How to maximize revenue from your events and additional ways to monetize

Lesson Details:

Video Transcription: In this video let's talk about how to make the most money from each attendee which is essentially boosting the LTV lifetime customer value this video is brought to you by Appy Pie’s Academy and engagement and quality of your attendees is everything because one of the best ways to make more money from events is to get people to come for free or for very cheap and discounted prices get them to like it and upsell bigger events like conferences weekend retreats that are really pricey but that only happens when they love the smaller event so that's first of all also when you put on really great events it positions you as a thought leader in your industry and that builds trust and when you have trust you can begin selling products and services and there's a lot of products you can sell here are a number of examples when I had the outdoor events I sold outdoor gear if you teach something or maybe like you have photography workshop or anything else you can sell photography equipment you know that's really expensive at your events if the events are a little longer you can tell food and water and you can also sell merch merchandise which is basically t-shirts hats with your logo on it but that only happens if people come regularly and love it so that engagement that quality really translates to your potential for monetization and when your event grows you don't have to sell the food and water on your own you can even have somebody come with a concession stand but that's later in the beginning you'll have to do it on your own in addition to products you can sell services you can sell consulting services if you're an expert you can sell you can get freelance gigs or you can even land a really high paying job because again you're got this event that you're running and not only are you an expert in your field supposedly because you're running this event but whoever hires you get access to your events not directly they don't start to own your events but guess what you'll be much more likely to promote that business.

If it's synergistic if the audience of the events is the same audience that can become clients for the business who hires you you'll be a way better candidate for the job not to mention that this will give you the opportunity to negotiate a higher pay rate and if you have a main business that you are running then of course that allows you to funnel your event attendees to become clients of your main business so there's a lot of extra ways to make money not just with ticket sales now a lot of people ask how do I get event sponsors don't chase sponsors early I know it's hard to resist that because in the beginning the financial situation tends to be stressful and there usually is a big temptation to get money somehow but how much money are you gonna get from a sponsor if you only have like three attendees so the doesn't it doesn't make sense financially anyway even if you get one they're just not gonna pay a lot and sometimes what you want to do is grow your event anyway because when you grow your events especially if you're on sites like meet up or Eventbrite often companies who are looking for influencers they're gonna look for influencers who are event organizers on sites like meet up an event bright so if you grow your event serious on your site on Meetup on Eventbrite they'll come to you and after you have growth you can do outreach then to reinforce it and to get more sponsors and often sponsors might even come from your attendees because you never know who's in your audience there are often a lot of people in your audience who have similar businesses to yours and are synergistic and might want to tap in to your event audience so you might just get sponsors from there if you announce hey we are open to sponsorships then who knows make it known and you never know who's gonna come to you also once you have sponsors what you can do is give out and hand out event guides and handouts when people first arrive and the sponsors can pay for their printing what's gonna happen is not only are you gonna have promotions of your sponsors and of course promotions of your future events so you're promoting a lot of stuff with these but you're also gonna have helpful information for the attendees and when they come to the event they feel more welcome they know what to do they know what to expect from the event more they have kind of maybe a list of the itinerary of the event and everything that's coming up so they can always look things up have references to poor people and sponsors like I mentioned that they can reach out to later so they don't forget about the sponsors which in turn give the sponsors more value because more people end up contacting them and the sponsors stay on as sponsors so these event handouts are very effective and lastly I'm gonna give you another way to monetize your events even if they are free and that is you can keep the events free but ask for donations what for whatever people thought it was worth for them and you can make it anonymous to and essentially you can just have like a tip jar or money jar and whatever so what it.

What happens is it allows people to come more often to the same events invite friends and you'll keep your attendance growth at its highest but you'll still be making money from everything you're upselling and the donations which is kind of the equivalent of the ticket prices and guess what if you charge for events only about five to fifteen percent of the people who would have come for free come so even if no but not everybody donates and even if people who do donate even even if they donate not the full price because you have 10 times more people attending you'll be surprised that you might even make more money keeping the event free but asking for donations and then upselling everything else too many more people then by charging for the events up front so you see this can be a very nifty way to still keep your revenue very high and growth very high as well and combining all of the best worlds now just one caveat on the point one problem is some people never pay for anything I remember when I was struggling financially it would have been extremely hard to get me to pay for anything so some people like me like I used to be you really want to get rid of those people unfortunately I have to say that about myself it doesn't feel good saying that about myself but it's true I was not a potential good lead so there is merit in charging because you immediately get rid of the super freeloaders and you at least know that the people who are attend in attendance are able to pay their wallets are open and their minds are open to paying and spending money so right away you're you know you immediately have a more premium audiences even if you charge it a little bit so these are the ways to maximize revenue at your events.