Membership fees only make up around a third of revenue for many member organisations. Therefore, we understand that generating revenue and cost savings from other sources is key. So here are our top three ideas for generating additional revenue through events.
1. Open your event up to members and non-members
We understand that there is a balance to be struck when it comes to opening up your member events. Part of the benefit of membership will be the exclusive member events and networking opportunities. However, we know that opening up some of your events to non-members can have a number of benefits for member engagement as well as revenue generation.
- Tired pricing – having a preferential price for members and higher charge for non-member tickets
- Increase value for exhibitors – having a broader audience can add additional reach and value to exhibitors at your events – thereby potentially attracting more exhibitors
- Opportunity to grow membership – by showcasing your organisation and benefits to potential members.
- Hold taster events aimed at non-members – this opens the channels for non-members attending fee-paying events
- Improve networking opportunities for existing members by bringing new people in.
2. Sell advertising space, sponsorships and/or sampling opportunities
Membership and association events are a potentially huge opportunity for brands and businesses looking to engage their target audience. Identify the businesses that have a common interest in your members as an audience and look to offer marketing opportunities to these brands. Open up those marketing opportunities across advertising on materials, sponsorship of the event, parts of the event or awards and sampling within goody bags/dinner favours.
3. Hold a variety of events
Eventbrite and MemberWise surveyed 120 association and membership organisation representative to find out about opportunities and trends. Did you know that only 20% of those surveyed say they hold fewer than 4 events per year? Are you taking advantage of this trend and hosting more events, enabling you to drive more revenue? Consider a variety of events including training and workshops, celebrations and networking events
Bonus cost-saving idea
Use a free venue finding service In the same survey by MemberWise and Eventbrite, the respondents said that organisational aspects of event planning such as finding and booking the venue and arranging the catering were the second most time-consuming part of planning the event (after creating the content). So we have a top tip for you! Let someone else find and book your venue. We can not only save you time by doing the legwork free of charge – but we can also save you money through our relationships with venues across the UK.