Updated: Sep 29, 2020
The time is now to visualize new streams of revenue in the virtual world of meetings and events!
We are familiar with the advantages of providing content within programs that take place in person. Fortunately, we continue to have the ability to meet and share utilizing the extensive capabilities of virtual learning.
What are some of the benefits of the virtual meeting or event?
The virtual process puts the content of your event into an accessible and widely scalable format with the capability of more diverse and innovative information in addition to presentations. The audience can be larger, while being more diverse, often with fewer financial and time constraints
The content is not limited to time and space. The content material has a longer shelf life when it is recorded and will be available, not only attendees, but to those who registered, and were unable to attend.
A registered guest list, with names, company and position can be online for those who would like to connect.
Currently, people are managing their own time, and availability may be higher for some.
Opportunity to make new connections without a location constraint for discussion topics through a chat link and may be directed to a specific presenter.
Thus, Enter Revenue Streams:
The income stream can last beyond the event and attract a larger audience
Wider choices of revenue streams become available
You can reach new and defined demographic audiences
Increase the number of your presenters/speakers since you do not have to incur expenses, such as airfare, sleeping accommodations, etc.
As mentioned previously, if the event is recorded, tradeshows and exhibits have an opportunity to live longer post event
What do audiences want from this virtual revenue experience?
Audiences still want to receive knowledge about products, services, education, trending items, sales ideas, “meet” new contacts and network, hear personal experiences from peers who are relative in their industry, receive recognition, etc.
What are your financial objectives?
A large revenue source is Sponsorships, connecting buyers and sellers.
Have participants and/or sponsors develop methods to generate revenue for you, as well as for themselves.
Virtual Exhibit Booths connecting in real time
Booth visitors are available after the event for a longer time with actual dates and times they visited
Branding opportunities – video messages, banners, static screen in meeting rooms
Branding on social media channels
Ask sponsors to speak and distribute through branding opportunities Increases the desire to be a part of the next virtual program
Gamification with sponsor messages
Develop incentives and contests with the first, second and third place winners having the top spots in hopes of them building their business.
Offer a prize for the first 20 surveys submitted and work with one of your vendors on a beneficial revenue outcome
Revenue Potential Outside of the Program Dates
On the bright side, your providers, sponsors and vendors will be amazed as to how on-line placement expands their reach.
Just like you would for an in-person event, prioritize what will engage your audience prior to, during and post. Just think, no relentless pop-up chats or ads that follow them around. Focus on providing valuable information that is clear, easy to use and present it through an experience that is engaging and relevant to your audience.
Sell digital libraries with the conference recording, or, if your meeting is not set up for that revenue stream, sell the branding on the digital library to sponsors or advertisers.
Possibly sponsors will have access to new leads
More content may be sold if that is a revenue stream for your meeting
Great content is a selling tool for future meetings, conferences, or events
Your audience reach has a realistic opportunity to be larger with a virtual program. Vendors and sponsors will have a larger presence and the positive exposure helps to meet the objective. New avenues have unfolded in this virtual world of meetings, events, and conferences.
Chat lobbies, sponsored on-line directories, sessions, content pages, on-line networking events and more. A reminder be sure to connect with the potential revenue generating participants from the start so they can be sure to have this amount in their costings.
Sell and Place Strategies:
Rotate ad banners on key content pages for a powerful way to reach target audiences and generate revenue
Drive traffic to exhibitor booths for sponsor dollars
Digital libraries and continuing education (CE) stores put virtual-conference content in one place. These online marketplaces make content easy to buy for professional development and accreditations.
Sell individual access to sessions or entire conferences. For lots of organizers, combining free session content with paid ticket upgrades is a proven way to strengthen ROI.
Curate speaker content. Virtual event content is already online, meaning it’s easy to repurpose. Share compelling speaker content on social media. This is another way to build awareness across geographic regions and industry segments.
Create new revenue streams. Savvy organizers use online event content as an audience development tool. They find it brings in incremental dollars through new prospects and members. In fact, by spreading the word, great content also boosts awareness and registration for face-to-face events.
Sell Through. Put up products and presentations from others relating to your event with sell through commission.
Gamification has a two-fold effect – creates fun-filled activities for attendees while generating revenue dollars. A fresh idea that will set you apart.
This is a start, but certainly not an exhaustive analysis, what has worked for you? What new ideas do you have?