Tuesday, March 30, 2010

Got Content? Seven Ideas for Monetizing with Events

The current lingo for pounding coin out of content is monetizing. The old term was making money. However you phrase it, new events are a key opportunity for old and new media alike as the economy begins to turn. There will always be a place for face-to-face!

Monetizing sounds sanitized but making good content profitable is usually a messy muddle. Events could be your best way to package your content for a price. Here are seven quick thoughts to help you succeed:

1. Size matters
Your audience and the universe from which it is derived have to be big enough to support an event. Typically for B2B events, you have to be able to reach the audience directly from good lists. I’ve developed event audiences from scratch, and still have scars.

2. Response rates are key
You need evidence that your audience will show up. I’ve started events “on faith” but I much prefer evidence.

3. Content is Queen
You need something sexy to say. Your event’s perspective and voice must attract and hold your audience emotionally. And it needs to be lively. Your program could include audience-driven programming as well as elements guided by your company’s content expertise.

4. Cash is King
You need somebody that will pay. There are many ways to assemble profitable event models depending on the revenue sources and you can slice and dice or bundle and mix the ingredients creatively but the numbers have to work. Start with the value propositions for your paying customers and build out from there.

5. Start now
You can not start event-planning too early. Canceling or postponing an event is a killer. I never-say-never to any humanly possible schedule but risks go up as lead-time goes down.

6. Think big
The best events are visionary. There are ways to mitigate risk but too much focus on the downside robs you of upside potential. There are ways to make small events profitable but scale on some dimension will pay better. I always try to make events bigger or turn a single event into a series.

7. Make it new
The event business is ripe for innovation. Get creative with media and technology.

Any questions? Ideas to add? Comment below or get in touch. Its time to get to work on your next event!

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