Virtual events are indeed an excellent medium to spread brand awareness and gain new clients. With every passing day, the market for virtual events is increasing exponentially. As the demand will grow, it will indeed create more opportunities to monetize online events. The events can potentially generate a significant amount of revenue for businesses. While the deal seems lucrative enough, monetizing events can be a difficult task. So here are the 10 best ways to monetize virtual events that will act as pointers for you.
Let’s first understand what virtual event monetization is.
The process of generating revenues via a virtual event is termed virtual event monetization. Though virtual events revenues are generated in real-time or after the event is over. There are several ways through which a host can generate revenues from an event. For example, via sponsorships, offering products at discounted pricing, etc.
Ways to monetize virtual events
1. Social media integration
Social media has the potential to create the necessary buzz around any virtual event. Additionally, social media has reached millions of users across the globe. Thus it is the best medium to boost engagement and execute plans for event branding. Moreover, you can integrate social media within your event and reap significant rewards. Furthermore, you can add social media hashtags, handles, or link social media pages.
2. Multi sponsored virtual events
One of the biggest advantages virtual events have is that they do not have to set up actual physical avenues for event sponsors. Everything is executed virtually without any hassle. All you need is an online event management platform that helps you in setting up a virtual event space for multiple locations.
3. Virtual games
You may use games to engage guests with the topic of your event and to establish relationships or networking among participants as well as between attendees and sponsors. Additionally, you can sell different sponsorship packages for various games. These games can be exclusively used to promote the sponsor’s specified content where you charge an extra amount from participants.
The webcast provides flexibility to generate revenues out of it. You can either sell individual sponsorship of a webcast or you can offer to groups with similar content off course. Also, revenues can be earned by selling sponsorship of vendor-specific webinars that further provides visibility to sponsors.
5. Via banner ads
Banner ads are excellent ways to grab participants’ attention. Various virtual event platforms allow you to generate and manage these banner ads. These ads can be rotated continuously to further boost interaction as well as engagement. For these ads, you can either link to an external web page or incorporate ads within the environment.
6. Through preferred placement on the registration page
The registration page is the first step at which attendees interact with your event. Thus you can provide a little more visibility to sponsors by placing related content on the registration page. Furthermore, sponsor website links, logos, brief descriptions, etc. can be an excellent way to promote the sponsor’s
7. Through video ads
They say a visual communicates a thousand times more than a thousand-word written content. Hence, videos can be played in a suitable environment to bring in better brand engagement. These videos may highlight products/services offered by the sponsor.
8. Via paid online events
Often virtual events hosts charge minimum registration fees. This also acts as revenue for hosts. Additionally, special access can be provided to the participants to download extra content such as written documents, explanatory videos, etc. by charging some fees.
9. Email blast Mentions
Virtual event managers often promote events by sending emails to pre-identified target audiences. Thus these emails can include a list of your sponsors that will ultimately promote their business. This strategy benefits both event hosts as well as sponsors.
10. Mention in the navigation bar
The main navigation bar is the most accessed area on the website. This makes it an excellent place to advertise brands and gain greater visibility. This space can be utilized to direct the audience to the sponsor’s website, webpage, or social media account. As a host, you can extra for such redirections.
These are a few ways you can monetize your virtual event. However, as a host, you must strike balance and avoid crowding your event page with too many sponsor messages. So that it will not compromise with participants’ overall event experience.