Hosting an industry-leading event is a great way to build your connections with sponsors and exhibitors, meet new people, learn about new trends, and increase your revenue. As an event planner, you want to increase your revenue, but it shouldn’t just come from the registration fees. As the adage goes, you should never put your eggs in one basket. Fortunately, there are a couple of methods for earning profit from events.
Here are five powerful ways to increase your revenue outside of registration fees.
Offer VIP Registration
For a non-profit convention, you can turn free perks into high-priced registrations. A lot of people love the free perks they won’t normally get from normal registration. These free perks can include the following:
Do you have free samples of something? Give them to VIPs.
Offer them front-row seating. Guests love it when they sit in the front row. During a banquet, reserve tables for VIPs.
VIP-only check-in at the event.
For hotel events, negotiate a small reception at the front desk for VIPs. You can usually get it for free if you know how to negotiate with the sales manager.
Don’t forget to slap “VIP” on their badge. Make them feel important, and they will be back.
There are a lot of free perks you can monetize. You just have to be creative in offering them.
Sponsorships are a great way to increase revenue on your next event. You don’t need to aim for large corporations, especially if you are planning a small event. Try to go after small businesses, such as those that sell local products or have online stores. You can even get discounts or freebies from your sponsors to give out to the guests as a gift.
Have you seen these promotions wherein they sell shirts or books before an event? This is a great strategy to earn income. Start offering event merchandise before the event and don’t make them available until the day, so it can encourage guests to purchase them because of the limited time and stocks.
Some of the products you can offer are jackets, t-shirts, pillows, hoodies, and so on. These items can be printed on-demand and shipped to the customer before the event. You can even create a permanent eCommerce store that offers this branded merchandise. Since there isn’t any inventory, you won’t have to worry about stocks that you can no longer sell.
Do you publish your own books and sign them? If you do, then you can let your attendees know. They may even want signed copies too. Allow them to order your signed books online. You can also earn referral fees by promoting someone else’s book at the event.
Sell Ad Space
During an event, you can allow advertisers to include something in your attendee gift bag. They can use ad space on volunteer/staff T-shirts, company logos on the event banner, or on the event website itself. You can also print a sign with a sell ad space on it.
There are numerous ways to earn from an event. These are just some of the methods you can use. So the next time you host an event, follow these tips, and it can give you more revenue streams outside the registration fee.
Are you looking for the best event marketing companies? InGo is an online magazine platform that integrates contemporary arts and culture creatives to edutainment, culture events for the public, and projects to conventional media. Contact us today!