Whenever one speaks to an event expert regarding the profitability of their newly launched event property their answer is that the property is in losses right now and it will take 3-4 more years to be profitable. Yes, solely on the basis of the fact that millions of rupees are invested in different format of events every year, most of the times these events are not able to generate enough revenue to break event the production cost even if the audience is full house and execution is top notch.
What can an event manager do in such situation? To solve this issue, we at EE are listing down a few killer ideas to help brands and event curators generate more revenue from their next event.
1-Skip the line
In case of crowded events a big hassle that attendees face is to stand in long ques before entering the event venue. To earn more revenue at events, event managers can make special provisions where people who can pay a little extra money will get the chance to skip the line and enter the venue directly. The idea is sure to work in events like EDM festivals or concerts, where people do not mind shelling out a little extra money for comfort.
2-Meet and Greet with celebs
If your next event has celebrity presence or performances than as an event manager you can organize a special meet and greet with their fans to earn a little more before the event begins. Think about it, you have already paid the celebs might as well cover their costs through the meet and greet sessions. Fans are willing to pay a lot today for a chance to get photo clicked with their favorite celebrities and performers. One can also sell their autographed merchandise and bring in more money before your event has actually begun.
3-Pre-event or Post-event party
Having a pre-event networking party a night before the main event or having a post event party just after the event has been executed is a great way to earn a little more from your event. Not only do these side events help you getting more sponsors on board who will make these parties free for you but keeping these events ticketed is expected to further fill your wallets.
4-Database access
For every event that an event manager organizes, he creates a database of attendees and their response to the event for his own self. This database is of great value to other event organizers or brands who would want to research for their next event. By charging them a bomb for the database sharing, event managers can certainly make a lot of money.
5-Hire Volunteers
Now this last idea is tricky but most event managers practice this anyways. Tie-up with more event training institutes or colleges so that their students can volunteer free of cost for your next event. By this means you will be able to give them a hands on experience of the event and at the same time you will be able to save on manpower cost. But remember this, these volunteers need to be trained first before they can be handed over the responsibility to take over mundane tasks of the event.
