3 Reasons Why You Should Monetize Your Virtual Events
Virtual events have now become a driving force in the way that we gather and communicate.
In fact, virtual events last year exceeded the revenue target of physical events for the entire year. Our virtual panel discussion “ROI ASAP, Monetizing Virtual Events,” features four experienced pros who’ve been making the most of their virtual events:
- Craig Fuller, Founder, and CEO of Freightwaves
- Brian Gates, SVP of Marketing and Strategy at RainFocus
- Christine Wood, VP Marketing and Communications, Seattle Symphony
- Allison Vecchionne, Account Executive, Stagedge
No matter if your event is free, sponsored, or paid, this roundtable discussion highlights the opportunities to tap into revenue both during and after the event.
Here are three takeaways from our panelists on why you should monetize your virtual events.
BIGGER AUDIENCES = BIGGER PAYOUT
With the global reach of virtual events, you’ll far exceed the numbers you’d normally see for a physical event. And that impacts sales, sponsorships, and advertising.
- Brian Gates of RainFocus reports that virtual events in 2020 helped his clients increase their audiences by almost 500%.
- With larger audiences tuning in to your virtual event, you’ll get more qualified leads to convert into future sales.
- Sponsors always want a big audience and will pay to appear with your content as it engages thousands of people.
- Virtual trade show events often attract key industry players and audiences, so these events often function as a “release party” for a new product or service. That means higher ad revenue.
- Beyond the four walls of a conference center or concert hall, you now have “unlimited seating,” which translates into more customers and more revenue opportunities.
- Once you establish a robust video platform for your virtual events, you can partner with other organizations to join you in distributing and monetizing content.
YOUR VIDEO CONTENT IS VALUABLE BEYOND THE EVENT
In the not-so-distant past, you’d hold a performance or event that would be finished the minute people walked out the door. No longer. The content you now create for your virtual events should be considered valuable--and never disposable.
On-demand content extends far beyond the event, offering more opportunities to charge viewers for premium and exclusive content.
Advertisers and sponsors will pay for the opportunity to extend their message by aligning with your on-demand content that lives on indefinitely.
Virtual events can transform into opportunities to create OTT broadcast-like channels, offering further engagement with customers and revenue opportunities.
Content from your virtual event can be divided and packaged into smaller units, such as podcasts, social videos, case studies, and even advertising, creating new ways to stay connected with your audiences.
Creating subscription models, either monthly or yearly, gives customers or patrons access to prerecorded, live, and behind-the-scenes material.
VIRTUAL EVENTS ARE INCREDIBLY COST-EFFECTIVE
Once you add up all the costs of a conference center, travel, food, and more, the price of a virtual event outweighs all of that – not to mention delivering a far bigger audience than an in-person event.
For companies who can’t afford to send their employees to a trade show, the much smaller price of a virtual event ticket makes it possible to go, increasing your attendance at the event.
Virtual events can be incredibly targeted, reaching small and intensely-focused groups receptive to content from you and your advertisers.
Sponsors are fully embracing and finding tremendous value in virtual events, gaining qualified leads as they work with you to be part of your overall content strategy.
In the non-profit sector, where funds are limited for in-person events, donor and fundraising goals can be achieved through virtual experiences.
So, as we look at 2021 and beyond, what’s next with virtual events? Well, they’re only going to get bigger and better as they showcase their ability to be seen on any screen anywhere in the world. With the power of video, you can engage both audiences and advertisers with a high-quality experience that will open hearts, open minds….and yes, open wallets.
If you missed our virtual panel discussion “ROI ASAP, Monetizing Virtual Events,” you can check it out below:
If you’re planning a virtual or hybrid event, we’d love to help. Get in touch with us here.