Many companies are moving online to boost consumer engagement. Virtual and hybrid events are becoming increasingly popular because of their hassle-free nature.
If your events have been canceled due to similar restrictions, you can conduct a virtual event! According to a Markletic report, over 49% of businesses organize 20-30 virtual events per year. So, why not conduct virtual and hybrid events and generate audience engagement and greater brand visibility?
Ways to Make Money from Virtual and Hybrid Events
Virtual and hybrid events pose the perfect opportunity for organizations to increase their revenue through ticket sales, booking products/services, sponsorship, etc. It’s not as complicated as you might think!
Let’s delve a little deeper to understand how you can make profits from hosting online events!
Design Your Pricing Strategy
Similar to the in-person events, you need to have a strong pricing strategy in place for your hybrid events. Planning a virtual event takes on the same considerations, even more at times than physical events. A good pricing strategy will help you decide the revenue to be generated from sponsors and on-demand content for attendees during virtual and hybrid events.
Decide Ticket Pricing
When it comes to generating revenue from tickets, there are a lot of things that you can explore. From special packages to on-demand exclusive content for attendees, the possibilities are endless! The attendees of hybrid events can benefit from this a lot. The on-demand content is the key revenue generator for all virtual and hybrid events.
Additional Attendee Offers
Additional offers for attendees can be specialized classes for a specific area of focus. Offers like paid VIP sessions with a small audience can also generate good revenue. You can offer anything beyond the event, and it would be worthy of consideration. Check out other ways to deliver value to your attendees beyond the event.
Underline the value of the Virtual Events
Highlighting the value of your virtual and hybrid events is important for generating revenue. By stressing on the value of the event, you’re more likely to increase ticket sales. According to a Markletic report, 80 percent of people join virtual events for educational purposes. The next biggest reason for being networking. If you can successfully demonstrate these high-value returns from the ticket investment, you’re sure to make money!
Sponsorship is a very powerful allegiance in all virtual and hybrid events. If you have good renowned sponsors, then you can explore different elements of promoting them. Sponsors can help you generate revenue and keep the event free of charge for attendees. A big selling point to the sponsors can be the on-demand content, which will last way beyond the event duration!
To Sum It Up!
Whether it is hybrid events or virtual events, planning revenue streams is very important. To make the most money out of these virtual events, take note of the above things! Pull off the best virtual and hybrid events with the right mix of tips we shared.