will most likely fall into one of these three categories:
Product Selling: You are selling the advantages or features of a specific product or service. With product selling, your attendees will likely use products in similar ways, their questions are predictable, and products will typically come with a fixed price.
Solution Selling: You are focusing on the attendees’ pain point, and addressing how your product or service is the best solution to solve their pain. With solution selling, your attendees' pain points may be different and pricing can vary based on the level of services purchased.
Insight Selling: You are focusing on a problem that your attendee may not even realize exists. With insight selling you first help your attendees identify their pain points, and then resolve them by offering your solution.
5. Post-Event Offers
Once your event is over, there are still ways to generate revenue (and keep the community momentum alive).
Offer special access to session videos or keynote speakers, ebooks, survey results, or other special content for a small fee.
Get active and encourage your audience to share their personal experiences to help spread the word and gain additional followers. One of our favorites is offering them the opportunity to purchase pre-sale tickets at a discounted price for your next event (before they’re available to anyone else).
By adding in one or more of these basic revenue generators, you’ll lay a solid foundation for a profitable event.
Don’t be afraid to get creative, think outside the box, and be open to other possibilities. Keep brainstorming new ideas, and experiment with what is best received by your audience.
Ready to develop an event revenue-generating strategy? Our team of event experts can help you discover the best opportunities to monetize your event. Book a free consultation today to find out more!