Event Marketing: A Quick Guide For Nonprofits and Associations
For nonprofits, or any event organizer working with a tight budget, planning and executing an event that’s worth the investment can be an immense challenge. In many (worst case) scenarios, nonprofits merely break even or lose money after factoring in direct and indirect costs like food, venue, and staff time. However, this doesn’t mean events can’t be both immensely valuable and net profitable.
Beyond bringing in money, events help your organization raise awareness, connect with major donors, and also builds your brand. But how do you make sure your nonprofit comes out on top in terms of not only attendance and satisfaction, but a net profit as well? While it can’t be guaranteed, the following event and event marketing strategies will help set the foundation of a successful event.
Price It Right
It’s common for event organizers to use what’s known as a “cost-plus” strategy to guide their budget, where you price a bit above your costs. However, this strategy can often leave the ‘what is this event worth to attendees’ question out of the equation.
Instead, skew more toward a value-based approach, which puts attendees first. This makes sense because, without attendees, you don’t have an event. The three parts of a value-based budget includes perceived value, the actual price, and the cost per ticket for the event, all of which give you a clear picture of the overall event economics. The key to this model is making sure the customer’s perceived value is higher than your ticket price. If your cost per ticket is lower than that price, you will make money.
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