Making The Most Out Of Your Golf Tournament To Maximize Your Income
By Phil Immordino
The number one question that we get from every Tournament Planner is “How can we make more money?” Out of the 500,000 Golf Tournaments in the U.S. 90% of them are fundraisers. The average net income for an event is $5,000. Whether you net $5,000 or $100,000 everyone wants more.
Over the next seven months we will be discussing how to you maximize your income. We will go in depth with each area of revenue. How to increase the income from each of the major revenue sources? Here is what we will discuss.
GOLFERS – If you give them more they will pay you more.
Too many Tournament Planners try and go cheap; cheap golf course, cheap merchandise and cheap food. Golfers are tired of cheap events. Golfers have money and they will spend on the right opportunity and a good cause. Give your golfers more. Remember that there are a lot of tournaments out there. Golfers not only have a choice, they are also on a budget and cannot play in as many events as they used to. Here are the key steps in maximizing the revenue from your golfers.
Great Golf Course – Give them something unique that they do not get a chance to play.
Great Golfer Package – A goodie bag with shirt, hat, balls, towel and glove, is powerful.
Networking Opportunity – Meeting other golfers that they might be able to do business with.
SPONSORS – Sponsors spend more for a return on investment.
The number one thing that sponsors want is more business. We need to turn our event into a marketing tool for companies. Our tournament is more than a one-day event. It should be a 3-month campaign leading up to the tournament and 30 days of marketing after. If a company can reach customers and do more business because of your event, they will give you more money. Here are the key steps in selling more sponsors.
Know Your Demographics – Show companies that you are reaching their customers.
Create Sponsor Packages That Work – Give them ways to sell products and services.
Reach The Right People – Work with companies that you know that can benefit.
FORMATS – Can increase participation and revenue.
Think outside the box. If you do the same thing that you have always done, you will get the same results. There are many different formats. Some help increase revenue, some don’t. Consider some formats that make more money.
Night Golf – Playing golf at night with glowing golf balls will open up your field to non-golfers. Anyone can play night golf.
Pro Am or Celebrity Am – Putting a Professional Golfer or Celebrity in each foursome can double or tripe your registration fees.
Golf a Thon – 40 golfers raising pledges of $25 per hole and playing 100 holes of golf in one day will generate $100,000 in revenue.
GAMES & CONTESTS – Money games can generate 25% more.
Golfers love moneymaking games that they can win cash or prizes. Close to the pin and long drives are fun but do not generate money. Try some additional money making games and increase your bottom line by 25%.
Gambling Hole – Golfers can double their money by hitting into a 20′ circle on a par 3.
Pay the Pro – Golfers pay a Pro to hit the ball for them.
Putting Contests – A chance to win $10,000 cash motivates everyone.
AUCTIONS & RAFFLES – Big money done right.
Auctions and raffles can be big money if you do them right. Golfers are not prepared to spend big money unless you let them know in advance. Here are the ways you maximize income from auctions and raffles.
Get Big Items That Can’t Be Bought In Stores – Golfers love to buy experiences.
Promote Them In Advance – Put them on the website and let golfers know what is available.
Reach Others – Do not limit auctions to just your golfers. Make them available to your complete database.
THE APPEAL – Ask for more money.
Most Tournament Planners forget the most important thing. Tell your story and ask for more money. If you can present your organization at the awards ceremony you will pull some hearts strings and raise more money.
Short Video – Show a short quality video that tells the story.
Testimonies – Have someone share how they have benefited.
Ask – A good speaker should ask for the money.
Envelops At The Table – Give them options, monthly, annually, 1 time give.
The key to raising more money is to maximize each area of income and watch every dollar that is spent. Over the next seven months we will cover each of these areas in depth. We will show you how you can make more money with your event. Let us know if you have any questions throughout this process.
The GTAA is here to serve all Tournament Planners, Golf Courses and vendors. Lets us know how we can serve you!
Contact the Golf Tournament Association of America at:
www.gtaaweb.org or (888) 810-4822