Events in the nonprofit space aren’t just about dressing up in fancy clothes and bringing in donations; there is so much more to them than that. While engaging with donors is critical and events offer the perfect place to showcase where donations go, events also offer organizations an opportunity to bring in people who are new supporters and pull on other revenue streams.
Events create an environment that’s perfect for drumming up excitement and rejuvenating the supporters of your cause but it’s important to maximize the potential of every event by getting creative with your attendee list and boosting opportunities for more revenue.
Expanding Your Reach
Networking in your area and attending events for similar or like-minded organizations can help connections form with people who have shared interests and passions. Going to a conference for job equity can be the perfect place to chat with people about your organization that helps single mothers get back on their feet and break into the professional world. While the goal is never to detract from the event taking place, find opportunities to add value and bring more people into what your organization does!
Hacks to Generating More Revenue at Events
Your nonprofit has its annual conference coming up; aside from advertising thoroughly, you’ve spent the last year networking, growing your attendee list, and working with similar organizations in your area, and now, you’re expecting the largest turnout this event has ever seen. But are you getting the most out of your attendees in terms of financial support? Asking for donations is obvious, but here are some ways to boost revenue streams without begging:
Sponsorships
Though a traditional revenue route, obtaining sponsorships can be a great way to cover the costs of the event and bring in money from large organizations. Usually, when sponsoring, businesses want their name to be posted somewhere at the event. Be careful to not oversell sponsorship slots or these opportunities lose value to the sponsors and to your attendees.
Event Insurance
Think of how much money is made from airline insurance. Sure, people love the idea of getting a refund if they are suddenly unable to attend, but most people that purchase tickets will attend. By selling insurance, you’ll likely make more revenue than you’ll have to pay out for those who cancel.
Future Discounts for Attendees
If you have another event coming up in the future, or an event next year, offering discounts for other events can be a great way to sell event tickets. One out-of-the-box approach here is to partner with a similar organization and both offer discounts for attendees of the other organization’s event. This is the perfect way to increase your reach while pulling in revenue at the same time!
Exclusive Access to Educational Materials
Virtual classrooms and materials are more valuable than ever. With digital literacy higher than ever, people love the idea of catalogs of valuable information that they get exclusive access to. You can record conference sessions and open up past conferences online, allowing attendees to get even more benefits out of every event.
Event Competitions
Everyone loves healthy competition, especially if it’s in support of a good cause. Offering attendees, the chance to participate in a fun competition that requires an entry fee is a great way to increase revenue without making everyone feel as if their pockets are involuntarily drained.
Creative Thinking Goes a Long Way
Don’t overcomplicate your event. You can have a lot of fun and make a lot more money by incorporating small opportunities for attendees to give juuuust a little bit more. Events will always be key components for nonprofits so it’s important we learn how to make the most out of each event by expanding the audience and increasing their donations.
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