How do I make my next event more profitable?
You’ll have to come to tomorrow’s Lunchbox Session to learn the majority of this content, but here are a few quick tips to make your next event more profitable.
- Consider your goals. Are you trying to make more money from an event itself, or are you using your event as a marketing tool or an entry to a sales funnel? Events can be helpful for both of these things, but be sure that you have your goals clearly defined before you move forward in planning.
- Fix your pricing. Tiered pricing can be very effective, but don’t just do early registration discounts because that’s what you see everyone else doing. For example, one trend in events right now is a VIP ticket option with some additional benefits. Your ticket price reflects the commitment level, so with a free event there’s a good chance you’ll have no-shows. Think through your pricing and registration strategy early and often in the planning process.
- Hire some help. Of course I’m going to say this! It may seem counterintuitive to spend money in order to increase profits, but oftentimes by hiring someone it can cost you less. What is your time worth, and do you have extra? A professional can help you to become more efficient with your budget.