Listed below are a few ways to monetize your virtual event:
Get Sponsors on board
It is a misconception that virtual events don’t get enough sponsors. Virtual event platforms have many attractive display areas, booths, banners, and tickers for your sponsors.
Develop sponsor packages that can be used across various sponsors, whether small businesses or big MNCs. Promote your event for maximum sponsor visibility.
Set up Advertisement Spaces
If you possess an event website or event page, you can put up an ad in the ad spaces to generate revenue out of the incoming traffic. Displaying ads related to your event will generate the highest revenue. You can also use Google AdSense to set up advertisements on your website.
Utilize On-Demand Content
Irrespective of the number of attendees in your event, you can monetize it by recording the entire event and sell it as on-demand content on the internet. If the content of your event is valuable and engaging, you will have many buyers for the same.
Enable VIP Networking
To utilize the full benefit of a LIVE event, you can allocate special VIP passes to attendees at an additional fee. The lounge of the virtual event platform should be accessible to the VIPs where they can network and exchange visiting cards and website information.
Sell Event Merchandise
Suppose your product is a video game app, and you have cool merchandise such as t-shirts, hoodies, and mugs based on the theme of your video game. You can sell these exclusive merchandises on your event page.
Sell Premium Tickets
Why not set several categories of tickets for your virtual event to cater to a variety of audiences? Besides a limited number of free entries, you can have several offers and discounts categorized under a range of tickets/passes such as:
- Early bird access
- Group packages
- Corporate packages
- Single Day Passes
- Multiple Day Passes
- VIP Passes
When you sell the tickets or passes to your virtual event, you can suggest an add-on product to your visitors. If the visitor has already purchased the pass but ignored your prompt, you can redirect them to the buy product page. On the product page, you can sell items and services related to your event.
How do you evaluate the success of an event?
Evaluating the performance of your virtual event can be essential to gain precious insights. After the event’s conclusion, it is time for post-event analysis to understand your event’s success. Here are a few ways to measure the success of your event.
1. Revenue vs. Overhead Costs
Measure several parameters to gauge the monetary benefit of the event
- Anticipated cost vs. Actual cost
- Expected revenue vs. Actual Revenue
- Actual Cost vs. Actual Revenue
Remember that going slightly over the anticipated cost or marginally lesser than anticipated revenue does not make your event a failure. It just means you can plan your event better.
2. Post-Event Surveys for Attendees
To understand how your event went down with your audience, send them a post-event survey. A ‘less likely to very likely’ questionnaire can be an excellent choice to understand customer feedback.
Such a survey can help you understand your weak points and strong points in terms of how the event was handled.
3. Feedback from SponsorsSponsors play an integral and crucial part in organizing a virtual event. It is essential to understand their view and opinion of the entire event. Be open to criticism and also give them a platform to share their opinions about the event.
Establishing a long-term relationship with the sponsor can help massively.
4. Check the Numbers
It can be beneficial to check the number of sign-ups for your newsletters, service, or product post the event. If it has gone up compared to before the event, it means your event has worked well. The number of sales made before and post-event can also be a determining factor.
You can measure the success of your event in various ways. If the event has not performed well, you need to replan and reassess your event strategy altogether.
Event Marketing – What is it, and how does it work?
Event marketing solutions create a themed presentation, display, or exhibit for promoting an organization, cause, or service/product through in-person or virtual interactions.
Marketers utilize outbound as well as inbound event marketing strategies for promotional purposes. These events can include exhibitions, sports events, concerts, trade fairs, among many others.
Event marketing helps educate your target audience about your service/product offerings and build more profound relationships with them. It is an excellent way to develop organic and high-quality leads for your business.
Features of Event Marketing
The four features of event marketing are as follows:
Event marketing is goal-oriented and helps put your message across in a subtle manner. But suppose the event marketing does not allow you to achieve the promotional objectives or convert attendees. In that case, you need to plan your event marketing better.
2. Effective communication and promotion
Events are considered effective platforms to get a message across to the target audience. Detailed research about the profile of the attendees can enhance the impact of your event marketing.
3. Feedback from clients
The collection of feedback is straightforward with event marketing. Make the feedback form a part of a gift voucher and get feedback from your event’s guests. These tactics are essential for getting feedback as people are typically reluctant to give any input in writing.
4. Vast Reach
While the traditional marketing methods might limit your reach or cause a dent in your pocket, event marketing amplifies your brand’s reach. With virtual and hybrid events in place, you can reach your target audience residing in any corner of the world. The features of event marketing and its flexibility make it an exciting and popular solution for marketers.
Benefits of Event Marketing-
1. A targeted approach
Utilizing event marketing solutions is the best way to reach a particular audience segment and potential buyers.
2. Engage your audience
Event Marketing offers your customers an opportunity to meet with you and engage with your service or product. Both types of events (physical or online) provide you with the opportunity to present your brand in a different outlook and personality altogether.
An event can shed light on your product in a more wholesome manner than other marketing channels.
3. Exposure to branding opportunities
It helps interact with other similar brands in the industry and also builds brand awareness for your product. You can come across different branding options that can prove vital and invaluable to your brand in totality using events.
B2B marketers prefer event marketing because it adds value in real-time and at the same time converts attendees into consumers of the brand.