Every event organizer is trying to figure out how to generate revenue right now. Here is an overview of ways to can use RunSignup to potentially make some money. We also have a sister blog for ways to Save Money with RunSignup.
Here is a quick list:
- New Virtual Race
- Replace/Extend Your Race with Virtual Race
- Work with Your Timer
- Processing Fees
- Facebook Fundraising
- Referral Rewards
- Multi-Race Registration
New Virtual Race
We have seen the largest amount of the transactions flowing thru RunSignup coming from new virtual races. As an example, yesterday new virtual races that were all created by RunSignup customers who typically put on physical races had 6 of the top 10 races with over $100,000 of transaction volume. All of these race operators are leveraging advertising to bring in customers, but they are also leveraging their existing email lists. As we have shown in our list of example races, like Yellow Jacket Timing’s Spring Cleaning virtual races where they are basically giving away old shirts and medals.
Replace/Extend Your Race with a Virtual Race
Replacing a race that has to be cancelled over the past month and next few months with a virtual race has become a popular option. We saw the Crescent City Classic sign up 1,000 people to their virtual edition after they had to cancel the physical race. In fact, 8 of the top 20 races from last week were races that had converted to virtual races. While the numbers are not nearly as good as what each of these races had experienced in previous years, it does at least provide a way to make some money. And as mentioned in our Save Money blog, you can lower your costs to operate your race.
Work with Your Timer
While you may think your timer is not needed if you go virtual, you might want to have a discussion with them. They typically can still bring a lot of expertise in helping you set up your website, figure out logistics of where to get shirts and how to fulfill medal distribution. RunSignup also provides powerful tools for virtual races, like our RaceJoy offering that races like the Ann Arbor Marathon are using to make their race still be memorable. Only certified timers can provide the RaceJoy service since their deep knowledge and map building skills are needed to set it up correctly.
Increase your processing fees. RunSignup charges the lowest fees in the industry and other registration providers like Race Roster and Active charge over $1.00 for each participant and a higher percentage. Charge an extra fee or change the percentage. Read more detailed ideas on this blog.
If you are a nonprofit who is fundraising, this one is a no brainer. We are seeing a number of no fee or low fee virtual events where the participant agrees to fundraise for the nonprofit. They get a beautiful Fundraiser Page on RunSignup, and the can easily add on Facebook Fundraising that allows fundraisers to easily share and raise money directly on Facebook at no cost to your nonprofit.
While we are on nonprofits, let’s mention that the GiveSignup Nonprofit Ticket platform can also be used to do low overhead virtual events. Many nonprofits are stuck with Eventbrite, which does not allow easy donations, and their new policy of holding all funds until after the event.
One of our most powerful tools is Referral Rewards. It allows you to incentivize participants to get their friends to sign up. The most successful races are using this to get 15% and more of their participants are incredible ROI’s of 1,000%+. In fact, use this downtime to educate yourself on how you can use all of our powerful marketing features – https://RunSignup.com/Marketing.
Sponsors are a major source of revenue for many events. While it may be difficult to get sponsors, special creative thinking can help during this tough time. Partnering with local restaurants for take-out to go along with your virtual race is just a simple idea that can help your race and your local community. There are countless others. And we make it simple with our Sponsor Platform that allows you to easily track and invoice sponsors, as well as provide them lots of ways to get visibility via the website, email, txt results, RaceJoy announcements, and more.
Get creative with your packaging and pricing. Using our Multi-Race registration capability, offer 5 races for the price of 3. Or bundle a package of a virtual race with next year’s race. There are tons of creative ideas on how to generate revenue today – and your participants want to find ways to support you and find motivation for the hope of future fun so their long solo walks and runs are more meaningful to them.