Virtual Event Costing: Billing & Profiting
Be it the real or virtual events, one factor that remains crucial everywhere is the pricing. Hiring the best virtual event production company service provider for your business can be amazing, but it is also essential to get into the details of the event planner that helps you build a stage for your grand appearance. There are many facets that are highly important in virtual events. And one most important factor to be considered is, pricing. If you are new to the virtual realm, then designing the perfect virtual event pricing model can become a huge challenge for you.
Should the pricing of the virtual event be the same for real and virtual events or do you have to give away some free sessions as you would be going live for the first time, are some of the questions every sponsor, & exhibitor have today. Again, post the virtual event’s design, adding elements that can generate new sources of revenue are also important. To learn about the pricing strategies for your virtual event & how to drive that extra revenue for your business, keep reading the article, Virtual Event Costing: Billing & Profiting.
- Enroute To Value:
Exhibitors & sponsors must always have an idea on how to drive their virtual event to profit. If you already have some experience in hosting virtual events, this won’t be a new ground for you. If you are new to virtual events, then you will have to pen down all your costs. And the expenses include charges for speakers, entertainment, platform, features, technical and production costs, other add-ons etc. By knowing where exactly your money is going, you can better analyse where your investment is going.
It is also essential to frame your goals like what are you expecting from the event? Brand awareness? Build new connections? Sales? Leads? Having your goals noted will help you to measure the metrics successfully. Marking the success of your event with precise data can help you in pricing your future virtual events more effectively!
Getting inspiration from your competitors is a normal strategy. But, HexaFair suggests you have a glimpse into the online courses, rather than checking out your competitor’s virtual event pricing model. Online courses can give you the right knowledge into sales, marketing, promotions, business strategies & much more.
Shortlist a few online courses & get the pricing details. Add that course to your event with extra perks & expert speakers. Like this, you can charge double or more amount for your event.
If your audiences are deeply interested in a particular course & your subject-oriented seminars, they are sure to pay the designated price. So, to keep your audiences engaged in your event, doing your research on online courses and incorporating them within your event is a must.
- Subscription Models:
When it comes to top concerns of a virtual event, attendee engagement takes the first place. Webinars are highly engaging events that can keep your attendees hooked to your events for long. Subscription models are popular & can help a lot in pricing and fostering attendee engagement.
The great benefit in adopting a subscription model is that, it can generate continuous revenue for your company. Apart from the live sessions, now you can engage your audiences with pre-recorded sessions too. This means that your audience can have complete access to all your event content even after the event is over. This brings in continuous revenue even for your past events simultaneously, promoting your brand and upcoming events.
And some more possible advantages can include selling your virtual sessions as a combo pack or bundles. This is considered as an effective marketing strategy by industry experts globally. Virtual events have infinite benefits &can foster new, unique strategies to generate great revenues.
- Diverse Tiers & Features:
Technological advancements have bought a drastic change to virtual event models. You can bring in more futuristic features to your events for newer & better audience engagement. But, when it comes to charging your attendees, you need not charge the same price for everyone. Instead, your pricing can be unique for every customer & can be framed as per their feature demands & usage.
Further, the subscription models are popular pricing strategies that come with extra benefits & unique pricing categories. These models can be easily applied to your virtual event pricing strategies.
To generate greater revenue, you can also introduce a premium tier model, that proffers privileged access to speaker materials followed by a live band for post-event entertainment. Tiers can be added as per your choice based on the exclusiveness in features offered.
If you know your event and your audience well, then you are the experts here.
- Know Your Worth:
Certain aspects can be put out for free or on a good discount, but not the entire event. Exhibitors, sponsors & planners must understand that everything comes at a price. And with virtual events technology & advanced features, the price might go sky-high. Undoubtedly, audience engagement is the first priority for any virtual event. But when you are offering them a valuable experience that enriches their lives in many ways, you don’t have to compromise with the pricing.
The audience are well aware of what they getting into and where they are investing their valuable time & money. So, exhibitors & sponsors, know your worth. Frame the pricing strategy as unique & valuable your services are.
- Identifying New Revenue Streams:
Out-of-the-box strategies can help you gain additional revenues for your virtual events. While subscription models are one strategy, affiliate marketing is considered as other. Affiliate programs enable links adding into your event. Any purchase made through the link can earn you a referral fee. This is another amazing way for revenue generation.
Virtual event platforms also include ad spaces. The advantage of this strategy is, you can sell banner and pop-up ad space to the sponsors of your virtual event. Ad spaces & sponsorships are an amazing source of revenue in virtual events. Exhibitors can promote them through speakers, slides, videos, social media channels, sponsored Q&A sessions to attract more new audiences & engagement.
So, that is all about our latest article Virtual Event Costing: Billing & Profiting. To get access to more content, check with our blog page. If you are new to virtual events and are in search of the best virtual event planners for your business, then HexaFair is here for you. Book your demo today!