Many organizations have been embracing virtual events these days for increased registrations, effective networking, and greater flexibility for attendees.
While generating revenue is part of the business event goals and objectives, learning about event monetization that goes with it can be challenging. For example, having a clearly defined sales strategy for events is crucial since you can’t sell tickets at the doors like before.
If you are one of the many event planners seeking to turn a profit on virtual events, you’ve come to the right place. In this article, we will discuss some of the best options that can help you choose the best way to collect money from online events.
An event can generate revenue with a paid event registration or ticket sales. Crafting a unique selling proposition (USP) during virtual event planning is a must to encourage and convince the target audience.
To successfully market an event, identify what makes it unique and what sets it apart from others. This event strategy helps your prospects to understand the event value and why they should choose it.
When you practice this, it signals that you can successfully strategize an event and get desirable results. Therefore, it's important to mention a USP that you can fulfill.
Event speakers' information, agenda, activities, among others, are also part of it. You can also give discounts to increase event registrations. For example, you can offer attendees discounted rates if they buy tickets many months in advance.
As an event organizer, you can also opt to provide free event entries or all-access passes to attendees, which allows them to view the event from beginning to end.
If you are launching an event that requires attendees to pay, check out Glue Up's Event Management Software. Our virtual event software has an online ticketing payment system that's customizable and easy to use, especially when promoting, managing, and selling event tickets online.
Online advertisements can help generate money even during live-streaming events. It can target a specific segment of people the ads are intended for.
To show ads between every session to monetize virtual events, come up with engaging videos that will keep the audience informed and entertained.
However, keep in mind that you have to consider the viewer’s point of view, as some of them may not appreciate advertisements during the virtual event.
An event app provides real-time event analytics and information. Use the information you gather when making adjustments during virtual event planning to improve ROI and enhance the event experience.
It can also increase sponsors' revenue as it's one of the best ways to gain exposure to a specific target group. In addition, sponsors can reach the target audience for a longer period since the mobile app can be installed and used for the entire event duration.
Utilize event apps to engage and bring people together as it can work as:
My Glue app lets you engage, network, and receive important information about your events, memberships, and more, even when meeting in person is not possible.
Other key community engagement features of the all-in-one engagement app are group chats and event rooms, digital business cards, personal CRM for all connections made, and contact profile.
Another great way to monetize the event is to get event sponsorships in the sessions, activities, and topics that attendees will discuss in event rooms.
Using the right event strategies in the form of sponsorships, you can help raise organizational awareness and build connections with your attendees:
Sponsored Surveys. These are survey questions that are effective in gathering valuable data for market research and lead retrieval. Giving an incentive such as a prize or raffle entry can provide you higher response rates.
Sponsored Announcements. These are one of the best ways to offer exposure to top sponsors. Be familiar with how often you send them out as a call to action to visit virtual booths. Always keep information clear and concise to the audience.
Sponsored Activities. Prioritize a time and space for sponsors to keep attendees’ attention creatively. Organize fun and unique virtual event ideas and activities for attendees to encourage them to participate and stay.
Sponsored Raffles. These are an effective tool for lead generation as they can capture attention quickly and keep attendees engaged during a virtual event. Amazing prices helps attract a targeted audience that can further encourage and increase tickets sales
Promoting a virtual event on social media increases event exposure. When you post about an online event on social media, don’t forget to give sponsors shout-outs to promote them and spread the word.
It can be mutually beneficial to both of you, especially when you ask event sponsors to return the favor by sharing about your organization as well.
To generate buzz before the event, we advise you to run social media contests and offer amazing prices to increase engagement.
It takes a significant amount of time and effort to design, plan, and execute events successfully online. While it may not be possible to make those experiences happen in person at this time, you can still organize virtual events and generate income from them using the strategies we have just provided.
Are you seeking to run webinars that can provide members with a premium experience as they watch presentations online and speak with panelists during conferences? Book a demo to learn more about Glue Up’s Webinar Management Software where attendees can exchange business cards, request meetings, connect and chat with each other.