Traditional income-generating methods like subscriptions and advertising continue to bring in much needed revenue for publishers. But for many media organizations, successfully developing multiple revenue streams is key to surviving the transition from a print-only world to the digital environment.
As publishers experiment with different income-generating approaches, events and sponsorships have emerged as exciting and profitable ways to bring in more funding. In this article, we’ll explore some of the innovative ways newspapers are making use of event and sponsorship opportunities to increase profits. And, we’ll show you why Lineup’s Adpoint media sales system is the ideal solution for publishers seeking support for their event and sponsorship initiatives.
Revenue potential of events and sponsorship
Events and sponsorships offer significant income potential for publishers. And the number of possible events a publisher can host is vast. From running to food to design, there’s an event to be held for every conceivable interest.
As a publisher, you already have a loyal and committed audience. By hosting an event and offering sponsorships, you’re providing local businesses with the opportunity to meet and greet this audience, and connect with members of the community on a more individual level.
This article from E&P illustrates some of the enterprising ways newspapers across the country are stepping into the innovative space of events and sponsorships:
- The Galveston County Daily News’ Press Run generated $50,000 in revenue for Texas’s oldest newspaper
- A geocaching event held by Bend, Oregon’s The Bulletin attracted a $19,000 funding grant
- The online Jeopardy event hosted by the Santa Fe New Mexican and its nonprofit partner, The Life Link raised over $10,000 for The Life Link
These examples demonstrate the wealth of opportunity that events and sponsorships hold for publishers. And newspapers–long recognized as strong supporters of local communities–are ideally positioned to take advantage of these exciting ideas.
Let Adpoint do the heavy lifting of managing event orders for you
Stepping into the events and sponsorships space can be financially rewarding for publishers. But you may be feeling some trepidation about your company’s ability to successfully host and manage an event.
Your current media sales system might function well enough to handle your subscription and advertising orders. But running events requires a system that can package a wide selection of sponsorship packages as well as manage the orders generated by your events.
Look no further than Lineup’s Adpoint to provide you with the support you need. “Adpoint’s flexible booking system enables our customers to support event revenue within the system, even though it wasn’t necessarily built to do this,” says Neil Rigby, Digital & OMS Product Manager at Lineup. “Because every event is different, I’m always impressed at the innovative ways each customer uses Adpoint to support their events.”
Here are four ways you can leverage Adpoint to provide the events support you need:Generate events bookings with multimedia packages. Your sales reps can quickly reconfigure Adpoint’s bundling feature, called multimedia packages, to create event bookings. You can also choose to customize each multimedia package with add-ons later. These can include a variety of event elements, like:
- Printed advertising assets
- Online display campaigns
- Booth space reservation
Whether you’re pricing by size, time, dimension, CPM (cost per thousand), CPD (cost per day), or CPA (cost per action)—or any other method—you’ll find Adpoint ready for the task. Bill for your event bookings and sponsorship orders. Billing even the most detailed event order is seamless with Adpoint. And Adpoint’s media channels and billing patterns support the ability to price each event element separately. It can even recognize revenue if desired.
Create a sponsorship availability calendar. Leverage a sponsorship availability calendar to show the sponsorship positions you’ve already booked. With Adpoint, you’ll never have to worry about overbooking your sponsorships. Close event and sponsorship deals. Use Adpoint to automatically send proposals and collect contract signatures. With Adpoint’s Document Builder and Digital Signature tools, it’s easy to both formalize and confirm your event and sponsorship deals.
Adpoint also offers several other features that can support your events and sponsorships needs:
- Preconfigure your sponsorship packages to be used for guided selling
- Create base packages that feature both required and optional add-ons
- Use one system to plan out your space and manage event inventory
- Sell and upsell event-related marketing services
- Coordinate your events sales and booking processes
- Easily make amendments to event orders at any time
- Leverage lead generation tools to identify repeat sponsorship opportunities
- Automate billing and collections through payment portal integration
Get the events support you need with Adpoint
Worried that your current system can’t manage events orders and bookings? There’s no need to stay out of this innovative income-producing space. Designed with your flexibility in mind, Adpoint makes it easy to take advantage of the revenue potential events and sponsorships offer. Book a call today to see how Adpoint can provide the events support you need.