AS a kid growing up in the countryside, I remember being excited every time the circus came to town. But unlike the grand circus we have today, those in the villages had a limited show offering; its highlight was when clown-clad acrobats did their stunts on one big trampoline.
I’m reminded of this anecdote when I heard the term “trampoline effect” from our webinar speaker, Deanna Varga, managing director and founder of Australia-based Mayvin Global, a consultancy specializing in the delivery of commercial and revenue generation solutions for associations, tourism, business events and the arts. The webinar topic was “Revenue Generation and Diversifying Revenue Streams.”
In addition to membership dues, Deanna cited a range of revenue streams such as education and accreditation, conference and exhibitions, awards programs, networking events, sponsorships, donations and grants, and consulting services. All of these were impacted by the pandemic in one way or the other. For example, while face-to-face events may have decreased, virtual events have increased.
However, many associations offer virtual events for free. So how can you leverage free registrations from these events? Deanna offered the following ways:
1. Data analytics. Mine the data and put this into use. There’s no point having a number of attendees if you don’t do anything with them afterwards.
Data analytics also doesn’t have to be complicated or costly. Your technology provider can assist and provide insights into the registrations. If you are doing it yourself (via Zoom or other platforms), make sure you include questions on the registration form that can provide you leads so you can monetize from free registrations.
2. Q&A and chat rooms. Webinar interaction gets attendees highly engaged, but this does not get sustained after the event. To keep this alive: (a) follow conversations and assign people (volunteers, ambassadors, or board members) to track certain conversations and report back; (b) follow up on unanswered questions; and, (c) follow up with the speaker.
3. Upselling. A key to monetizing free registrations is to have valuable buy-up options.
For example, you may provide free access to the main event but you can charge for the pre-events. You may also offer certain components and experiences like a speaker deep-dive session or sell a book, technical report, case study materials, etc.
The key to all these is data, data, data. Like in a trampoline, all the data converge in one place and if you don’t capture or do something with them, they bounce off randomly to various directions. By knowing and understanding data and how it can work for your association, you reduce the bounce-off effect of the trampoline, steadying your balance, and making data serve your association well.
Octavio Peralta is founder and CEO of the Philippine Council of Associations and Association Executives and concurrently, President of the Asia-Pacific Federation of Association Organizations. The views Peralta expressed in his column do not necessarily reflect those of the BusinessMirror. E-mail: [email protected]