Event Planning - Event Monetization (Part I)

Event monetization introduction

Balancing revenue and growth pose an ongoing challenge. Free events draw the highest attendance, benefiting popularity, branding, engagement, and the potential to attract attendees from competing paid events. However, this approach may not be ideal for generating direct revenue. The issue with implementing fees is that even a minimal charge of one dollar can notably reduce attendance. In this blog post, we will explore strategies for effectively managing the growth of events while maximizing revenue.

Let's start by examining methods to generate income without charging for events.

Event sponsors

Sponsors vary in their forms. They can offer financial support, a location, or complimentary items for the event's raffles and awards.

Given our emphasis on revenue generation, we are particularly interested in sponsors who provide financial support. These sponsors usually stipulate a minimum number of attendees before finalizing their commitment. Pursuing sponsors prematurely may prove futile if you lack a sizable audience to engage with, making it challenging to secure their support.

Building a substantial list of attendees and collecting their email addresses promptly, or consistently achieving high attendance rates, will attract sponsors to your events sooner. Once you make your events popular, sponsors will start contacting you. However, this process does not occur instantly but gradually as you focus on growth.

There are a few common methods for attracting sponsors. One approach is to compile a shortlist of potential companies that you believe could benefit from connecting with your audience, and then reach out to them directly, whether on a small or large scale. It's important not to overlook local family-owned businesses, as they may be more accessible than larger corporations that may not respond to your inquiries. Another strategy is to allow sponsors to discover you. By organizing popular events and establishing a strong presence on major event platforms such as meetup.com or prominent social media channels like Instagram, sponsors are likely to find you when searching for events or influencers to support within their industry.

Timing plays a crucial role in the search for sponsors. In my experience running an event series, I learned the hard way that seeking sponsors prematurely led to disappointing outcomes. Despite my efforts, early attempts only resulted in dashed hopes, rejections, and time wasted. However, as my events gained traction, I found myself engaging in more productive discussions with potential sponsors. When companies witnessed the exposure I could provide for their products to a relevant audience, they became enthusiastic about offering financial support or sending complimentary samples for promotion purposes, which could be retained or utilized as prizes in raffles.

After securing a sponsor, they will typically request visibility for their brand at your event, whether through signage, a logo on tickets, or other means. The sponsor may contribute cash, donate merchandise, or provide product samples for distribution. This establishes a mutually advantageous relationship between you and the sponsor. Once you have secured a sponsor (or multiple sponsors), it is important to maintain their satisfaction and loyalty by ensuring they receive excellent promotion. However, it is crucial not to diminish the quality of your events for attendees by excessive promotion.

Genadinik, Alex, Event (2014) Planning: Management & Marketing For Successful Events, Kindle, ISBN: 1519178204, 

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