The block of event revenue streams or income streams includes the material profit that the company receives from each consumer segment. How can you find some new revenue streams?
Event revenue definition
The following event revenue definition is fairly simple. Event revenue means revenue generated in connection with events. If customers are the heart of any business model, then revenue streams are that heart’s arteries.
Event budget: revenue, expenses, and net income
Your event budget keeps your event income streams and expenditures on track, but it’s also there to sustain income and expenditures so you make a net profit in the end. The net budget is what is made after all expenditures are paid.
About your attendees
The types of revenue streams may depend on your target audience. Demographic and psychographic factors also have a big influence. You want event attendees to open themselves up to new ideas and to different people in new regions. That is why you’re thinking about spending a day in the office with one of the chairs your attendees will be sitting on in order to decide if it is suitable for your event in the chosen place and time. Knowing your attendee is important for setting up your budget and procuring your income.
Event revenue challenges
Excellent event revenue management has some challenges. The biggest challenges facing event planners are reflected in event statistics: 29% of event marketers say that increasing revenue from an event is their biggest challenge; 16% of event planners consider acquiring sponsors their biggest challenge; and 70% of marketers say that the need to validate results from event sponsorship has increased over the past two years.
Event revenue types
The budget consists of three primary revenue streams for event planning: revenues, expenses, and net income or loss. Revenues represent money coming into the event or organisation through an exchange of money for services or goods. For an event, revenues may come from the organisers selling tickets, merchandise, memberships, or concessions to spectators.
Tickets, registrations, and memberships
The organiser can benefit from attendee tracking as well: during ticket sales, increasing engagement at exhibitors’ booths, upselling merchandise, etc.
Online and offline advertising
Today’s marketers have a host of advertising choices through both online and offline channels. Online advertising and offline event advertising are seen as two totally separate, distinct ways to reach your target audience and balance revenue streams.
Ask attendees custom questions when they register (for example, GEVME feature), and you will be able to form a new image of your target to find new revenue streams. Data-driven events can provide you with more opportunities for revenue growth.
More than a thousand volunteers take part in events annually to help event organisers with onsite details. They also provide the event teams with an opportunity for staff to engage with a range of local community organisations and to gather and manage more attendees.
Don’t forget that your agreements that imply the support of an external brand of your events or activities can also be a source of income. It’s pretty common to think of a sponsorship package as one of the revenue generation strategies established between an event organiser and a sponsor.
Merchandise and licensing
Books, CDs, home appliances, and more are regularly sold at events. In addition, licensing provides the income stream created through the transfer of rights to use protected intellectual property. It allows the holders of these rights to receive income from property without producing a product and without providing services.
Souvenir or commemorative programs
Attendees and exhibitors count on the beautiful, full-colour designed souvenirs, commemorative souvenir programs, and other useful and memorable materials to be offered for sale.
Food and beverage sales
The most obvious revenue stream is income from the sales of products. Events sell tons of food and drinks annually, and this brings benefits from catering and other vendor products.
You may also benefit from corporate hospitality, which is the entertainment that a company offers to its most valued clients, for example, by inviting them to sporting events, retreats, spas, etc. or providing them with food and drink.
Traditionally, the media and organisers of public events focus on advertising revenue. Recently, other industries, including software manufacturers and service companies, have become more dependent on advertising revenue streams and income from media rights and other intellectual property.
How the organiser can benefit from attendee tracking
The data that organisers receive from their attendees provides valuable insights that help organisers understand the needs and expectations of their attendees. This ensures their event’s success by opening new revenue channels and thereby increasing revenues. By analysing information about the attendee experience before, during, and after the event, planners can identify necessary revenue elements that will help them succeed and also know what needs improvement.
Benefits for organisers
Fresh revenue generating ideas for events may bring event planners some benefit when they are organising events. Getting organised with your new revenue streams will guarantee:
- A reduction in the feeling of being overwhelmed
- Achieving more in less time
- Gaining a sense of control
- Projecting a better image to your clients, colleagues, and friends
- A reduction in your stress level
- A cut in your expenses
- The growth of big data
- The ability to find sources of revenue in an event for future events
The best strategies to increase event revenue
Here are a couple of working strategies to increase event revenue:
Strategy #1) Deploy a Cashless Payment System.
Strategy #3) Deploy cashless roaming vendors or “hawkers.”
Strategy #4) Increase sponsorship revenue with RFID brand activation opportunities.
Strategy #5) Extend sales to post-event transactions.
To discover more sources of revenue for an event, go to the GEVME resources page.
Event revenue measurement
The ways to generate revenue at an event are one aspect, but the measurement of event revenues is the other aspect. The measurement of event revenue is an important part of a long-term event management strategy. Learn how to make the best use of progressive event revenue management and measurement to grow your revenue in future events.
Event software for planners
While organising an event and looking for revenue streams, you may also use one of the event software options for planners, either free or paid. Here are some of those that are available:
Eventory. With multiple features, Eventory helps you to analyse your event in order to achieve event efficiency and a better experience for all involved. Remember that if you measure event efficiency properly, you can determine if it was a success or not.
Anyvite is a convenient service for an invitation campaign to drum up event interest. The platform is distinguished by its convenient system for creating and designing invitation cards. Integration with Twitter and other social networks allows you to support the promotion of your event, which can be easily added to your iCal, Google, or Outlook calendars.
A Facebook events page is a powerful viral marketing tool for anybody who’s trying to promote an event. You can easily input your details here to tie it to the venue if they have a Facebook presence for extra exposure, link back to your primary event page, and then invite people once it’s been created!
Call to action
Don’t have any idea about the best tools for event revenue management? Contact us for some helpful advice, and use GEVME tools for event planners for the best results.
GEVME is a fully integrated event management and event marketing software that caters to all stages of an event lifecycle. It is used for effective sales, promotion, and event marketing as well as for tracking success at all stages of event creation to improve your revenue streams before, during, and after the event to find new channels for income.
Be sure to organise all the participants in the best possible way to gather data and search for new revenue streams. Also, direct them to participate in your events via booths, online apps, event management tools, etc., before, during, and after the events. In addition, thanks to competent event planning tools, you can improve your existing brand income, develop your image and reputation, and increase recognition, revenue streams, and so much more.
Any other ideas? Let us know below!