Can Events Generate More Revenue?
Event revenue is generated by a handful of budget line items. This is pretty much the same for special events, conferences, tradeshows and seminars. Traditionally these include:
1. Registration or ticket sales
4. Merchandise sales
5. Silent and live auctions
6. Licensing and broadcast fees
As planners we are pushed daily to generate more revenue for our events. We are encouraged to bring in expensive new technologies to entertain and engage our attendees, yet our revenue opportunities remain relatively unchanged. How do we expand these within the parameters of our traditional revenue line items? It’s actually not as challenging as you may think.
Here at Eventinterface we have worked with our planner clients to insure they make full use of all features Eventinterface has to offer to make more revenue. In this process we have also learned how planners can easily generate more revenue implementing technologies such as Eventinterface.
Our top tips to generate more revenue from existing programming:
Provide access to conference data
Not all your stakeholders can attend your conference or event. Many conferences collect a wealth of data such as speaker abstracts, presentations and video. Many people who did not attend the conference may still want access to this data. For associations with thousands of members this offers an ideal opportunity to extend the registration options to include access to data and presentations post-conference.
Planners using Eventinterface to do just that have generated 30% more revenue for their conferences by charging for data access.
As mentioned above, not all stakeholders can attend you event. 80 percent of your association’s members may not be able to attend you conference. How do you engage these individuals?
A small investment in technology can allow you to invite at-home members to participate virtually in your event. Giving these individuals virtual access to your plenary sessions, key speakers and important sessions can increase participation significantly.
Merging live and virtual events is becoming more of a trend. In the latest MPI Meetings Outlook, more than 50 percent of respondents stated they use a combination of live and virtual meetings, and 9 percent are using technologies to replace face-to-face meetings - a 6 percent increase from the previous study. As technologies become more refined attendees will be more willing to participate resulting in significantly more revenue for the event.
Encourage engagement amongst stakeholders
Help attendees, speakers, sponsors and exhibitors get more out of their experience. Technology helps attendees connect with each other, with speakers, sponsors and exhibitors. Starting the engagement process early with your attendees will generate a higher level of excitement, resulting in higher registration numbers. Technology can be used to create private or public communities around the event, which can be maintained post-event to coincide with the data sharing post-event. Keeping your audience engaged throughout the year, not just at the conference will automatically result in higher participation, and therefore revenue.
Engage your sponsors
Sponsorship has evolved beyond banners and logo placement. Sponsors are looking for ways to connect directly with attendees earlier. The engagement opportunity outlined above can now we sold to sponsors and exhibitors. Technologies such as Eventinterface allow sponsors and attendees to engage with each other, pre-, during and post-event. Access to attendees to schedule appointments at the event, offer customizable benefits, and opportunities to text offers during the event are now commonplace strategies. Planners may have to invest in technology to meet these needs; however the return on investment is worth the effort. Sponsors will invest more in you if you provide the opportunities for them to engage with the attendees.
What are your thoughts? Share your ideas in the comment section below.