Organising and running events is an expensive business with one of the largest costs being venue hire. While charging for an event can help to offset these costs, there are other methods you can use to maximise your revenue streams and return on investment, especially if you have targets to hit. Mike Walker, Managing Director of MGN Events examines a few of the most effective methods to generate good returns:
These can either be packaged as one headline sponsor or can be divided up to get more sponsors on board. If you divide the sponsorship it can be an excellent way to cover the drinks reception or breakout workshops. You could for example, find a sponsor for a breakout workshop that may co-present with the workshop speaker in exchange for a fee and advertising in the programme and online.
VIP ticket sales
VIP tickets offering attendee-added benefits such as access to a VIP area, goodie bags or a meet & greet with guest speakers can be a very popular way to maximise revenues. The higher the ticket price, the more add-ons you get.
Ensure that you have created a bespoke website for your event that you can then optimise by including space for advertising. You can also raise revenue from sponsored blog posts and social media shout-outs.
Newsletter and print advertising
You can charge companies to include merchandise or flyers in goodie bags or sell advertising on keynote presentations or by advertising on event literature at the venue. For example, they may want to advertise on tickets or on event brochures. Finding space for advertising on any printed literature can be a very effective way of creating revenue.
If you are organising festivals, concerts and other events for the general public, merchandise sales can be a great additional revenue stream. You can also think about pre-selling food and drink packages to those who buy tickets well in advance or tickets to exclusive networking opportunities after the main event has finished.
Consider finding volunteers to help staff your event as this is often a way to increase profit. University students are often keen to boost their experience in the field.
Event mobile app
If you have a mobile app for your event you can sell sponsored publications, push notifications, or just listings space to sponsors and advertisers. A mobile app for your event is also a great way to go green, while saving on printed materials and swag,
There are a number of ticketing and registration solutions out there. Some of them can help with ticket re-sales. Each ticket reseller registers with the site and every time they sell a ticket via their affiliate link they earn a commission. This can be whatever amount you set. If your ticket price is £100, you could offer £10 commission, which is a great incentive. You still get £90 with no outlay on sales or advertising.
These are only a few suggestions. There are many more inventive ways to maximise revenue – it just requires a bit of creative thinking!
Any ideas or thoughts? Share them in the comment section below!
Mike Walker is co-founder and Managing Director of MGN events, a keen investor in other SME businesses, and also a business mentor. @MGNeventsMike