| By: Silas Neo

8 Strategies To Make Your Virtual Event Profitable

8 Tried and Tested Ways to Monetize Your Virtual Events

Make your online events more profitable

The low cost of hosting virtual events is driving more event organizers towards the new trend. But these events are not just less expensive; they can also be more profitable. It all comes down to how you monetize your virtual event to drive higher ROIs.  

Let’s look at some of the most popular ways to make your virtual events earn more money. With better returns, your subsequent events can evolve into more engaging and interactive for attendees.  

So, let’s get straight to it.  

1. Make ticket classes 

According to the latest stats released by Markletic, 33.7% of marketers say that the average cost per attendee is between $500 and $1000. That is a significantly high number if your event is not making money proportionately.

If you are among them, the ideal way to start would be to go with ticket classes. Onlive allows you to have separate ticket classes to help you earn more money for the type of content you are delivering. You can check out their easy guide here

Ideally, you can opt for VIP passes, membership passes, early-bird offers, and Single-Day or Multiple-Day passes to market your event and earn more money.  

When you have different ticket classes, the attendees looking to retain the maximum value from your events will inevitably choose the ones that suit them best. To increase sales numbers, you can also add group discounts and attract more guests.  

2. Record your event and remonetize 

The best part about virtual events is how a single event can be remonetized time and again. You can sell discounted tickets for your pre-recorded virtual events that have created a buzz with your attendees.  

This will make you money from the same event and attract newer people to your upcoming ones.  

However, it would help if you marketed your pre-recorded events well. You can use Onlive’s Communication Channel Solution to set up your emails and send out promotional material to your subscriber’s list at great deals.   

3. Avail sponsorship opportunities 

Much like their physical counterparts, virtual events provide plenty of sponsorship opportunities. But event organizers must use new ways to make the most of their sponsorships. You cannot simply rely on mentions on the registration page or event websites.  

Try using sponsorship branding in the event room lobbies, virtual booths, online kiosks, or breakout rooms. It will give sponsors the opportunity to see more value in your events because of the diverse marketing channels. 

You can also use other channels like push notifications and email marketing to spread the word about your sponsors far and wide. Sponsored host sessions can be another way of promoting them to your attendees.  

4. Earn through affiliate marketing 

Event organizers can also recommend other people’s products during their events and earn an affiliate commission. You can significantly improve your profits from virtual events by using affiliate marketing as a source of income.  

However, you must always remain transparent about promotional recommendations with your attendees. Also, keep in mind that the products or services you promote through affiliate marketing should be ones you are comfortable promoting.  

Pushing below-par products can be a hazard to your reputation as an event manager.  

5. Sell leads to event exhibitors.

Another way to boost your ROI is to sell data of your attendees to event exhibitors. You can do this by asking for the consent of attendees during their registration to be directly contacted by companies in the event.  

You can also create rooms on Onlive to facilitate one-on-one interactions with companies and attendees. It will make quality opportunities for both companies and guests while helping your event turn more profits.  

6. Create sellable content for attendees 

Creating additional content for attendees is a great way to earn more through virtual events. You could make guides or reports on specific industries and charge attendees for downloads.  

The critical thing to make sure of here is that your content should add more value to those purchasing it.  

Data and reports are significant resources in any industry, and as an event organizer, you will have plenty of insights into the trends. If you make the most of the knowledge you have at your disposal and add some more to it by collaborating with subject matter experts, creating sellable content should be a piece of cake!  

7. Sell ad spaces on the event websites. 

Your attendees will have to visit the event registration website to attend your event. Selling ad spaces to sponsors on the website will give them a higher reach and make you more money.  

The best strategy for selling ad spaces on your events is to give those spaces to relevant ads. It will make it more likely for attendees to click on them and earn you a commission.  

However, you must ensure that your registration website maintains a clean look and does not seem too cluttered. 

8. Merchandise selling 

Adding a virtual trade show into the mix to sell event swag and merchandise is another great way to monetize your event. Create a shop for your attendees that is secure and can help them make hassle-free purchases from the event.  

You could also integrate an existing online e-commerce shop into your event so that attendees can browse event merchandise without actually having to exit the show.  

These are some of the best ways you can monetize your event and boost ROI. Online virtual and hybrid events are increasingly becoming the norm around the world. As more companies adapt to the new, you must capitalize by turning up revenue volumes.  

Choosing a platform like Onlive will help you easily host virtual and hybrid events through end-to-end event management.