Virtual events might not feel as concrete as an in-person event venue with separate presentation rooms and other resources. Still, they certainly provide real value to the attendees and presenters alike. Why shouldn’t they produce real profits for you, the host, as well?
It can take some creativity in some cases to monetize your virtual events, but it’s still feasible. In fact, many of the monetization options are similar to those for traditional events. Start with these popular choices.
Sponsorships are major revenue-generating strategies for in-person events and the same is true for virtual events. Create various levels of sponsorship packages offering advertising and publicity opportunities for sponsors.
For example, you could offer various levels of ad space and ad placements in the event platform. You could also offer ad space in the event-related e-blasts or placement for products or marketing collateral in either physical goody bags you mail to attendees or digital goody bags you email to them.
At in-person events, you sell exhibit booth spaces. You can do something similar at a virtual event by setting up a virtual “exhibit hall” – a page with links to dedicated breakout rooms for each exhibitor so they can engage with any attendees to choose to stop by.
Depending on your platform’s features, the exhibitors could pin certain resources like videos and demos within their breakout rooms. This gives attendees a chance to explore those resources and learn more beyond chatting with each exhibitor directly.
Corporate partners don’t need to be your only revenue source. You can monetize the event further by selling the admission tickets for attendees. Not only does this add more revenue but it gives you a better view in advance of the number of attendees you’ll need to accommodate.
Like a physical event, you can sell various tiers of tickets at different prices. For instance, you could offer general admission as well as VIP tickets that add private Q&A sessions with speakers or on-demand access to each presentation.
You may be familiar with LinkedIn’s InMail. Members pay for a LinkedIn Premium subscription and get access to send a certain number of InMail messages each month. These messages are the only way members can contact other members they aren’t connected to.
You could do something similar by allowing companies to buy a certain number of messages they can send to event attendees. Or, similarly, they could buy a certain number of attendee email addresses.
Of course, you need to do this ethically. Give attendees an opportunity to opt-out if they choose and be sure you don’t promise more contacts than you can provide.
Whether you’re used to planning in-person events or you’re new to event planning altogether, mastering virtual event planning takes time and experience. As you’re honing your skills, though, the tips above can help you make your events profitable revenue sources as well as helpful resources for your attendees.
To take the next step in planning your event, learn more about the Canapii virtual event platform today.