Event monetization—the process of generating revenue from an event—is the quickest way to recoup your event costs and generate revenue.
Whether you are organizing virtual, hybrid, or in-person events, the key to successful event monetization lies in knowing your audience's needs and behaviors. The next step is to use these insights to maximize revenue while providing value to attendees and sponsors.
Other advantages of a monetized event include:
- Higher Quality Attendees: Charging for access tends to attract more serious and engaged participants, filtering out those who might attend without genuine interest.
- Better Participation and Engagement Rates: Paid events often see higher engagement levels as attendees have a financial investment.
- Creating a Sense of Exclusivity: Offering premium tickets or special passes can create a feeling of exclusivity, increasing the perceived value of the event.
- Higher Event Investment: The revenue generated can be reinvested into the event, improving the quality of speakers, event technology, and overall experience.
- A New Source of Income: Monetized events open new revenue streams, which can be crucial for covering costs and generating profit.
So, what are the tips and tricks to monetize events? How does event monetization work?
Let's find out.
Pre-event Monetization: Time to Strategize
Before the event, it's crucial to outline a clear strategy. Determine your goals, identify potential revenue streams, and set measurable objectives. This preparation phase is where you can lay the groundwork for successful monetization.
As part of your event monetization strategy, utilize social media content, pre-event surveys, contests, prizes, and email campaigns, and partner with influencers or other organizations to significantly expand its reach and engagement.
You can begin the monetization of your event even as you promote it. Some of the ways to earn event revenue at the promotional stage include:
- Early Bird Tickets: Offering discounts for early registrations can boost initial sign-ups and create buzz.
- Special Passes: VIP or backstage passes can provide additional value and exclusivity.
- Pre-Event Countdowns: Building anticipation with countdowns and teasers can enhance interest and urgency.
5 Paths to Event Monetization: Time to Execute
There are many ways to generate income as your event is underway. These include:
1. Ticket Sales
Ticket sales are the first thing that comes to mind when one thinks of generating event revenue. However, there are many other ways tickets can be leveraged to make an event profitable.
- Tiered Ticketing: Offer different pricing tiers based on access levels or additional perks. This can cater to various audience segments.
- Communicate Value: Clearly articulate what attendees will gain from the event, justifying the ticket price. This way, you will find the right audience whose interests and goals are aligned with your event.
- Early Bird Discounts: Early bird discounts are a fun way to drive excitement and engagement and create the FOMO factor for your event.
- Coupon Codes: Use discount codes to attract different audience segments and track the effectiveness of various marketing channels.
2. Sponsorships
Sponsorships are the other major source of profit for an event. Getting sponsors for your event reduces some of the costs of organizing it. At times, it also allows the event to be free for its audience without adding to the costs of its organizers.
- Speaking Opportunities and Publicity: One way for a sponsor to stand out is by being the title sponsor, with their name and logo used along with the event title. The title sponsor also gets exclusive speaking opportunities to introduce the event and other highlighted moments of exclusive publicity.
- Tiered Sponsorships and Publicity: Big events such as business expos, film festivals, and others generally have various sponsorship options. Each sponsorship option brings with it sponsor benefits and perks, which could range from tickets to booth space (in case of an in-person event) to email signatures, program guides, social media mentions, in-between program, and newsletter mentions, etc. This tiered form of sponsorship makes it possible to increase the scope for event monetization with a range of options to choose from.
3. Merchandise Sales
As an event organizer, you can make your event profitable through event merchandising. These include things like mugs, swag bags, logoed stationery, t-shirts, scarves, and other giveaways. Even in virtual events, you can use swag giveaways while the event is underway to increase engagement and participation. You can also use the event platform to sell your branded merchandise and use the event to generate revenue and increase brand awareness and value.
4. Advertisements
What are the two signs of a successful monetized event? A large audience and advertisements, of course. It fills up the event space and provides another source of revenue through commercial ad slots.
Selling ad space to build on event revenue also applies to hybrid and virtual events. Your event website provides the "real estate" for ads. It should be exclusively mobilized to garner attention for both the events and the ecosystem of advertisers and sponsors that are part of your event.
5. Mobile Event Apps
Building event apps exclusive to each event has become a convenient way for both attendees and organizers to provide all the information and updates about an ongoing or planned event. These apps include information such as speaker bios, event floor maps, session details, and sponsor details so attendees can access information from the palm of their hands.
Post-Event Monetization: Time to Assess
After the event, it's important to evaluate the success of your monetization strategies. Collect feedback from attendees, analyze sales data, and assess sponsor satisfaction to refine future event monetization plans.
A notable example of successful event monetization is Cvent CONNECT, the go-to annual tech trade show for event professionals, marketers, and hospitality experts. Cvent Connect effectively utilizes tiered ticketing, early bird offers, sponsors and exhibitors, and merchandise sales to generate significant revenue. Learn more about Cvent CONNECT here.
Monetization Strategies for Virtual Events
In a fickle marketing world, when event organizers were forced to hold virtual events, nobody thought they were good for monetization. Today, the data tells another story: 79% of event organizers believe virtual events allow more opportunities to monetize than previously.
Here are ways to monetize your virtual events:
- For a fee, offer premium content like workshops, behind-the-scenes footage, or on-demand recordings.
- Partner with businesses for exposure through different sponsorship levels like logo placement, sponsored sessions, and virtual booths.
- Allow sponsors to run ads during breaks, in email communications, or within the virtual event platform.
- Charge companies for virtual booths where they can showcase products, interact with attendees, and generate leads.
- Offer pay-per-view for specific sessions or keynotes so attendees can pay for only the content they want to see.
- Partner with relevant businesses and earn commissions by promoting their products or services to your attendees.
- Let attendees donate to your event or a related cause.
- Create a subscription service for regular access to events, exclusive content, and community networking opportunities.
Common Mistakes to Avoid in Event Monetization
While you plan your event monetization strategies, here are a few common mistakes to avoid:
- No Clear Strategy: Without a plan, you'll miss out on revenue streams.
- Overpriced Tickets: Finding the right balance between price and value is key. Overpriced, and you'll scare off attendees.
- Neglecting Engagement: Even paid attendees need to be engaged. Neglect audience interaction, and you'll get lower satisfaction and participation in the future.
- Ignoring Feedback: Post-event feedback is crucial for improving future events and monetization strategies.
Conclusion
Monetization is a multifaceted approach that, when done right, can supercharge your events. Whether you're hosting a virtual, hybrid, or in-person event, using tiered ticketing, sponsorships, ads, or other strategies can bring in serious revenue.
Remember to adapt these techniques for virtual, hybrid, and in-person events, and always prioritize audience engagement to ensure long-term success.
