Today’s event planners are quickly realizing there’s more than one way to generate revenue from a single event. And while you might already have a few irons in the fire, you could still be overlooking a few key ways to earn more. So check out this list of revenue streams New York event planners are leveraging with each corporate, virtual, and social event that allows them to explore deeper earning potential.
Understanding the Various Ways to Earn from an Event
When you itemize the event budget with your clients, you’ll generally look at three key components. There are direct revenue channels, event expenses, and then net income or loss evaluations.
Revenue Channels: These represent direct earning potential from the event and money exchanges for goods and services.
Event Expenses: These represent the cost of putting on the event. You can explore increasing ROI by reducing event expenses.
Net Income & Loss: These are your margins that will ultimately determine an event’s monetary success.
Today, we’ll be sharing insights for that first category. These are the revenue streams you might not be tapping into yet for added earning potential.
1. Registration Fees & Tickets
Ok, so maybe this is a more obvious revenue opportunity, but it’s worth mentioning. As the event planner, you can look for ways to generate more from an event with ticket sales, registrations, or exhibitor booths. These earnings can be sold and collected up front, providing you with a more robust backup of reserves for seeing your event through to completion.
2. On & Offline Advertising
Marketers today are offering a robust menu of advertising options to support and monetize their events. You can explore both online and offline opportunities, including event signage, banner ads on the event website, and print visibility with event programs.
3. Digital Data
An organizer can benefit directly from attendee tracking. Those lists represent potential clients and guests for upcoming events. If you’re not tracking and leveraging these digital assets, you’re missing out on a critical opportunity for additional revenue.
4. Merchandise & Licensing Opportunities
Depending on the theme and nature of your event, you could tap into merchandise sales and licensing opportunities for added revenue. From book sales and CDs to branded giveaways, explore how you can bring in additional earnings.
5. Sponsorships Are Game-Changers
We often share insights about how to develop and sell sponsorship packages for your events. Structuring tiers of opt-in opportunities, pairing them with high-value rewards and benefits to the sponsors, will generate more interest in your event. Brands and companies will generously buy in to position themselves in front of your event’s captured audience.
6. Event Commemoration
Your event might be perfect for creating and selling branded souvenirs and commemorative gifts. These might include take-home items for the guests, like wearables, branded mugs, or totes. These can be packed as bulk purchases for participating companies or brands. Or they can be one-off purchases for attendees looking to commemorate the event itself.
7. Food & Beverage Sales
Some events present unique opportunities to generate revenue with additional food and beverage sales. Explore your options with your events and consider negotiating new earning potential with catering and venue partners. Accounting for a significant portion of an event's expenses, even negotiating lower rates can add to your event’s bottom line.
8. Games, Raffles & Prizes
Events are intended to be fun. And nothing’s more fun than an exciting auction, a big-ticket raffle, or event games that offer incredible prizes. Tap into these entertainment-related revenue streams to boost your event’s earning potential in a big way!
Amp up your event’s earning potential by exploring some of these key revenue streams you might not be leveraging. And for more insights about growing your event planning business, get on the waitlist for The Event Planner Expo 2023!