3 Proven Methods to Generate Revenue with Your Submission Site
Submission sites are often viewed by organizations as having one use: collect content. Instead, consider the following three ideas for transforming your submission site from a one-trick pony to a treasure trove of revenue:
1. Apply a Submission Fee
Putting together an educational event starts with an innovative and dynamic schedule. This adds pressure to associations for collecting as many submissions as possible, so associations can be hesitant to charge for submissions as they are wary of losing members and engagement.
We’ve worked with a major medical organization that received 4,920 completed submissions in 2023. They charged $60 for each submission. They took a leap and increased their submission fee to $70 this year and received a record-breaking 5,913 submissions. They increased the revenue from their submission process by 29% in one year, adding over $400,000 to their pockets.
If your team is nervous about introducing a submission fee, start small: charge a fee for non-members. Alternatively, charge variable fees depending on the type of submitter or submission. Early bird submissions receive a discount, while late-breaking submissions are charged more. Remember: speaking at your event is an honor and helps promote that speaker’s initiative.
2. Launch a Sponsored Awards Program
With a sponsored award, recognition is given to two important stakeholders: members and sponsors. Sponsored awards can provide sponsors with multiple avenues for year-round visibility, including:
Recognition on the awards submission site
A brief opportunity to speak and honor the award recipient at your event
Inclusion in a magazine or e-newsletter
Listing on the association website
Depending on the number of sponsored awards, organizations have charged anywhere from $5,000 to $15,000 per sponsor.
3. Charge for Sponsored Events
Optimize the utility of your submission form by inviting sponsors to submit and pay for sponsored events. Use the submission form to collect relevant event details such as capacity limits, expected attendance, food and beverage needs, AV requirements, and transportation—any and every detail that may be required.
Once collected, invite internal staff to log in and review the sponsored event ideas and details, providing feedback to ensure alignment across the event schedule. Depending on the size of your event and audience, these types of sponsorship events can range from $2,500 to $20,000 each.
The bottom line is clear: collecting payments with your submission site increases your bottom line.
*KCP’s Tip: As you consider collecting payments in your submission process, make sure you have a thorough understanding of how the process will work with your event technology.
What payment processors are available?
What fee structures can you implement?
Are there hidden processing fees to account for?
What kind of financial reporting is available?
