When it comes to planning a live event you have the opportunity to expose your business to a new potential revenue stream. There are several ways in which you can benefit from live events in order to make a profit, however the manner in which you plan your event will determine how you are able to monetise it. Before you start planning your event you need to establish a set of strategies that you intend to use to monetise your event.
You should start by first considering how the event fits into the overall strategy of your business. How does the purpose of the event complement the goals of your business? Is your event purposely looking to generate revenue or are you looking to launch a brand new product? Another aspect to consider is whether this event is likely to be an ongoing affair with a continuous revenue stream or is it going to be a one off event with one specific goal? Once you have established how the goal of your event fits in with the strategy of your business then this will help you to plan how to properly monetise your event.
You also need to decide how much profit you intend to generate. As you ask yourself how much money you realistically think you can make you should bear in mind the resources your event is likely to require in order to generate such turnover. Whilst you are trying to be realistic about your financial goals it can be easy to fall into the trap of underestimating the extent to which you can profit from the event. Don't set the bar too low as you will be surprised at the sort of profits that a well planned event can generate, provided the correct strategies are employed.
An effective strategy to monetise your event is by creating a product from the event itself. Perhaps you could set up an event with industry recognised speakers where written materials are available along with the opportunity to interface with these speakers. From this event you could go on to create a DVD series along with accompanying documents and materials which you could sell to those who are unable to attend. If there is enough demand you may find that selling DVDs could actually generate more revenue than the event itself.
If your event is likely to occur frequently, or at least be the first in a succession of events then this can be a good way of ensuring a continuous revenue stream. Perhaps you could hold an annual conference or plan a series of seminars on a topic specific to your particular field. A series of smaller events held under the umbrella of one super-event is also a very effective means of generating money.
For smaller companies it is feasible that individuals within the organisation will be able to plan and execute your event. For larger companies (particular larger corporate outfits) it is simply unrealistic to expect employees to dedicate their time and resources towards organising an event. In such cases is is common for these companies to approach professional event planning companies who will be able to take care of all aspects of the planning and execution process.