Making Money from an Event: Income Items and Income Groups
Prepare a list of income-generating items, including sponsors, selling booths, and selling advertising spaces such as posters, billboards, and promotional options on gifts. Some of the methods to generate income out of an event are selling tickets, selling booths, absorbing sponsors, selling ambient advertising spaces, selling online advertising spaces, advertising and promotion on gifts such as bags or card straps, taking ad orders to publish in the event magazine, and selling spaces for side talks.
Consider any kind of income-generating method out of the opportunities the event provides, and create a table. Assign a numeric or letter code to each method and write in the opposite column the amount of income each item generates. For instance: selling tickets, selling booths, financial sponsor, billboards at the entrance, indoor billboards, backdrop banners, floor stickers in the venue, promotional gifts, staff uniforms.
By preparing a list of income-generating methods and your target market, you can see from which group of people you can earn income. Each income-generating method is suitable for one of your target groups. For example, financial sponsorship is the suitable method for associations, and selling booths is suitable for food companies. In front of the list, write down from which group of audiences you can earn the income related to that method, and add the names of income-generating individuals. If you have a proper website or an active account on social media and website ads are one of your methods, write that among your available resources.
In your marketing plan, you determine a marketing strategy not for every single method, but for each group of income-generating methods. You integrate your work by preparing this table.