Recently, a friend asked my advice about teaming up with a few colleagues for a joint event/class. She was dealing with some issues regarding expenses and her ROI based on the time and energy she put into the class's preparations.
I think joint partnerships and cross-promotions are an excellent idea. After years of event planning and working in non-profit, I highly recommend joint special events (especially if you want to save a few marketing dollars!) It can save all parties involved time and money; however, there are few pitfalls you need to avoid from a marketing viewpoint.
1. Sign a contract. I know that sounds a bit stringent but make sure you have everything in writing with all speakers involved. Make sure that you divide your profits equally (dependent upon the role/participation of each speaker).
2. Agree upon a reasonable fee and make sure you make a profit from the fees you charge. If your expenses are more than your fees, you may need to re-adjust your fees. Think about your expenses: room rental and miscellaneous costs such as food and beverages, printing, marketing, etc.
3. Look for cost-effective ways to reduce your expenses. Does one of the speakers have a conference room that you can use for free?
4. Don't go overboard with what you present to guests/attendees. Don't bombard your audiences with information overload. Keep the presentations to a minimum allotted time and don't make them fall asleep with too much or boring information!
5. Always survey your guests. Ask guests to fill out a quick questionnaire to see what part of the class they liked/disliked. This is a great way to target your audience even better, and present them with valuable information at your next class/seminar!