How can you increase revenue on a failing event?
Sometimes it might not always be obvious why the revenue numbers drop on events. Some long standing events can enjoy years of good numbers, then they start to dwindle. Some of this can be industry specific, drop in the market for instance, but there are a number of ways you can look more carefully at your event to try and discover what is causing the loss of interest. Many events will follow the same style and setup without any changes for years. This can be a contributing factor to loss of revenue, if you are targeting the same delegates to attend your events, and every year they see the same setup and style and nothing new they can lose interest in the event altogether, try looking at a different venue, finding a more accessible locations and really look at the type of audience you have and what type of venue really suits them.
Creating an engaging programme is another option, this of course is obvious but sometimes individuals can get carried away with a topic that they’ve seen banded about in the industry but is this actually something delegates want to discuss or listen to in a conference setting? Really look at what isn’t being talked about but something we all really need to be talking about and approaching slightly controversial speakers, to peak people’s interest.
What you’re offering the delegates and this goes for sponsors too, look at the pack you are offering them and then the price you are charging. It’s all well and good comparing the ticket/sponsorship price with other similar events but if you not offering as much as they are should you really be charging that much! At the end of the day the worth of something is only what people are willing to pay for it.
Lastly look at the marketing strategy for the event, it’s easy to think you can market events in the same way as everything else but events are similar to campaign marketing. They are a product you are selling, so just opening ticket sales for months on end doesn’t mean more sales, in fact having a smaller window for the tickets to sell with some key points where you can drum up interest and really push the events works better to getting people booking, and most importantly don’t be afraid to make a change, events need to change and evolve to survive.