A FREE EVENT VS A PAID EVENT?

Written By Anna Osherov

If you are running an event that sits at the top of your marketing funnel, one from which you hope to enrol people into the next step the question of running a free event vs a paid event will no doubt arise.

This question arises often, so I thought I'd discuss the pros and cons of both and some ideas on how you can make a decision.

Free Event

So let's talk about a free event and the pros and cons of a free event.

With a free event, we are guaranteed to get more leads in our database. That means that you would have more people registering and you're able to collect more information about them, which is fantastic. The other great thing about having a free event is that you will get greater engagement. More people will make some form decision on whether they are interested in coming along or not. And finally, with a free event, you still have an opportunity for up-sell to something like a VIP ticket.

However, the downfall of having and holding a free event could be that you will have a lower show up, rate. Statistically, if you're running a Facebook ad to a free event, then your show-up rate is around 20%. You also have less perceived value for what it is that you're delivering. And obviously there will be a higher output of finances before you are running the event.

✓ More leads in your database

✓ Greater engagement

✓ Opportunity to upsell to a VIP ticket

X Significantly lower show up rate

X Less perceived value

X Higher financial upfront investment

Paid Event

Let's think about the pros and cons of running a paid event.

First of all, you'll have higher attendance. You will know within 95% certainty who will be in the room because they've paid for it. So you have greater guarantee around the attendance. The other thing that will happen is you're encouraging people to learn to spend money with you and your business, or you're starting to teach people to trust you and to invest money into you and your business. And finally, you're going to be able to cover some of those costs. So it's not so much of a financial burden when you're running a paid event.

The flip side of that is you will have fewer registrations, meaning less growth in your database. And there will be less engagement with your event. People will be making a more cautious decision because if they commit, they are committed with a price tag, not just their details (data).

✓ Higher attendance

✓ Encourages people to learn to spend money with you increasing the perceived value

✓ Covers the costs of the event

X Fewer registrations

X Less engagement

So, how do you decide???

My recommendation is the look at the objectives of the event.

Free Event Objectives

A free event is perfect for creating brand awareness, launching a new product or service and getting as much engagement as possible. Free events are ideal for increasing your database, building and improving community engagement or testing a new product or service. And, if you haven't tested your content, then running a free event is fantastic. 

A free event is great if you’re looking to:

  • Build Awareness

  • Build Your Database

  • Increase Community Engagement

  • Test Your Product

Paid Event Objectives

If your objectives are to get some high qualified prospective leads in your database or to deliver high tangible value and turn your prospects into clients. Or, you may be wanting wine and dine and shower your audience with gifts and add-on and you need to know your exact numbers, then running a paid event is your best option. 

A paid event is great if you’re looking to:

  • Qualify your leads

  • Turn prospects into paying clients

  • Give more value (catering, gifts etc.)

  • Cater for exact numbers

So if you review, there are definitely pros and cons to both and the best way to decide is to understand what the objective is for your event.

How To Decide, A Free Vs Paid Event.

Think about the pros and cons, think about the objective and make a decision completely based on that. I trust this article has given you some answers or at least some food for thought to help you make that decision.

If you are looking for an event marketing expert to help make your next event a success then get in touch. As always, it is a pleasure to share your Eventologist journey. Please comment, like, and to share this article with fellow business owners who are looking to market their business by running successful events or come along to our next How To Market Your Business With Events workshop.

Anna Osherov

Hello, I’m Anna Osherov!

An event marketing expert, an Eventologist, a speaker, facilitator and consultant on How To Master Events For Your Brand and Business Growth. Since 2006 I have been working directly with business owners and organisations on their marketing and business development success. I am the founder of the Holistic Business Hub, Flintt and annaosherov.com. My clients are visionary leaders making a difference one successful event at a time.

Since COVID, I closed my business event venue and took my event training online with a program aimed at teaching coaches, authors, business owners, speakers and entrepreneurs to plan, promote and present webinars. Helping them unlock a new highly profitable revenue stream in their business.

A communicator, co-creator and a vicarious achiever, I am always happier when I am supporting the growth in others and when growth is gained as a team. If you were to ask my friends and co-workers what my strengths are, they would tell you that my positive energy is infectious and I am always on the move getting things done… 

It is a pleasure to meet you.

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