Writing this post brings me back to the time when I was starting GTeX with my partner, Ben. Back then, I was inexperienced. I just knew that one day I wanted to run a company where I would coach others on how to effectively run their firms and at the same time make their lives better. Anyway, back to the question at hand. Yes, so, I attended many events during that time. And I remember being impressed by the energy that surrounded such big events. At the time, I thought like many people did; I thought that hosting large successful events and seminars was the only way that companies could successfully sell their products. I have run over 800 events since then, and what I have come to realize is that how to make big money from events does not depend on the size of the event you host, but how much your audience learns and appreciates the experience you put before them. If you want to learn how to make big money from events no matter how small, stick with me and find out.
Before we get to the part where I explain how to make big money from small events, I want you to ask yourself one question. Are you sure you want to host a small event to sell your product? Granted, different products have different audiences and therefore different selling points. If you are sure that a small gathering of a hundred, twenty or even eight people is what is right for your company, a thumbs up to you. In the next section, I will let you know how to optimize the amount of returns you can get from your event.
How to Make Big Money from Events: The Three-Step Process
You know your product and your target market. You want to create that one event that will bring those two components together in a way that gives you the best returns on your investment. Hosting a £20,000 event is out of the question because that would mean getting at least £100,000 from your clients. So what do you do? How do you tailor your event to your audience, meeting your consumers’ demands while at the same time cutting your event expenses (venue, catering etc.)? The answer to that is simple: you run your small event in the best way possible. Whenever my clients ask me how to make big money from events, that is what I always tell them: to host the event smart. The scale does not matter when the end result is the same. And here are the three ways that you can ensure that every seminar or free conference that you host for your business from now on brings in the big money.
Step 1: Give your Participants a Great Experience
Whenever I try looking back at the events I used to attend about four years ago, I realize one crucial thing. I only remember the events where I learned something, or met someone, or had a memorable experience overall. Running my own business, I know that the person who matters the most is my consumer. Therefore, if you really want to create an event where you and your products are successful, you need to put yourself in the shoes of your audience and create an experience that they would like to have, that even you would appreciate being offered if you were an attendee.
Now, this is where it gets tricky. Remember that you and your target group are different people, so as much as you plan an event according to what you would want, remember to actually ask your audience what they really want. You could do it by doing research on past events or on those hosted by your competition. Once you know what your attendees desire to gain from you, make it the selling point of your event.
If a customer came to your conference to learn something new, tell them about it, or better yet, help them create something before they leave. Be present for questions, make them feel the intimacy that comes from attending your small gathering instead of just being one in 800 people. Once you create a memorable and unique for your clients during an event, they will feel appreciated. The more appreciated they feel, the more merchandise they will likely buy. Selling experiences is one of the best ‘how to make big money from events’ selling points there are.
Step 2: Create a Program that suits Your Event and Product
When you want to put your product on the market, what is the first thing you do? Sure, researching an audience and coming up with a good they can use is usually part of the plan, but what is the main goal? If you came up with something in the lines of making money, then you are correct. When you are dealing with an event, however, the result you should aim for is increased sales or exposure. Keeping that in mind is the best way to come up with an event that will achieve the desired result for your product.
I will not get into the details of designing a program to suit your event and product from scratch because as I said, various companies have varying products and will, therefore, come up with different programs. I will tell you one thing about how to make big money from events despite that. If you want your product launch or promotion to be successful, you will spread your program out over three days. Trust me when I say that I tried the technique myself and know that is works. Why? Because three days means that your clients will get used to you by day one, get to know you by day two, and invest in you by day three. Because more than three days is usually too much time to ask as leave for most people. Three days is typically enough time invested in your clients to ensure they spend more money on your product.
Step 3: Monetize your event the right way
I do not like traditional means of financing events because it leaves little money for the audience once guest speakers and other hired parties are paid. Not sure how to make big money from events because of costs? Try going the sponsorship route. And personalizing your offers.
Sponsorship is a great way to save on funds especially if you are hosting your first conference or seminar. What you do is you approach another party to cover some of the cost before giving them something in return.
Another way to save money and create amazing experiences for your clients is offering personalized packages. When people hear you are hosting an event, they expect to hear from you, not Simone Vincenzi or any other speaker during the event. Availing yourself to a small but exclusive audience as you host your event guarantees that you can make higher conversions during the event. Again, people will pay more for your product when they feel like you have invested in them.
I hope you have taken something away from this post. If you have any questions, feel free to reach me at [email protected] so that I can hook you up with a free consultation on how to make big money from events.