In today’s world, not all conferences, events, and meetings are conducted in a physical venue. The internet provides a platform of global scope, making it possible to host virtual meetings and events that people from all around the world can attend.
Some events are designed to spread knowledge and information, while other events are more geared towards making a profit and receiving a return on investment from the event itself, either immediately when the event takes place, or somewhere down the track.
While generating an ROI from a traditional type of event seems more tangible, how is it possible to derive a profit from a virtual event or conference?
Virtual Event Management Services
If you have the budget to hire outside help for your virtual event, then you’ll definitely want to hire professional virtual event services. To begin with, these companies will have everything at their disposal that’s needed to host a top quality virtual conference, event or global meeting, including a dedicated platform that acts as a virtual venue and provides a customisable solution. Virtual event platforms contain modules where participants can interact and be more engaged with the virtual conference.The knowledge and expertise that professional event managers bring to the table will prove to be invaluable and the team will be able to help you come up with ideas for your virtual event that will generate a positive ROI.
Your event will also be far more likely to run seamlessly from start to finish with the assistance of an experienced virtual event management service.
Secure Sponsors For Your Virtual Event
Event sponsors provide one of the best options for garnering finance. Even if sponsorship dollars alone aren’t enough to generate a profit, the money will certainly go a long way toward covering the costs associated with holding a virtual meeting or conference.
To secure relevant sponsors, you will first need to highlight the benefits of sponsoring your event. Create a clear and compelling sponsorship package that allows access to your virtual event’s audience, so sponsors have an opportunity to also promote their own products or services as part of the sponsorship deal.
Sponsorships, when done the right way, will prove to be a win-win situation for everyone involved in the virtual event.
To give yourself every chance of making a positive return on investment, make a concerted effort to secure at least one or more major sponsors, and possibly some minor sponsors as well.
Sell Tickets To the Virtual Event Or Conference
Another way to monetize your virtual meeting is to charge an admission fee for attendance. Many real-world event organizers charge a price to attend the event, so there’s no reason why the same can’t be applied to an event that takes place in the virtual world.
Depending on the nature and scope of your virtual event, you might be able to provide different ticketing options. For example, you could offer a group discount, where if 10 or more tickets are purchased at once, the group saves 20% on the original ticketing price. Group discounts are designed to encourage bulk bookings and sell tickets faster.If your event is a hybrid event, a mix between in-person and virtual, you can sell your tickets at different pricing tiers for those attending in person or attending virtually. You can also sell VIP tickets at a higher price as well.
When you combine sponsorship dollars with ticket sales, your company is well on the way to making an immediate profit from hosting a virtual event.
Record Your Virtual Event Content and Repurpose It
This idea can apply to all types of events, such as in-person, hybrid, and virtual events. However, in order to maximize your chances of a positive ROI, you’ll really want to consider recording your virtual event content and repurposing it. For example, you can video record a speaker’s address to the audience or record a virtual workshop. This footage can then be used in other ways to generate income. It could be in the form of on-demand content for event attendees or sold as informative and valuable content for people that couldn’t attend the event.
On-demand content can be sold in individual formats, or you could ask for a higher price to sell all event content in bulk.
You’ll want to take advantage of lead generation during your virtual event, as this gives you a tangible way to follow up with potential customers and clients once the event has concluded. Leads allow you to generate revenue from event attendees long after the event has concluded.
Some ways to generate leads include conducting surveys and polls or hosting group chats and networking sessions.
How Virtual Team Meetings Can Increase ROI
Hosting events and conferences isn’t the only way to generate a positive ROI from virtual meetings. If your team is comprised of many remote workers, then hosting virtual team meetings can ultimately boost your company’s ROI due to the following benefits.
By eliminating the need for travel, virtual meetings bring everyone together online and save both time and money. Meetings can be organized and held in a very short space of time. A virtual meeting also increases your reach, as any remote worker from anywhere around the world can attend. There is also a fair degree of flexibility associated with virtual team meetings, including hosting the meeting at a time slot that suits everyone. If someone is unable to attend for any reason, you also have the option of recording the team meeting, so non-attendees can catch up on the content later.
Along with time and money savings, regular group meetings will ultimately lead to an increase in productivity and improvements in team collaboration and engagement, resulting in more streamlined operations and greater company profits.
Hosting a virtual event or conference can certainly produce a positive return on investment if you focus on ways to generate revenue before, during, and beyond the event. With professional assistance and some forethought, there’s no reason why your virtual event should end up being a financial liability rather than an asset.