As you know, associations exist to better the world around them by providing education and resources to their members. Unfortunately, it’s hard to do this on any meaningful scale without quite a bit of funding. It’s easy to see why most of them are looking for ways to boost their revenue!
Surprisingly, many are ignoring one of the easiest and most productive ways that associations make money.
If your meeting or conference is lacking the revenue generation it requires to be profitable…
If you’re looking to add a new revenue source to your registration and exhibit fees…
Live Streaming may be the solution!
Live streaming your conference creates a third source of revenue that can equal or exceed the revenue from physical registration and exhibit fees.
Here’s an example:
Let’s take a look at one of our clients (who declined to be mentioned by name). This organization usually gets between 200 and 300 physical attendees for their events, all paying a registration fee in excess of $1,500. Then, they live stream their conference and get 500-700 virtual attendees, who all pay the same price as those who go to the conference in person.
The end result? Not only does our client turn a profit from the stream, they more than double their total income from the event.
Revenue based on Type of Attendee
This is not hypothetical or an anomaly.
We have several association clients who are experiencing similar results. And while most associations aren’t exceeding their physical income, many are. Even those who don’t are adding a significant third source of revenue that makes a stunning difference to the profitability of their event.
In addition, many associations run lots of events over the course of a year. If your association is one of them, go ahead and multiply the extra revenue from one conference across ten or thirty meetings. The exact number will vary, of course, but you’re looking at millions in additional revenue.
For some people, traveling to a conference just isn’t practical. Especially for those living abroad, the cost and hassle of travel is sometimes simply too much. While many of these people would be absolutely willing to pay for admission, the added expenses on top of that are too much to ask.
It’s in cases like these where live streaming helps to connect associations with their members. By eliminating those extra costs, you’re welcoming all those people to share in the knowledge you’ve already worked so hard to provide, while still making sure that your organization has enough income to continue so doing in the future.
Live streaming is also a great way for associations to attract the younger generations. Millennials have a key combination of traits that make streaming your conference one of the most viable ways to get them to join up and become a member of your association:
- Let’s start with the bad news. The data shows that millennials are less likely to attend conferences physically than previous generations.
- However, since they’re also more technologically connected than their predecessors, they’re much more likely to attend conferences virtually!
Additionally, because they find live streaming so convenient, millennials are likely to use it as a point of entry into your association. Once they’ve seen how valuable what you have to offer is from the comfort of their homes, they’ll be more willing to not only attend physically in the future, but join as a full member.