Virtual Event Sponsorships: Insights & Guidance
Virtual event sponsorships are a huge source of revenue today. Event planners are anxious to understand the strategies to, perfectly replicate the in-person events to virtual ones. They have a lot of questions regarding virtual events. To enlighten virtual event planners, HexaFair brings you some niche insights & guidance through the latest article – Virtual Event Sponsorships: Insights & Guidance. Read On!
Learn from our industry experts. Get the best tips & advice for your virtual events. If you want to learn more, stay tuned with us through this article –Virtual Event Sponsorships: Insights & Guidance.
The Disruptive Age:
Before the pandemic, everything was normal, including events. Physical events were the best ways to engage & build networks, and that was the past. With the onset of the pandemic, virtual reality events have become the new and the most sought-after platforms today. Way back physical events were all about collaboration & engagement. But now, the new age is into disruption &rebuilding. This disruption has driven to a lot of confusion esp. for sponsors. There have been many questions coming up like
1. How to manage virtual events?
2. How to drive the virtual reality events to success? and
3. Which speakers & features to choose for the virtual events?
How much ever knowledge they gain related to virtual events, there will always be something new for the sponsors. The tide gets difficult with small sponsorships as they don’t have adequate experience to handle the events.
The Virtual Edge:
The dynamics of real events is gradually shifting to virtual realms. Sponsors are also finding great expansion & network-building opportunities in virtual events. This is the phase of a virtual edge where both organisers, and sponsors have got a lot to learn and share about the virtual sponsorship aspects & benefits. Most of them are new or don’t have any previous experience with virtual reality events. So, HexaFair is here to share the experience & drive you successfully through your virtual events journey.
- Virtual Event Sponsorship Opportunities:
Virtual events are exciting, interactive and much more engaging, and so are the virtual event sponsorships. As it is clear that the in-person event elements can be replicated to virtual, what is most exciting about the replication is, the sponsors opportunity to participate in the show?
- An Example:
Let us assume that you are organizing a virtual conference. You might need several rooms with speakers. For this, you need to have the best technology with robust security measures. In the virtual realm, you can actually create workshops & help customers connect with the sponsors in dedicated rooms. Today, with advanced technology around, the experience has become far better & easy. Further, enabling sponsors to live chat instantly with audiences gives a great experience & creates the most genuine engagement.
Another advantage of virtual reality event is that businesses can promote and market their products online. Share information, conduct audience polls and take feedbacks instantly from their audiences and target markets. Enterprises can choose to display short demos, slides, presentations and screenshots of their products instantly online.
- Deals & Connections:
Virtual events also support sponsor negotiations which is a great opportunity & otherwise considered impossible with real events. Global audiences are adopting to virtual events because of the infinite possibilities they hold. The key to organizing virtual reality events is quite simple. It is to make your sponsors act as your event partners. This makes the event creation simpler & helps to achieve greater ROI.
Goodie bags are essential & are considered as potential enticers for your virtual events. The plan & gifts you put in needs to be fun, interesting and compelling for your audiences. Ideally, for in-person events, you give the gifts directly to your attendees. But, in the virtual realm, you can share them online in the form of coupons, digital goodies, codes etc. The activity becomes better and interesting in the digital realm.
Digital swag bags can be as big as you want them to be. As they are virtual & so, their possibilities are endless. Sponsor creativity also plays a major role to bring together a really interesting swag bag. Virtual event platforms render all the services that you need including planning your swag bags. But the goodies inside might depend on the resources available on the platform. Because the goodie bags have been here for a long time, the virtual event planners ensure their standards are maintained. They can be custom-designed to bring value to your business.
Attendees who register for the event will automatically receive the swag bag. One of the biggest advantages of the swag bags is their set up is super simple. With no physical touch, you can gift your audiences anything & everything online through these swag bags.
- Virtual Event Sponsorships in Unsettled Times:
With the onset of the pandemic, the economy has gone topsy turvy. And so, getting sponsors for virtual events has become a challenge. It is a completely uncertain scenario from the sponsor’s point of view.
But with virtual events, the times have changed. If there is a time when sponsors themselves will come forward to participate, that time is now. In the current situation, businesses need to run and most importantly become visible and that’s what the virtual realms offer.
- Data Collection:
Data collection is very easy in the virtual realm as everything happens online. The information you receive also depends on the type of platform that you are using for your event. You can easily track every movement of your participating attendee online. The data helps you to analyse your audience’s interests, their goals & needs. Providing this data to the sponsors will help them plan for more interesting events & make your collaboration more interesting. After all, they are the owners and so must be aware where their investment is going into.
Further maintaining the confidentiality of data is also highly important. Event planners must only share that information which they are authorised to share. Abiding by the rules can bring you a mint in virtual reality events.
- Balancing Privacy & Sponsor Requirements:
Data privacy is highly important and balancing the same with sponsors demands is extremely crucial. In Europe, the rules are easy with GDPR. The US has no set of data protection rules. Yet, as virtual event planners, we believe that data protection guidelines are extremely important. We value people’s privacy as we have been in the industry for a long time.
In any industry, trust is hard to build but easy to lose. And once it is gone, your virtual event plan will become mission impossible.
- Virtual Event Sponsorships: Selling & Pricing Models
When it comes to virtual event sponsorships pricing, there is no big difference between the real & virtual events. Certain factors must be taken into consideration when pricing your sponsorship packages. These are the necessities that must be flexible and if necessary custom-tailored for every sponsor. And, it is also a good idea to have certain predefined packages for your sponsor before the final onboarding.
- Pricing Factors:
Numerous factors come into picture while framing the pricing for virtual events. Branding & selling are crucial here. Putting yourself in the shoes of the sponsors will help you understand what they are trying to sell & what returns they are expecting. For good ROI, it is necessary to frame a pricing strategy that benefits your sponsors as well as audiences.
When it comes to pricing factors, you must learn how to price your sponsorship packages. You must also know how many guaranteed attendees you have for the event. That is the deciding factor of your virtual event outcome.
Buying capacity of your attendees must also be analysed. Their income, affordability, takebacks, value etc. must be taken into consideration. Further, brand value also decides your event success. If you are in the industry for long, then there is a high chance that your virtual event becomes a grand success. Being in the industry for long will help your audiences to pay more and there exists a certain guarantee to your attendees.
- The Future:
The future is virtual. The communication is getting easier & the interactions clearer. We are foreseeing numerous virtual events on the horizon when compared to real ones. We believe that hybrid events have all the benefits & support that fit into the sleeve & hence are going to rule the industry.