There's no shortage of reasons why we plan events. From promoting a brand to gathering likeminded people, we have a clear set of goals that guide the planning process. But one objective seems to prevail: how can we generate more revenue from our events?
This question is absolutely legit. As Skift suggests in one article about the event industry 2018 forecast, "When it comes to attending a meeting or event in the year ahead, it really is a seller's market. Meanwhile, travel costs for attendees and planners are on the rise. Buckle up for increased spending."
Considering all the expenses an event involves, a creative business plan is needed. That's why, before diving right into the logistics and event planning, you must evaluate all the mechanisms you could use to increase your profit.
To accomplish this task, check out this list of ideas we put together, and decide how to generate more revenue from your next event:
Tip 1. Set up an attractive pricing page
Before setting up a pricing plan, you must know that there are highly and poorly converting landing pages. According to a Kissmetrics article, "The best pricing pages somehow walk a fine line between giving people everything they need to make a decision, while also reducing any extra friction that might disorient, discourage or dissuade someone from signing up."
That's why you must understand the psychology of your potential attendees and set up a simple, aesthetically pleasing pricing landing page. For example, use a contrasting color to highlight the recommended plan. You also must explain the value of each pricing plan, letting your attendees know about the incredible benefits they’ll gain if they pay more for a higher plan (such as having one-on-one access to the speakers, networking with potential investors, ...).
Tip 2. Invite hosted buyers
If you're planning a networking dynamic or B2B meeting during the event, you can always count on hosted buyers to make your session more attractive. Hosted buyers are those people whom you invite (you'll have to pay for their travel and accommodation arrangements) to meet with your guests or sponsors.
They usually know what they want to purchase, and don’t want to waste time on searches. They prefer to go to events, interact with potential suppliers (meaning your attendees), and buy from them. By inviting hosted buyers, you'll level up your event's attendance rate (not to mention its attractiveness), since your attendees will know that by attending your event, they can sell their products or services.
Tip 3. Market your products
You can always use your event as a platform to wisely promote your other products or services. This can transform your attendees into leads and potential customers, subsequently increasing your revenues via other type of sales.
Tip 4. Offer a membership subscription
You can always create a good financial base by convincing the core fans of your event to become members of a limited community. As the founder of eventplanner.tv, Kevin Van der Straeten, notes, "If there is a recurring theme in your events, set up an organization for their running that will allow people to become members. Ask for payment of a membership subscription, in return for which they are granted free or reduced price access to the events."
Apart from ensuring a constant stream of revenue, you'll also generate a sense of loyalty among certain attendees. Obviously, you'll have to offer something in exchange, yet you'll contribute to the creation of a real community around your event.
Tip 5. Provide extra privileges
According to Van der Straeten, "There always people who think it's cool to be seen in the VIP area. And they are often prepared to pay ridiculous prices for the privilege. Extras of this kind are a very useful source of additional revenue. It means that you can keep prices reasonable for 'ordinary' visitors, while charging premium rates for those who are daft enough to pay them."
If you want to increase your revenues, think about some extra privileges you could offer your attendees (such as the access to the speakers' room) and be sure to outline those privileges in the higher-priced plan.
Call to action
There's no shortage of ideas on how to generate more revenues from your events. You can work the copy of your pricing plan, activating the psychological triggers of your potential attendees and convincing them to choose one plan instead of another. You can also invite hosted buyers and promote your event as a great opportunity to establish business relationships. Another option is to transform your event into a marketing platform for your other products or services. You can also gain more revenues from offering membership subscription or providing extra privileges. Choose the option that suits you best.