This method involves using the blog to promote an offline event/conference that you're running. There are some major blogs online that run an event as their core monetization strategy. One of these blogs is Social Media Examiner, which runs events that turn over around $1,000,000 each year.

Advantages: There's a lot of money to be made in running events. Not only can you bring in money from ticket sales, sponsorship, training sessions, etc., but you can also start really building your brand and reaching a wider audience.

This is going to have seriously positive effects for web traffic, community growth and further monetization opportunities in the future.

Disadvantages: There is a monumental amount of work involved within organising events, even on a smaller scale. When running larger events, there's a large financial risk involved and the initial outlay for booking a venue, marketing and speakers can be incredibly high.

If you're going to do this then it needs to be thoroughly planned and the risk needs to be carefully assessed.