Organising events blends creativity with practicality, and ultimately, success is often measured by the revenue generated. However, increasing event revenues can be challenging, especially when budgets are tight and teams are small. Fortunately, there are several strategies that can significantly enhance revenue streams without inflating expenses. Here are three effective ways to achieve this:
They’re not your sponsors, they’re your partners:
Sponsorship plays a pivotal role in the financial success of many events and that’s why they really are your partners. However, securing these partners is not just about finding any willing company; it’s about finding the right partners whose values align with the event’s purpose. To maximise revenue from partners without increasing expenses, event organisers can tailor s packages to offer more value. Instead of offering generic tiers, use these tiers as examples to create customised offerings that cater to the specific needs of the partner. This approach allows organisers to charge higher fees for packages while providing partners with targeted opportunities. By spending the time to know the needs of their business, this allows you to better understand the desired outcomes and become a long term partner. Once that partner is retained, blow their minds! Keep adding value wherever you can and show them that you’re invested in their success as well. If you spend the time to get to know them and their objectives, this won’t be hard. It costs more money to get a new partner than it does to renew a partner. This can be a daunting task at first, but I promise the work and approach will pay off.
Additionally, leverage the power of digital platforms to offer partners extended visibility and engagement opportunities. I’m not talking about a generic social post or just a logo on the website; this is your chance to get creative with your partner and truly align your brands so that everyone wins. Maybe there’s an instagram live around the partner or some subtle product placement in your ads – this will always be unique to the partner, but don’t be afraid to get creative.
Its all about the upsell:
Upselling and cross-selling are proven techniques used across various industries to increase revenue without significantly increasing costs. We’ve all been there, where we’ve purchased the plane ticket, but then the upgrade is just $200, and then the meal etc…etc.. Its targeted upselling and it works.
If a consumer purchases a VIP pass, consider offering premium upgrades that are limited, that include exclusive access to meet-and-greet sessions with speakers or performers, complimentary merchandise or presold drink pass to skip the line ups. By providing added value to attendees willing to pay a premium, organisers can boost overall revenue without incurring additional expenses. You don’t need to offer all of these at once, sometimes the slow burn is the way to go.
Similarly, cross-selling involves promoting related products or services to attendees during the event registration process or on-site. For example, when fans are onsite and having a great time, get them to do a fun survey (have a partner supply an incentive) and then offer them 10% off of next year’s ticket if they buy now…cash flow is important!. You could also partner with a brand to create onsite experiences that can add to the consumer experience and your content bank. Or maybe you have you own ‘speak easy’ onsite with limited entry that can only be purchased at the event – this is a great add on to the experience and your bottom line.
Marketing 101 – You’re in the hospitality business:
Data is a powerful tool that you can use to optimise marketing efforts and drive higher revenues. By leveraging data, you can gain valuable insights into attendee preferences, behaviours, and engagement patterns, then use this information to skyrocket your fan connection. You can personalise marketing messages and promotions, increasing the likelihood of more ticket sales. Want to know what’s really fun? Reverse engineering your data into old school marketing techniques, like a personalised thank you card mailed out to the attendees with cool offers for the following year. Get creative on how you engage with your attendees. People spend good money at events and you want them to know that they’re valued. Please don’t forget the event follow up. A personalised survey can go a long way in understanding what went well and what needs a little more love. Remember: you’re in the hospitality business! Customer service is your key to success.
At the end of the day, increasing event revenues, without draining your account, requires a strategic approach that focuses on maximising value for everyone. When you’re diving into this planning session, block a good amount of time to get creative and think about how you can blow your customer and partners minds. Without them, you’re not in business so do not skip this step; this is your key to success.
