The COVID-19 pandemic has rendered every event organizer to make their event digital causing an uptick in virtual and hybrid events. Although they are arguably easy to navigate, an organizer might feel that monetizing virtual or hybrid events are more complicated, however, this isn’t true at all.
Virtual and Hybrid events:
Virtual and Hybrid events also allow the organizer to connect to sponsors, partners, and exhibitors. It also allows the forming of valuable connections with attendees. This article aims to change any preconceived notions about monetizing virtual and hybrid events.
To understand how to monetize these events, we first need to understand the current business model, there are four types of participants in the event:
People generally attend events for three reasons
- Learning something new
- Gaining new business leads
Several faults can be found with this business model, for instance, the organizers are not selling the outcome, they are capitalizing on the process. They should instead focus on the qualified leads that the exhibitors take home because then the exhibitors will know if the cost of lead acquisition is worth it.
Another important thing to note for monetization is to increase the number of participants, this can be done through updating the event content and coming up with new prospects so that more attendees can join the event, using social media effectively, monetizing the channel marketing efforts, making sure the attendees get to engage all the time, understanding attendee patterns and setting goals accordingly, acquiring leads online for the attendees.
A crucial thing to note about monetization is that the sponsors and exhibitors must be given prime importance, integrating familiar features of event technology to showcase the sponsors and exhibitors adds more value to the sponsorship
1. Sponsoring Profiles and Groups
Having company profiles will allow the attendees to have a comprehensive understanding of the event, the sponsors, the exhibitors, and the partners. The attendees can also learn about the company in detail. Including important details such as contact details also allows for networking and they can contact the exhibitors after the event.
Organizing these profiles into sections or categories can help distinguish the relevance of the individuals to the attendees. Other things that can be displayed include sponsorship tiers and exhibitor listings.
2. Sponsor Banner Ads
This captures the attention of the attendees and should be ideally included in sections that receive traffic on your website or other virtual spaces. This is an opportunity to promote the brand and can also help sponsors measure their ROI.
3. Sponsor Widgets
Another way to capture the attention of the attendees is by employing home screen widgets. The attendees can conveniently access the event information and peruse through the company profiles as well as the virtual exhibitor booths.
Connecting on virtual platforms might seem inconvenient but in reality, there are more attendees for virtual events than those for in-person events as there are no geographical limitations. The company profiles will allow the attendees to receive contact information and they can network with each other at their convenience.
5. Virtual Exhibitor Booths
This attempts to create the same experience that exhibitors and sponsors try to achieve in physical events. This will require the creation of profiles that provide the necessary information about the company to the attendees.
The exhibitors will also be presenting either through live broadcasts or through pre-recorded content. The attendees can be guided to the demonstrations and sponsored sessions through links.
Integrating gamification is an efficient way for the attendees to network with particular sponsors or exhibitors at the event. Gamification includes challenges that reward the attendees, this acts as an incentive to visit more profiles, attending a demo, meeting a company representative. Prize packages can also be included to increase participation and motivation amongst the attendees.
There are many ways to increase monetization, the prime objective here being to showcase the sponsors, partners, and exhibitors at the events. Introducing gamification elements, virtual exhibitor booths, and integrating robust company profiles is a guarantee for success.
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