How to make money with a virtual event
How do you make money from virtual events? Live events generate billions each year, but how do we do the same with virtual events? Virtual events, have many benefits, one of which is reaching a wider audience, so surely with the added benefits, there are ample opportunities to increase revenue and make money, online...
- 1. Admission Fees
- 2. Discounts
- 3. Sponsors and Exhibitors
- 4. Advertise products or services
- 5. Up-selling
The demand of virtual events being hosted in 2020 and 2021 is ever increasing. Today more than ever, people are using various platforms to go live, and attend events through mobile devices, desktops and even television through the power of internet accessibility and live streaming. This might be a new thing for some, but according to Cisco, 82% of all internet traffic by 2022 will be video consumption. So this new normal provides us with an interesting opportunity to drive business and make more money!
1. Admission Fees
You want to ensure that the pricing of your admission fees are right! There are three things you need to consider; the perceived value, the actual price, and the per ticket cost. By taking into account all of these factors, it will help you decide on a reasonable price. You need to consider that it isn’t too expensive, or too cheap. If the price is too high, then the consumers demand will drop. There will be more demand for tickets if they are affordable for your audience.
2. Discounts
When you’re advertising a virtual event, a great way to attract a bigger reach is promoting discounted admission fees. Although this might seem like you’re losing out, there are many advantages towards discounts. Providing discounted rates can contribute to increasing sales, enhancing your reputation, attracting new and repeat delegates and encourage loyalty. So even though you’re providing tickets at a lesser cost, you’ll be encouraging more custom!
3. Sponsors and Exhibitors
An enormous amount of money comes from sponsors and exhibitors! They want to establish a presence and so are continuously looking for platforms with an audience whether big or small, in order to gain new customers, reach out to existing clients and build a more established and respectable brand. By having sponsors and exhibitors headline your event for a fee, it will support your events finances, whilst giving them the opportunity to establish their brand further. Sponsorship packages can include banners, exhibition stands, interactive branding, and delegate registration lists.
4. Advertise Products or Services
Another excellent way to increase revenue is by promoting a product or service which is relevant to the event topic. This will drive your audience to purchase this product resulting in a high volume of sales. This is a great way to take advantage of the platform!
5. Up-selling
Up-selling enables you to invite speakers into your event for them to promote a product or service to your audience. By having key influencers and event speakers discuss and promote your product or service, it encourages sales.
Conclusion…
There are definitely ways of making money with your virtual event, some might say there’s even more opportunity due to the fact that people are readily at their computers. Are you ready to go virtual and make money at your online event?
