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E-Business

Event Goldmine: Strategies for a Lucrative 2023 Celebration Circuit

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Reuben Kalu
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By Reuben Kalu

As the world embarks on a new year, the enthusiasm for in-person events is palpable. After facing limitations and uncertainties, people are eager to reconnect, learn, and celebrate together.

Event Goldmine: Strategies for a Lucrative 2023 Celebration Circuit

Reuben Kalu

This article delves into the evolving landscape of event monetization, offering insights and strategies for individuals and businesses looking to capitalize on the renewed interest in gatherings.

  1. The Resurgence of In-Person Events:
  2. Post-Pandemic Dynamics:
  • Reflecting on the impact of the pandemic on the events industry.
  • The psychological shift and increased value placed on in-person interactions.
  • Emerging trends in event preferences and attendee expectations.
  1. Diverse Event Opportunities:
  • Conferences and conventions.
  • Workshops and training sessions.
  • Festivals and entertainment events.
  • Social and networking gatherings.
  1. Understanding Your Audience:
  2. Targeting the Right Demographics:
  • Analyzing your event niche and identifying target demographics.
  • Conducting market research to understand attendee preferences.
  • Utilizing data analytics to tailor events to audience expectations.
  1. Building Community Engagement:

Leveraging social media platforms to create pre-event buzz.

Encouraging user-generated content and participant interaction.

Establishing a sense of community to foster long-term engagement.

III. Event Monetization Strategies:

  1. Ticket Sales and Pricing Models:
  • Implementing tiered ticket pricing for different attendee experiences.
  • Offering early bird specials and exclusive packages.
  • Exploring dynamic pricing based on demand and availability.
  1. Sponsorship and Brand Partnerships:
  • Crafting compelling sponsorship packages.
  • Identifying and approaching potential sponsors aligned with your event.
  • Leveraging brand partnerships for mutual promotion and financial support.
  1. Merchandising and Souvenirs:
  • Designing branded merchandise to enhance event memorability.
  • Setting up on-site or online merchandise stores.
  • Utilizing limited-edition items for exclusivity and increased demand.
  1. Upselling and Add-Ons:
  • Offering premium experiences and VIP packages.
  • Providing additional services or perks for an extra fee.
  • Creating an à la carte menu of add-on options.
  1. Leveraging Technology for Monetization:
  2. Virtual and Hybrid Events:
  • Expanding reach through virtual attendance options.
  • Monetizing virtual events through pay-per-view models.
  • Utilizing virtual sponsorships and digital advertising
  1. Event Apps and Platforms:
  • Integrating in-app purchases and upgrades.
  • Utilizing push notifications for targeted promotions.
  • Enhancing attendee experience through interactive features.
  1. Live Streaming and Content Monetization:
  • Monetizing live streams through subscription models.
  • Offering access to exclusive event content.
  • Exploring pay-per-view options for virtual attendees.
  1. Post-Event Revenue Streams:
  2. Content Licensing and Repurposing:
  • Negotiating licensing agreements for event recordings.
  • Repurposing event content for on-demand access.
  • Creating online courses or webinars from event material.
  1. Membership and Subscription Models:
  • Establishing a membership program for ongoing engagement.
  • Offering exclusive perks and content to subscribers.
  • Building a loyal community through recurring revenue.
  1. Feedback and Analytics for Improvement:
  • Gathering attendee feedback for future event enhancements.
  • Analyzing event data to identify successful revenue streams.
  • Continuously iterating and improving monetization strategies.
  1. Legal and Ethical Considerations:
  2. Transparent Pricing and Policies:
  • Communicating clearly with attendees about pricing structures.
  • Establishing refund and cancellation policies.
  • Ensuring compliance with consumer protection laws.
  1. Data Privacy and Security:
  • Implementing robust data protection measures.
  • Clearly communicating data usage policies to attendees.
  • Complying with relevant data privacy regulations.

The year 2023 presents a promising landscape for event organizers to capitalize on the pent-up demand for in-person gatherings.

By understanding the diverse avenues for event monetization, leveraging technology, and prioritizing attendee experience, individuals and businesses can not only create memorable events but also establish sustainable revenue streams. As the events industry continues to evolve, the key lies in adaptation, innovation, and a deep understanding of the changing dynamics in this dynamic and exciting space.

 


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Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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E-Business

Amazon CEO Says AI will Reduce Number of Workers Needed

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Amazon’s management on Wednesday said that it expects that artificial intelligence software will reduce the number of office workers at the world’s largest online retailer.

Amazon CEO Says AI will Reduce Number of Workers Needed

Andy Jassy, chief executive, Amazon

“We will need fewer people doing some of the jobs that are being done today and more people doing other types of jobs,” Andy Jassy, chief executive, Amazon  wrote in an email to employees.

