In the digital marketing world, hosting an event can bring many benefits. From positioning your agency and making connections to making money—there are many reasons why event planning should be in your wheelhouse. 31% of marketers believe that events are the most effective marketing channel.
Hosting digital marketing conferences creates a perfect opportunity to grow your revenue. Three key ways to achieve ROI through your event are tickets, selling, and branding. It’s important to plan a more reliable way to increase profit strategically.
With the economic state, people are wearier of their expenses and the things they invest in. So providing a valuable event that people will want to attend is key and will ensure you make money from ticket sales. Let’s take a closer look at how this can help increase earnings:
The first and most common way to make money from your digital marketing summits is by charging for tickets. This method is often the easiest because you don’t have to change anything about your event to make a profit—set a price and sell.
However, this is an outdated way of profiting from events and is no longer as effective as it once was. To profit significantly from ticket sales, your event must be incredible and offer something others don’t. With so many events being hosted daily, it’s becoming increasingly difficult to stand out—resulting in fewer people buying tickets.
You must balance making a profit and ensuring that your attendees feel like they’re getting their money’s worth. A great way to do this is by offering early bird pricing or discounts for groups who purchase multiple tickets. This will help boost sales and create a sense of urgency for potential attendees.
Promote and Sell
Although selling tickets is a classic way of profiting from hosting an event, it’s not the most effective way in today’s climate. A more effective way to profit from digital marketing summits is through selling – whether you’re selling a product, yourself, your brand, or another event – using your event as a platform to make sales is an incredible way to increase earnings.
When selling products at your event, it’s important to carefully consider what you’re selling and who your target market is. You want to ensure that your product is valuable and relevant to those in attendance. For example, selling digital marketing software would be an ideal product if you’re hosting a digital marketing conference. Not only is it valuable and relevant, but it’s also something that attendees are likely interested in purchasing.
No Selling Limit
Another great thing about selling products at your event is that it doesn’t have to be limited to physical items. You can also sell services, memberships, subscriptions, etc. The sky’s the limit.
Selling products helps you minimize loss. Having hosted a digital marketing event, selling products is an approach we took to increase earnings, and it was very effective by ensuring we’re profiting off what we’re selling. Our event’s total value came to around a million dollars. We only earned back 800k from selling tickets and other marketing efforts. That’s a 200k loss. However, we were able to sell around 30k of our services to around 30 people each, gaining back our initial investment and more.
Establishing your agency as an authority in the industry — which is incredibly valuable when attracting new clients — is a big perk of hosting a digital marketing event. By hosting a successful event, you’re effectively branding your agency and positioning yourself as an expert in your field. This is a huge selling point for potential clients looking for an agency that knows what they’re doing.
You can also take advantage of the branding aspect by being a sponsor of someone else’s event. This will help get your name out there and expose your brand to a new audience. And, if you can secure a sponsorship opportunity with a high-profile event, it can do wonders for your agency’s reputation.
Events Are Changing Business
There needs to be a lot of research and planning to ensure you won’t have any major financial loss that may damage your agency. You don’t want to end up hosting an event that won’t be well attended or will cost you more money than what you make.
Hosting a digital marketing event opens many doors for your agency. If you want to learn more about how we have scaled our agency to 8 figures in just 5 years, check out our “Digital Agency Hacker” book and grab a copy!