The events industry has come to realize the value virtual events offer, but you may still be finding revenue generation from online events a challenge. This doesn’t have to be the case, says Falguni Jain of Hubilo.
Here are five virtual event monetization strategies to guarantee that you get a bang for your buck from hosting virtual events...
1. Use tier-based registration
When you set up a tier-based ticketing system, attendees get several ticket options to choose from depending on their needs and the financial investment they want to make.
It is a great tactic to drive up registration numbers. For example, you can create regular tickets that are free or charge a nominal amount in return for limited access to the event.
In addition, you can offer VIP passes that give exclusive access to various aspects of the virtual event, in exchange for a higher price. You can also add further differentiation by offering discounted early bird tickets and group passes.
2. Offer sponsorship opportunities
Selling sponsorship to brands works quite well at virtual events. How? By leveraging different features of your virtual event platform and designing custom sponsorship packages.
For example, you can allow your partners to sponsor sessions and in return highlight their logo on your agenda, session window, and even ask the host to give them shout-outs during the live session.
Similarly, you can provide sponsors with a listing in the virtual booth section. With this, they will have independent booths that they can fully customize with information on their products or services. They can also interact with attendees visiting their booth through 1-1 chat or 1-1 scheduled meetings.
3. Sell ad spaces at your event
Provide additional visibility options to your exhibitors and sponsors, in exchange for extra revenue. Mention them in relevant marketing communication such as event emails, event feed, and push notifications.
Regularly post sponsored content on the event feed and pin the post about your headline sponsor on top of the feed. Also, give them shout-outs in your event push notifications, reminding attendees to visit their booths.
4. Converge sponsorship and gamification
Organize branded games on your virtual event platform, in the form of online quizzes, contests, raffle draws, and scavenger hunts. Interweave attendee interaction with sponsors in the gamification activities.
Also, give your partners further brand exposure by asking them to sponsor prizes for contest winners and the top three leaderboard position holders.
5. Sell event merchandise online
Link your virtual event to your or a partner e-commerce website and allow your attendees to shop for branded merchandise, in the form of physical and digital souvenirs from your event.
Here are some examples of swag items that will hook your attendees instantly: wearables (like t-shirts, caps, face masks), branded bottles of sanitizers, accessories (like mask chains and watches), printed socks, cocktail kits, celebrity shout-outs (i.e., personalized video messages from celebrities), virtual gift cards, discounted subscriptions and memberships for streaming apps and podcasts, or even discounted tickets to the next event.
Virtual events have great potential to be monetized. But while you are developing an elaborate virtual event monetization strategy, don’t forget to choose a powerful virtual event platform that empowers you to execute multiple such strategies.
Author: Falguni Jain is a content marketer for Hubilo, the virtual + hybrid event platform built for engagement and event excellence. Hubilo's mission is to drive engagement – first and foremost – yielding greater business results. Engagement with your deeply branded experience, paired with our proactive and full-time customer success team ensures every event run on the Hubilo platform executes perfectly every time.