He said it was difficult to predict how the overall workforce will evolve, but in the next few years, it is expected that AI efficiency gains will lead to a reduction in the number of office workers.

According to earlier reports, Amazon employed around 1.5 million people worldwide, with approximately 350,000 office employees in various roles.

The Wall Street Journal reported that the company does not anticipate further large-scale layoffs, as seen in 2022 and 2023, in the near future.

Instead, it expects that vacant positions will not be refilled.

However, layoffs are not ruled out, according to sources familiar with the matter.

“Amazon is focusing on so-called AI agents, software capable of independently performing tasks. These agents could, for example, summarise information from the web and data sources, write software, translate languages and automate many time-consuming tasks,” Mr Jassy explained.

“Agents will be teammates that we can call on at various stages of our work,” he added, urging employees to experiment with AI whenever possible.

The impact of AI on the job market has been a concern for many years.

Recently, Spotify, the leader in music streaming, announced that teams requesting additional staff would first need to prove that AI could not perform the tasks.

The creators of the language-learning app Duolingo plan to gradually replace external workers with AI.

 

 

 

 


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BPP Partners NDPC to Strengthen Data Protection

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Dr Adebowale Adedokun, director-general, Bureau of Public Procurement (BPP), has reaffirmed the bureau’s commitment to data protection in Nigeria.

BPP Partners NDPC to Strengthen Data Protection

He disclosed this in a statement at the weekend by Zira Nagga, head of Public Relations, BPP, following a courtesy visit by a delegation from the National Data Protection Commission (NDPC).

Adedokun stressed that data protection is vital to Nigeria’s economy and development, particularly in areas such as demography, health, education, and other key sectors.

He emphasised that no country should leave its data unprotected, as it plays a crucial role in future planning and national development.

“Data governs the world. It is essential to technological progress and must be protected for a country or business to be taken seriously,” he said.

Adedokun described the visit, aimed at fostering partnership on data policy implementation and protection, as timely and aligned with national goals.

He said the BPP would collaborate closely with the NDPC to boost data development, capacity building, and enhance the procurement system.

“The BPP will support compliance as part of the ‘Nigeria First’ Policy, although it is not a core procurement eligibility requirement,” he explained.

He suggested a hybrid training model to help build strong capacity in data protection, privacy awareness, and policy understanding.

According to him, a dynamic training approach will reduce logistics costs and improve public confidence in data safety and privacy.

Dr Vincent Olatunji, CEO, and national commissioner, NDPC, praised Adedokun and the BPP for supporting data protection initiatives.

He said the partnership supports President Bola Tinubu’s vision and will strengthen data privacy across Ministries, Departments, and Agencies (MDAs).

“The collaboration will create awareness and train BPP staff to ensure a firm grasp of data protection principles and policies,” he stated.

Olatunji said the NDPC would establish a working group to finalise a Memorandum of Understanding beneficial to both institutions.

He added that President Tinubu signed the NDPC into law on 12 June 2023 to uphold citizens’ rights and protect national and business data.

Olatunji also noted that strict legal measures were in place to enforce data protection and ensure full compliance nationwide.

Both agencies agreed to form a team to sign the MoU and focus on capacity building and data management in procurement and beyond.

 

 


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FG Mulls Fibre Optic Layout to Bridge Internet Gaps

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President Bola Tinubu said that his administration has initiated a project to install fibre optic cables across the country, aimed at enhancing the socio-economic development of Nigeria.

FG Mulls Fibre Optic Layout to Bridge Internet Gaps

His plans were contained in a speech he delivered at a joint session of the National Assembly in commemoration of Democracy Day on Thursday, June 12.

He said the fibre optic layout is part of other projects being embarked on.

“In addition, we have embarked on an ambitious project to lay fibre optic cables across the nation, a transformative step toward bridging the digital divide and fostering greater connectivity.

“This initiative promises not only to enhance the speed and reliability of internet access but also to revolutionise how businesses operate, how students learn, and how communities stay connected,” Tinubu stated.

He maintained that by extending this critical infrastructure, his government is empowering entrepreneurs, enabling digital education, and providing the tools for our youth to compete in a globalised world.

In a most recent report on Internet connectivity, The ICIR pointed out how Nigeria has faced setbacks in its deployment of fibre optic cables and needs a transformation.

The challenges revolve around vandalism, inadequate coordination between road construction and telecom infrastructure, and varying right-of-way (RoW) charges across states.

Among industry experts, these issues impact network outages, increase repair costs, and hinder broadband expansion efforts.

It has also further threatened the digital economy, leading to slower Internet speeds, dropped calls, and unreliable connectivity among others.


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