The current coronavirus pandemic across the world has forced many event organizers to host their events virtually through online meeting platforms. As this shift to virtual meetings is new to many event professionals, they must find a new approach and strategies to generate revenue from online events. In this article, we will walk you through the best practices to monetize your virtual event.
Leverage on Sponsors
When compared to offline events, there are plenty of opportunities for sponsors to expose their brand during a live stream or webinar. So, it’s a smart thing for the event organizers like you to make more money out of the sponsors. You can think about some sponsorship packages that help the sponsor to engage with content and the remote audience.
Here’s how you can create a sponsorship package;
- Get money from your sponsors to display their logo on your virtual event. However, you have to identify the best sessions to display the sponsor logos to gain a better reach (e.g. content pages, breakout, networking spaces, etc.
- Offer an email package for sponsors. Add sponsors’ details like website links and social media links in the email invites, promotional emails, and newsletters that you send
- Social media platforms like Facebook, Twitter, and Linkedin help in sponsorship promotions. Create promotional videos or images with sponsor details & share them on your newsfeed. You can also create a Facebook event for sponsorship promotion.
- Display your sponsor details on the landing page that you create for registration.
Whether you host an in-person event or online event, paid registration or ticket sales is one of the best ways to generate revenue. But, it’s not easy to task to convince the online audience to pay money for accessing your virtual event. You have to work on your USPs (Unique Selling Propositions) like speaker info, content & other major aspects that an online viewer requires. You can also offer discounts for the attendees to increase the number of registrations for your event.
To restrict access to your digital content for paid viewers, you have to ensure that your video streaming platform supports Paywall.
Revenue from Advertisements
When it comes to live-streaming events, you can earn a good return on investment through online advertisements. You have to find a video streaming platform that allows you to show ads in between you to monetize virtual events. You can either show their party ads or sponsorship ads. However, you have to make sure that you think from the viewer’s point of view, as some of them don’t like advertisements during the virtual classroom or meeting.
Learn how to Setup and Make Money with Live Streaming Events