As you know, innovations build new opportunities to make money.
Likely, thanks to the era of digitalization, the events turning into the virtual format are no exception to the rule.
In this guide, you will find our tips on monetizing your next virtual event this year.
Let’s get to the point!
Benefits of Hosting a Virtual Event
Despite possible technical glitches, horrible internet connection, and other issues, a virtual event has many benefits. Let’s review the most common ones:
1. Audience reach
A live event has several physical disadvantages like seating capacity, square footage, the limit of the tickets people can buy.
A virtual event doesn’t have such limitations. Attendees can join the event whenever they have an internet connection. Thus, people don’t have to leave their houses to attend your virtual event.
2. It saves time for everyone
Any live event forces people to leave their houses and travel the world to be present at the event. Moreover, they have to stick to a strict event schedule.
It is inconvenient both for speakers and attendees.
In contrast to this, a virtual event requires you to make sure your internet connection is fine. People are a few clicks away from the event location. Therefore, it saves time for everyone who participates in the event.
3. It is money-saving
When you host a live event, you have to spend lots of money on third-party needs. You need to book a venue, hire event staff, buy food and beverages for coffee breaks, and many more.
A virtual event doesn’t need all of this. You will have to invest money into event promotion that includes content production, sponsorships, and speakers.
4. Collecting event feedback
You want to know if your virtual event was successful, right?
You can do this easily by sending in-event engagement surveys to collect feedback from the attendees.
What’s more important, with the help of event management software, you can measure the event performance. How many people attended it, which speaker got the highest level of impression.
As you can see, the benefits of virtual events are worth your time and money.
But what about event expenses?
Read further and you’ll find out.
Virtual Event Expenses
A virtual event can’t be created free of charge. You will have to invest money to get things to happen.
Here is a breakdown of virtual event expenses:
- Webinar platform
- Virtual event platform
- Event speaker fees
You’ll need an online platform to run the event. The platform depends on the event condition. For instance, if your event is free of charge for the attendees, you might choose one of these webinar platforms like Zoom or Microsoft Teams.
Zoom’s starting price is $40 per month for one host and 100 attendees.
Microsoft Teams’ starting price is $59 per month for one organizer and 100 attendees.
Virtual event platforms provide you with additional features useful for the virtual event. Among these features are – a virtual exhibitor profiles, breakout sessions, multiple presentation tracks, etc.
You can’t create a virtual event without speakers. The overall success of your event depends on the speakers you’ll invite. The speakers don’t share their expertise with the audience for free. You will have to pay them.
Virtual event speakers’ fee varies drastically. For example, a well-known SEO and Digital Marketing expert Neil Patel charges $25,000 – $35,000 per event.
To conclude, you’ll need not just get back but earn extra money from the event. Consequently, you should know tips on how to monetize your virtual event.
Keep on reading.
Tips on How to Monetize Your Virtual Event
You have more opportunities to monetize your virtual event compared to a live one. Digitalization allows you to use multiple ways on how to nudge event attendees to pay.
Tips on virtual event monetization:
1. Create a ticket system
The most straightforward way to make your virtual event monetized is to create a ticket system. In other words, you can host limited free access to the event and offer a few types of tickets to purchase.
These types of tickets can be divided into the following categories:
- Bronze package (attendee can listen to the speakers only)
- Silver package (attendee can listen to the speakers + ask questions + have access to chat)
- Golden package (attendee can listen to the speakers + ask questions + have access to chat + get contact information of the speakers to have a private communication after)
The other scenario is to create free access to the event for everyone. However, the additional options – an additional seminar with the speaker, event record – will cost money.
Sponsorship helps build more awareness for your future virtual event. Other than that, sponsors can provide you with additional features that will make the event more engaging.
For example, you want to impress the audience with the event flyers. To create these flyers, you should team up with a design company that can handle this. They use a flyer generator and impress people with beautiful flyers for the event.
Here are a few things to keep in mind:
- Build sponsorship with the companies who make sense in terms of business
- Offer something in return – be a speaker at the event or offer a sale fee
- Shape a plan for collaborating – what else you can get from them except for additional features (maybe they can introduce you to their audience)
You know that one cannot conquer alone. Hence, work with sponsors.
3. Use affiliate marketing tricks during the event
Affiliate marketing is an excellent way to earn money. Don’t shy away from recommending different products or services during the event.
Make sure you promote products that are related to the event and bring value to your audience. This promotion will increase the chance of buying these goods thanks to the virtual event. And you will get your commission in return.
4. Sell SWAG and other merch
If you have ever attended a live conference or other business events, you might notice the SWAG option there. As a rule, the attendees get T-shirts, cups, notebooks, and other staff free of charge. It is a kind of perk that makes people happier.
You can do the same virtually. Instead of sending gifts, you should sell your products or services.
Run a virtual trade show where people will be able to make purchases with no rush. Or you can make an integration between your online store and the online event to let attendees browse the products during the live stream.
5. Record the event and repurpose it to sell on third-party resources
Don’t forget to record your virtual event. Afterwards, you can repurpose this recording into a webinar or podcast.
The podcast can be sold on Spotify for Podcasters. The same you can do with the webinars – sell the material on third-party resources.
6. Take advantage of the event by creating content
Your virtual event is based on the speakers with their presentation. Each report is a unique topic that you can cover in a written form.
Let’s say, there will be five speakers with five topics. You have five potential guides that you can combine into an eBook. Eventually, you can sell this eBook as a stand-alone material with your authorship.
7. Order upsells
One more virtual event monetizing tip for you – offer additional products to attendees during purchasing the event ticket. It shouldn’t be aggressive from your end. Just ask attendees to check the box before completing the order.
You might wonder what to do if the person has already purchased the ticket and got the event pass.
You can always redirect these people to an upsell page with the other products attendees might be interested in. It is a final nudge to make a purchase.
To Sum Up
You must admit that virtual events have already become a part of the business world. Businesses will continue to adapt.
Virtual events have proven themselves and they can even generate revenue.