Virtual and hybrid events are becoming more popular as they provide a cost-effective way to reach new audiences. The majority of event planners see virtual events as an excellent opportunity to generate revenue without the need for expensive travel, venue or staffing costs. One of the biggest challenges faced by virtual event organisers is the issue of monetisation. How do you charge for something that isn’t as tangible as a physical event? It’s a long drawn out debate with many views on either side. Read on below to see some of the suggestions we’ve put together on how you can charge and deliver real value to your audience for your virtual event.
Monetising your virtual event
In order to get the most out of your trade show, you need an effective strategy. Organisers should open up the platform ahead of time and encourage exhibitors and attendees alike to start using it in advance so they can take full advantage before even arriving at the event. This is a golden opportunity for business owners because this is the period where you will see more closed deals than any other.
When you want to monetize your event, it’s important that you know how much time the audience spent browsing exhibitors and products. You should also keep track of all the leads generated during the course of the event.
Monitor your email inbox after each event to ensure that you don’t let any possible sales opportunity slip by. Organisers also have the responsibility of clearly communicating with exhibitors with how to optimise their participation in their virtual event, such as providing training sessions or updating them about changes made along the way.
After determining what day you generated the most leads, it’s time to analyze your data. You should be looking at how these numbers change as your event continues for a few days and make conclusions about which strategies work best with certain tactics so that next time around, you can improve even more.
Monetising hybrid events
Offer a variety of sponsorship options
Events can create great opportunities for exposure and revenue. Sponsor-based events allow companies to promote their products in exchange for monetary compensation, which is mutually beneficial because the event organizers will earn money from an increased number of visitors. By taking advantage of these advertising spaces with relevant sponsorships, you not only expand your network but also provide a third party’s target audience with new content while simultaneously profiting off your own traffic increase.
Finding ways to provide sponsors with a spot at your event is easy. One way could be by sponsoring different segments of the show. Another idea would be if you set up virtual sponsored 3D spaces or even create a panel discussion with a Q&A portion that will allow for sponsor questions. Whichever path you end up deciding, just make sure it’s a novel experience that encourages engagement so that attendees will be incentivised to drop by for a visit.
Value your exhibitors
Providing value to your exhibitors is a sure way to make them want the opportunity of exhibiting with you again. You have the opportunity to make a difference in how your event goes by working with exhibitors, making sure they are maximizing potential and providing assistance. If you do these things well, it will be beneficial for both parties – The company gets more visibility while you get to generate some revenue from them. You could also charge attendees or provide time slots that cost money within the exhibit hall of your event!
Sell products for additional revenue
Hosting a hybrid event doesn’t mean you can’t sell merchandise. In fact, it’s one of the best ways to monetize your event. Place online order sheets through your virtual venue where attendees are able to purchase products or services during the event and have them shipped directly from home without having to wait in line.
You can also provide sponsors with the opportunity to advertise their products and/or merchandise. This way, you give them more opportunities for revenue generation while providing even better value-added content in your show!
Offer VIP Tickets to attendees
Selling VIP tickets for your hybrid event will be a breeze! You can charge people so they are given extra features such as a VIP waiting room, or other exclusive access and offers. However you must make sure that the ticket is attractive in order to entice customers into buying it – otherwise, there won’t be any profit since no one would buy them.
Virtual and hybrid events are a lot like any other event. But the virtual aspect of an event requires more consideration than just picking out themes for your party or selecting vendors to provide food, drinks, entertainment. Monetizing is all about weighing options wisely: you should plan ahead who your target audience is (or what goal they can reach) and generate revenue by turning them into potential leads before or during their visit at one of these types of events, but don’t forget that it’s not only sponsorships that matter – visitors will be looking for value too!
Delegate PLAY – An immersive virtual platform putting all uncertainty to an end
While the global events industry recovers and prepares itself for the new normal, it is the perfect time to look at best-in-class digital technologies to address client needs and preferences. To this effect, the recently launched Delegate PLAY is a game changer, enabling vendors to seamlessly host events and build connections. Delegate PLAY is a fully immersive virtual environment which allows users to host online conferences and exhibitions under one integrated platform. Event organisers, sponsors and attendees are therefore able to sync up and network in an online virtual environment, transforming a traditionally offline experience into an online format. To read more about it, click here.
Delegate PLAY helps optimize your events ROI by offering innovative features like custom virtual fairgrounds, real-time audience participation and engagement tracking, accessing events on the go from any device, and unlimited content without any geographical restrictions.Planning your virtual event on Delegate PLAY? We would love to help make your virtual event a smashing success. For more information or a demo of Delegate PLAY, feel free to contact us via the form below. We promise to get in touch with you in a jiffy.
