Event Planning - Event Monetization (Part III)

Donations or pay what you want

One alternative method to generate income from complimentary events is by requesting donations or providing attendees with the choice to determine their preferred payment amount for attendance. This approach ensures the events remain free, attracts a large audience, and still results in revenue being generated.

When individuals have a positive experience at the event and you request donations in a professional, courteous, and convincing manner, you may be pleasantly surprised by the generosity of the attendees. However, this outcome is contingent upon the enjoyment of the event by the participants. Therefore, it is crucial not to overlook the quality of the event while focusing on promotion and fundraising efforts. If soliciting donations yields limited results, it indicates potential issues with the approach, target audience, or the overall satisfaction of attendees. In such instances, adjustments should be made to enhance future event outcomes.

Not everyone may choose to donate or pay, but by offering free admission, you can increase attendance and potentially attract more individuals who are willing to contribute. Interestingly, the number of attendees who donate at events with voluntary entrance fees can be comparable to those at events with mandatory charges. Moreover, when attendees bring friends to events where donations are requested, peer pressure often leads to larger contributions, particularly among couples. In such cases, men tend to give above-average donations to avoid appearing frugal in front of their partners.

Furthermore, increasing your attendance will result in a larger number of attendees who can extend invitations to friends or promote the event on their social media platforms. Consequently, this will accelerate the growth of your events.

Becoming an influencer

One more approach is leveraging event services to establish the organizer as an authority or influencer within the event niche. By orchestrating and spearheading a series of major events, you become a prominent and well-known figure in your field. Consequently, numerous individuals will seek to collaborate and connect with you due to the valuable asset you possess (your events) that can benefit them. Attaining a position of authority in a specific industry inherently grants you credibility and enables you to be acknowledged as a knowledgeable and reliable source. This can create fresh opportunities for revenue generation.

Aside from receiving more sponsorships, establishing yourself as an authority or a prominent figure in your industry can lead to securing better-paying employment opportunities or consulting agreements. Hosting events can also indirectly generate substantial income, as certain job offers, or consulting projects may arise due to your distinguished reputation from organizing a successful event series with extensive marketing outreach.

By establishing yourself as an expert in your field, you can enjoy added advantages such as heightened exposure and expanded opportunities for both you and your business. As individuals are inclined to offer greater support, they will also be more inclined to endorse your events. Further details on this topic will be covered in upcoming sections of this blog series focusing on event marketing.

Currently, there is an abundance of insignificant influencers and a general sense of influencer fatigue. To authentically establish yourself as an influencer, focus on expanding and popularizing your events without relying solely on your influencer status. Instead, let your influence naturally develop as your events gain traction.

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

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