Bold title, eh. I stand by it 100%! Let's make this short and sweet.
Are you delighted with the revenue from your event, or do you yearn for more moolah?
If you're completely satisfied, terrific! You can stop reading here and have a fantastic day!
If you are NOT satisfied, opportunity awaits you ...
What's the massive untapped revenue opportunity?
Selling a VIP ticket or creating a VIP experience for your event. I cannot think of a single event on the planet that couldn't implement a VIP experience. It is also one of the first places we start with new clients. We find mountains of potential revenue on the table. In some cases, it's absurd!
You might recall this jaw-dropping example from an earlier email. Years ago, I helped a Canadian client create and sell a CAD 4,000 VIP ticket to their free event. The customer was so elated with their experience; they bought many additional VIP tickets over the years.
In California, there is a free event that sells millions of dollars of VIP seating upgrades every year. To be fair, it took them over twenty years to get to that point.
Most free event clients sell their VIP tickets for anywhere between USD 50 to USD 250. Clients with paid gate events sell VIP tickets for USD 150 to USD 550 for a daily ticket.
There is one critical caveat to VIP tickets. You and your team cannot pooch the execution of a VIP customer experience. And in the realm of high dollar VIP tickets, it's all about what the customer thinks. One major screw up and you're toast!
All told, VIP tickets have generated millions in gross revenue for clients. In some cases, the events started with nothing, no website, no previous attendee database, nothing!
Sunday's short and sweet advice: If you aren't selling a VIP ticket to your event, get started TODAY. Look back at the "Hookers host . . . Wine Tasting event" email and get modeling!
In the future, the plan is to dedicate a least one monthly Event Profit Report and probably an entire book to creating and selling a VIP customer experience. But you should not wait around. Better to implement today and refine later.
Tomorrow, the 11th marks the launch of the Event Profit Report. For the millions in revenue generated via VIP ticket sales, every client leveraged a unique marketing tool. That tool will be featured in the inaugural issue. Even better, you get an action plan for implementing that powerful marketing tool. Because most events are making a total mess of it!
Whereas my daily emails are strategic in nature, the Event Profit Report gets down to the tactical execution level. It is intended for events that are well established (at least three years of experience). That's not to say a new event organizer couldn't implement the information.
You must implement the information you discover, even if you're unsure. If not, it's not worth your time or investment. I don't want to take people's money who aren't going to do anything with their investment.
Hopefully, you appreciate the honesty.
Here are a few more premium ticketing insights:
- Charging a Premium Event Ticket Price
- An Event VIP Experience Done Right – Red Bull Style
- Are you exceeding their expectations?
- Turn Your Event Into an Experience
- Monetizing Free Events - There is Money Everywhere