Creating revenue can be one of the most important concerns event planners face when pulling together a virtual event.
In that light, InEvent hosted a discussion on monetizing virtual events with Mark Gobel, event manager at Sana Commerce, and Eugenia Gorkowa, founder of EG Event Productions.
Watch the event recording now or read the key takeaways we have highlighted from this insightful session tackling some of the best strategies, tips, and ideas on how to increase profits with online events.
Consider your brand awareness and reputation
Your ability to monetize virtual events is strongly related to your brand awareness and reputation.
If you are seen as a thought leader within your industry or have a track record of successful in-person events, your audience will be more inclined to pay a fee to attend your virtual event.
On the contrary, if your organization is not very well-known, it will prove difficult to convince people to pay for your event.
When the event is hosted virtually, the challenge becomes even tougher because of the abundance of high-quality content available for free on the Internet.
Think like your target audience
One of the key points when monetizing virtual events is keeping in mind your event´s target audience. You should put yourself in their shoes and ask yourself challenging questions. Would you pay to attend the event? What value would you be getting out of it? Is it worth the cost?
Then, adapting your content and approach according to your audience profile is fundamental. Events targeted at prospective customers or existing customers, at junior-level professionals or senior-level executives, all should be priced differently.
Offer something beyond knowledge
Considering the wide-ranging educational resources available at a click away, offering something that goes beyond a talk or panel is crucial. Indeed, one of the essential value drivers of events is the overall experience. This encompasses the venue, the food and drinks, the informal networking with peers, etc.
Replicating this across to virtual events is not an easy task. Apart from using a dedicated virtual event platform, sending over a complimentary drink or a personalized gift to your attendees can prove to be a smart solution. It can certainly justify charging a fee since these items have a clear cost attached to them.
Benchmark your competitors and offer a differential
Given the current event landscape, many organizations have already organized a virtual event. Therefore, examining how competitors are pricing their events can be a useful guide to set your own event price.
Indeed, if the other organizations in your market are offering virtual events for free, charging for yours will be difficult to sustain.
Otherwise, if competitors are charging a fee, you could examine what type of content and features they are offering. Based on this, you could then decide on what event enhancements to introduce that could differentiate your brand.
Pursuing sponsorship revenue is one of the most common ways to monetize events. As with in-person events, organizers need to assess which assets can be included in a sponsorship package and define their value.
For instance, the event sessions could include a clickable ad or banner leading to the sponsor´s website. Alternatively, the event organizer could offer individual virtual booths where sponsors can explain their products in-depth or discuss industry topics.
Finally, taking into account how your event pricing will impact on expectations is essential. Namely, setting a high ticket price will create high expectations among your audience. If you under-deliver, your brand image can be damaged and attendees will not come back to your events.
Did you like this content? Check out our blog resources to keep updated on the latest trends, features, and more regarding virtual events across the world: