Many companies are turning to virtual events to boost registrations, improve networking, and provide flexibility to the attendees; some might even look into hybrid events, where possible, in order to offer attendees the choice of attending in-person or online (in which case they may wish to take a look at this article on hybrid event best practices to make sure theirs is as successful as possible). While generating revenue is one of the aims and objectives of a corporate event, mastering the art of event monetization may be difficult. For example, having a well-defined sales strategy for events is critical because you can no longer sell tickets at the door so will be relying on online sales alone. You’ve come to the correct spot if you’re one of the numerous event planners looking to profit from Monetizing Virtual Events. We’ll go through some of the most exemplary ideas in this post to assist you in picking the best approach to collect money from online events. Choosing a compatible virtual event platform like VIRTEX also helps in monetizing virtual events most optimally.

1. Tickets

When it comes to virtual marketing events, tickets are the first and most significant instrument. The number of people who participate in online events is increasing exponentially. If it were a free event, the attendance would be considerably larger. However, when it comes to purchasing a ticket, most individuals are hesitant. It’s preferable to charge a low price for tickets in this situation. You’ll end up guaranteeing that the event has a good turnout. Calculate the ticket price for your virtual event to make sure you’re following industry standards. Have tickets based on a tier system, with each tier having certain benefits attached. For example, V.I.P. tickets can have access to workshops and other fantastic content.

     2. Paid ad slots

Short commercial advertising may be an excellent opportunity to make revenue from Monetizing Virtual Events. Most video platforms follow the same structure, and a virtual event platform follows a similar pattern. However, ads must be tailored to the event’s subject and audience preferences. It would help if you also considered the time frame. It’s ideal for keeping the ad to approximately 10 seconds in duration.

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      3. Sponsor mentions

These may provide a lot of value to your sponsors and are ideal for revenue from online events. Mention sponsors for different event components such as Q&A sessions, quizzes, and polls. Bringing up the fact that your partners sponsor these parts is a great approach to do so. Without coming across as aggressive, you may advertise your sponsors. It offers sponsors a solid chance to get in front of a broad audience and engage with them. 

      4. Premium Networking 

Attendees get an excellent opportunity to network with their peers at events. You can provide a networking space for guests to interact with one another on your online event platform. It may feature video calling and text messaging capabilities. You can charge each participant individually for networking access at the time of registration. You may also create various access levels and different charges for each one.

      5. Pay to access speakers.

You may design extra virtual rooms in which your online attendees can interact with your speakers by asking them more specific questions, depending on the format of your event. You’ll want to charge a fee for this, too, because your online visitors will be able to chat with the speaker one-on-one and discuss their unique concerns or challenges. You’ll need to not only persuade your speakers to accept, but you’ll also likely need to give them a monetary incentive in exchange for their time, such as a percentage of the event’s revenue.

     6. Paid workshops

You can use the “freemium” approach in a virtual event‘s workshop, which means you’ll provide both free and fee-based admission to your event. One possibility is to provide free access to select keynote speeches while charging for workshops. You may wonder why the workshops are being held because workshops often instruct participants on accomplishing a specific objective or learning a new skill. To put it another way, you’re adding value. The majority of participants will agree that it is well worth the money.

      7. Paid access to post-event content

One of the advantages of online events is that you may benefit from them even after they’ve ended. Consider all the information you’ve recorded. All of these films may be used as free lead magnets to help you get more high-quality leads into your sales funnel. Alternatively, you might offer free admission for the first 24 hours and then charge for the post-event material. The trick is to make sure that your content is genuinely valuable. You don’t want to mislead people, after all.

One of the challenges of hosting a virtual event is that many people sign up, but only about one-third of them show up. When you offer your event for free, people are more likely to register and forget about it. They’ve already invested (literally) in your event if they’ve paid to go. Therefore they’re more likely to remember and come.

It’s just a psychological reality. We place a higher value on items we have paid for than on things we have received for free. Given the time and efforts you invest into planning, preparing, satisfactory dedicated server and hosting an online event, you should think about monetizing as much of it as possible to ensure that more people attend.