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4 Reasons to Generate Event Revenue with Content Licensing
Published on 9/15/2016 by Brittni Castilaw
At a recent marketing event, I was captivated by the discussion, opinions and perspectives from an in-depth panel discussion on SEO. I can always bank on panels to deliver, but this one hit it out of the park with real-world examples from four industry experts. I walked away not only feeling inspired, but with actionable items to put into motion once I got back to the office.
If you’re involved in the event industry, you know the best way to guarantee a lively and useful panel discussion is to assemble a diverse group of individuals who can bring differing views to the table.
The same is true for event revenue. Having a diverse revenue stream can not only make your events more profitable – you may even find revenue that you had never considered, like from content licensing. Creating a licensing program integrated into your event revenue model can substantially boost your bottom line.
Still on the fence about generating event revenue with content licensing? We’ve listed four reasons to consider it.
Your Brand has Value
You’ve likely spent years hosting your event and built it into a larger, bigger revenue generator. Congratulations, you’ve built a brand that has value. If your audience and exhibitors see enough value to purchase a ticket, travel and sponsor your event, then it’s time to look at where else that value can take you.
As you move forward, you start to create a community. Throughout each year, you update this group with strategies, host Twitter chats, create content targeted to them and see them again the following year. This is value.
Value translates to revenue. The main ingredient in developing and executing a profitable content licensing strategy is already having a valuable brand.
Consider Your Exhibitors
Have an exhibit hall at your event? It’s likely a big portion of the revenue you generate, right?
Take a hard look at how your exhibitors market their products and services during the event. Are they launching new products? Perhaps they are distributing press releases to generate more buzz around their presence at the event.
Marketers (including myself) try to get the biggest bang for their buck during events. They have a captive audience, a hefty budget and freedom to develop creative strategies in generating traffic, ultimately resulting in positive ROI.
There are opportunities here with content licensing. Understand what motivates your exhibitors and offer licensing opportunities to help them achieve their overall event objectives.
When you create content licensing programs for your event, you will see an increase in awareness across the board. For example, if you were to launch an award program (or monetize a current program), winners will promote these awards across their marketing material, which in turn promotes your event.
Perhaps you even integrate an audience choice award and have the attendees select the best of the best by visiting your website. This increases awareness while also driving web traffic.
Several scenarios are possible and depend on each individual event.
It’s no secret that content licensing generates revenue. By integrating content licensing into your overall event strategy, you will see this firsthand.
There are several ways to monetize your events with content licensing. To be successful, you will need to find the right partner to help develop a content licensing program tailored to your event. This critical decision can lead to many thousands of dollars in additional revenue.