Date post: | 24-Jan-2015 |
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How to monetise events for fun, profit
and charityBy Grahame Lynch, convenor CommsDay
Summit & owner Overground Bar+Cafe
Daily newsletter, biannual event for Australia/ NZ telecom/mobile/data centre sector
About CommsDay Summit
Revenue share model with DJs, bands, comedy night organisers
About Overground Bar+Cafe
MANY COSTS UPFRONT
* Venue hire * Printing,
promotion costs * Insurance * Funds to counter
risk of shortfall
MONETISE BEFORE THE EVENT
* Early bird discounts 25% or 3 for 2 deals * Get sponsors to pay
half upfront and half after
* Get sponsors to directly cover costs* Online booking/ direct response/ease of purchase
Pre-monetise events
Sponsors want: * visibility * prominent
association with cause
* pre-, during and post- exposure
* platform to promote real products and services
So deliver them: * co-branding on posters,
social media, advertising, banners
* branding on post-event photos, videos
* naming rights * free passes * stands at events * sample, product giveaways
and sales (ie beer monopoly) * meetings with performers,
photo, vod and podcast opportunities
* special sessions or sections to sponsor
Structuring sponsorships
CATEGORISE SPONSORSHIP
DIAMOND
PLATINUM
DINNER
GOLD
SILVER
REFRESHMENTS (COFFEE)
WIRELESS SESSION
WI-FI
SUPPORTERS (STANDS OR BULK TICKET PUCHASES)
SPONSORSHIPS * Categories should be
tiered with various levels of commitment
* Be aware of their opportunity cost, advertising profile can help bridge the gap
* New brands and concepts require lower entry pricing – you need to earn premiums
ATTENDEES * Bangkokians not that
affluent * Early bird discounts,
group discounts * VIP privileges
(benefits must be real) * Consider pricing of
alternatives * price for maximum
uptake, ask for donations later
How to price events
* Tie costs to specific sponsorships ie Hugo presented by Ansell
* Ask for volunteers to perform specific tasks with measurable commitments (reverse auction)
* Tender for venues publically
* Invite specific media to become involved as organisers/volunteers
* Trade room hire/costs for indirect revenues such as room nights
* Encourage sponsors to provide labour
* Build your own databases year around
Control and reduce costs
ARTISTS (SPEAKERS) * Dedicate a
manager to serving their needs/ greeting them
* Give them a private area
* They are the reason people are there, treat them accordingly
VENUE * Simplify/minimise
promises to attendees about venue experience
* Ensure signage everywhere
* Don’t promise what someone else might not deliver
* Everything in writing = always
* But personal relationships important
Smooth on the day
Paid promotion and advertising is expensive Trade sponsorships for media ad placement Hold a pre-event press showcase Use the PR/marketing power of sponsors Use your talent as press material Social media (Facebook) a must Plan for the worst (being attacked by the charity for
example) Employ marketing/sales volunteers not just workers
on the day Consider trading a sponsorship for a professional PR
campaign
Marketing and media
Even charity events are businesses: they need to be capitalised with cash from day 1
Event sponsorships are more valuable the longer they last ie plan for 3 months pre and 1 month post. Conceptualise the value of your event in terms of project life, not just the day of the event
Longer planning times are worth it anyway Be consistent with branding – positive word of mouth should
accrue to the event brand not the individuals behind it Do not criticise any stakeholder in public EVER People are forgiving in Bangkok – do not fear hiccups or small
failures For charities set a target: involve ALL stakeholders in taking
responsibility for reaching that target (the telethon model) Also for charities: accountability is a must, inclusion of
stakeholders highly desirable as PROFIT is being traded for VIRTUE
Final points
Questions?