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Posts Tagged ‘increase event revenue’

Take advantage of every opportunity to increase event revenue.

Running an event can provide you with a substantial profit. You can earn revenue from the event itself, or from selling items during the event. With the many revenue options available for making money from an event, people still miss out on some great revenue opportunities. Here are some insider tips for increasing your event revenue that most people don’t consider:

Provide Tiered Pricing
If you want to open your event to the widest possible audience, consider creating a tiered pricing structure. You can quote a relatively low ‘entry-level’ price for just admission to the event. You can also add a ‘premium’ or ‘deluxe’ event attendance, with carefully-considered extras. You might add a product free of charge for attendees who sign up for the premium package. You might also add one-on-one time with the event organizer, keynote speaker or other key event guests.

In this way, you can provide basic entry to wider range of people, while still raising the overall cost of your attendance. If you provide basic entry for $100, or a premium attendance for $200, your average revenue will increase, depending on how many people choose the premium option. You can also add a pre-registration option at a lower rate, and then charge the full rate for registration at a pre-designated cutoff point.

Offer Trial Memberships
If you have a product that functions as a subscription, such as an information distribution service, you could offer attendees at your event a ‘free trial.’ A 30, 60 or 90-day trial is typically long enough to provide attendees with a good understanding of the service and its benefits. You’ll find that many people like the service and stay in the program; giving you an ongoing revenue stream once the free trial has ended.

Open Up In-House Opportunities
One great function of an event is to promote your in-house opportunities and services. Events are a great way to convey information about your services to attendees, and convince them that you’re the person with the expertise and systems in place to serve their needs. If you’re promoting in-house opportunities, though, your event can’t be planned exclusively around that. Unless you’re hosting a free event to reveal a new product, people expect to receive a certain level of value from your event; not an extended marketing pitch.

Convey valuable information at your event. Answer important industry questions; questions that you have the expertise to answer because it’s in your field. Provide information about a product. Give your event a purpose beyond simply promoting your services or products. A good event coordinator can find opportunities to work in-house services into the event’s structure at key points, and begin to build a relationship with attendees to meet their ongoing needs.

Be creative in the ways you leverage revenue at your event. Offer a tiered pricing structure, which typically yields higher event revenue than a single price. Provide trial memberships to subscription or ongoing services, to demonstrate the value to your attendees and create an ongoing revenue stream. Finally, find ways to promote your in-house services to your audience throughout the event.

Want to learn more about how to make money with your own events? Visit our Event Money Machine Blog. You’ll learn about an amazing Telesummit being held later this month. Tickets to this event are FREE – so join our priority notification list to be the first to know when they become available.