44 Tips For Maximizing Revenue From Virtual Events
As the market for virtual events has expanded, so have the options available to publishers looking to monetize this channel. Depending on the type of event produced and platform chosen, revenue from sponsors and attendees can be increased through sophisticated new features and sales strategies, as well as the online equivalent of tried-and-true practices long trusted in the brick-and-mortar realm. Publishing Executive asks a number of platform providers and event presenters to share what works.
President & CEO Onstream/Marketplace365
Onstream Media Corporation provides events through its MarketPlace365 platform, designed to create information exchange within market sectors.
5 ways to make money on virtual events.
Selman identifies five core strategies for monetizing virtual events:
1. pay per lead;
2. rental fees for booth space;
3. paying to do a presentation;
4. sponsorships; and
5. revenue from attendees (entrance fees).
The approach, or combination of approaches, you use depends on the content offered and structure of the show. Charging attendees, for instance, works best with information that is seen as mandatory to one's performance or career advancement.
Single-show sponsors usually prefer highly focused events: "Typically a single sponsor would pay for a group of subject matter experts in one potential category or vertical market to speak as thought leaders," Selman notes. Multiple sponsors and booth sponsorships are usually used for multifaceted, larger shows.
1. Lead generation: your BFF.
Lead generation is usually the key to monetization. According to Selman, at the heart of the virtual show business model are the goals of generating traffic and having a base of advertisers willing to pay to access that traffic. "You can generate any kind of revenue flow from that that you want," Selman says. "It's all about lead generation—people who pay the money are looking to generate more business for their organization."