In this economy, there is a real need for associations to be able to create more of their own revenue. We understand that it is becoming increasingly difficult to be able to break even as an association, not to mention being able to function as a not-for-profit organization. Thus, in this New Year we may be seeing organizations really hone in on the ways they conduct their business, and look into a potential evolution of their processes. This means a stronger focus on entrepreneurship in order to meet association goals. Of course, drawing in revenue, in no small part, comes from hosting events. With that in mind, we would like to share some ideas for generating new revenue when it comes to your events in 2012-2013:

Selling sponsorship/ad space

This can be anything from what we call “online real estate,” meaning sponsor visibility on websites or emails, to sponsor-directed questions in event-related surveys, to physical table sponsorship at an event or branded product giveaways. A great idea might be to advertise association meeting sponsors on T-shirts, or to host a casino night with the blackjack table being a lower-level sponsor and the roulette table being a higher level sponsor. Being able to offer this visibility as part of a sponsorship package could potentially offset the entire cost of an event.

“VIP” registration

It’s no surprise that people enjoy living the good life. By simply selling the ability to be a VIP at an event, this gives individuals the opportunity to enjoy perks such as prime seating, special receptions, skipping lines, etc. while allowing your organization to charge a higher price for the registration. You could even combine this option with sponsorship visibility by including a special “goodie bag” with branded products. If your event is in a congested area or at a crowded restaurant, you could include parking or valet within the ticket price, or if you have a special speaker, this could be admission to a breakout schmooze session with that guest.

Running breakout fundraisers

 Even if you don’t normally hold fundraisers, creating a breakout session at an event that members are already attending increases the likelihood that they will make an appearance at the fundraiser. This session could be in the form of an auction, contest, or special cocktail hour, and can be presented as an add-on ticket during the registration process. In this way, you can encourage members to attend the function without actually including it as part of the regular event. Optional “fun” sessions such as this are a great way to raise a few extra dollars.

Collaborate

To decrease the cost burden of an event, hold a collaborative event with a related organization or another chapter of your association. Reducing the fragmentation and decreasing any “competitiveness” within your industry will result in much more profitable and valuable events for your members.

What great revenue-collecting ideas have YOU used? Let us know!