7 strategies to monetize your next virtual event

With the unpredictable nature of the pandemic and the constant wave of lockdowns, virtual events are here to stay. Generating revenue is one of the most important goals when hosting a virtual event, with event planners having to justify their spending by showing the ROI. However, not all event planners may be familiar with the ways in which you can monetize your virtual event.

Here are 7 strategies to help event planners monetize their next virtual event:

1. Sell tiered tickets

One of the easiest ways of monetizing your event is by giving the attendee several different options when it comes to ticketing based on how involved they want their experience to be. By having this alongside your free tickets, you can charge your attendees fees to access even more content or talks by esteemed guests. You can also add in VIP tiers to offer some backstage experiences for guests looking for a more involved experience. Other than the initial admission revenue, setting up a tiered ticketing strategy also allows event planners to collect valuable data which they can then use to do follow-ups and give them special promotional deals after the end of the event.

EventX provides an easy way to add both free and paid tickets to your event, allowing event planners to easily set up a tiered ticketing strategy to maximize their ROI.

2. Get sponsorship opportunities

As with in-person events, sponsorships are one of the main sources of making money when hosting a virtual event. Event planners can schedule in short talks from their sponsors, and have it highlighted on the agenda to increase exposure, you can also give them a more advantageous or larger booth in the virtual exhibition hall. Event planners can also allow sponsors the option to have their logo shown prominently on all the event promotional materials, allowing them to increase their brand awareness.

However, it is best to restrict the number of sponsors you have so that you don’t overload your attendees with promotions.

3. Sell advertising space

You can also give exhibitors and sponsors some extra visibility options as well in exchange for monetary gains. For example, you can allow them to purchase space on banners at the bottom and top of the emails to showcase either their products or their talks. You can also allow them to purchase the ability to post sponsored content on your event landing page and your blog and keep them at the top of your event feed. Event planners can also allow sponsors to add in short advertisements during breaks in webinars or give them shout-outs intermittently during the event to remind attendees to visit their booths

4. Promote your own merchandise

In addition to selling your sponsors and exhibitor’s products, you can also sell some of your own merchandise to your attendees. Attendees can choose to either purchase digital or physical souvenirs, which can then be sent directly to their doorstep.

Some merchandising ideas include:

• Allowing them to add special badges to their name tags for the duration of the event
• Selling various clothing and accessories printed with your event or company logo
• Purchase personalized videos from speakers thanking you for attending the event
• Discounted tickets for your next event.

5. Upsell your audience

Event planners can upsell their attendees by providing additional products or merchandise when they purchase the tiered tickets. Some of these products may include your own merchandise or by prompting them to purchase a slightly higher tier ticket for even more goodies. Even if the attendee has already purchased a ticket, you can redirect them to an upsell page that shows them packages you think are the best value and prompt them to add to their order. Other than upselling attendees, you can also upsell your exhibitors by enticing them with even more customization for their virtual booths or the option to host longer seminars.

However, refrain from upselling your audience at every single corner or else they may feel too pressured which leads to an overall bad impression and experience of your event.

6. Charge for networking opportunities

The main reason why people choose to attend events is because of the networking opportunities. EventX gives you the option to host break-out rooms and 1-on-1 sessions between attendees to talk to each other during webinars, allowing for people to interact and get to know each other. You can offer a networking add-on to all tickets, allowing attendees to pay an extra fee to access such features during event registration or during the duration of the event.

7. Charge for on-demand content

Even though your online event may have already ended, it doesn’t mean they can’t continue to earn you more revenue. Some attendees may be unable to join because of time zone or scheduling conflicts. EventX provides high quality video recordings of the entire event, which event planners can then edit and package up to sell to the people who couldn’t attend. You could even use previous event recordings and bundle them up and add them on as benefits for tiered tickets of future events to continue generating income on your past events.

Conclusion

No matter if an event has ended or is just about to begin, there are numerous strategies you can employ to monetize your online event. Contact EventX today and see how you can maximize your revenue by using our platform to host your next online event!