If you are a content creator or an artist and have already done a few virtual events, you will be looking at ways to take your product to the next level and start making money out of all the hard work you are putting in. The good thing is that virtual events do give you a great opportunity to increase your revenue. You can start making money through various means such as ticket sales, sponsorships, bookable items, etc. It is not as difficult as you may feel it is.
Let’s have a look at some ways you can monetize your events:
Show the value
The most important aspect that you must consider for anyone that may be thinking of buying a ticket to your virtual event is highlighting the value that they will get out of it. No one will buy tickets to your event till they are clear about what value it will provide to them. And the value is not just for your audiences either, but also for sponsors that you may want to get on board or influencers in your industry that you might want to collaborate with. You can start showcasing your value through graphics or short videos and uploading them on social channels. You can also put in a little money to take your content to the right people within your target audience.
Set up a pricing strategy
Exactly like on-ground events, there are strategic decisions you will need to take in order to make money out of your virtual events. Decide how much money you want to make or if you just want to break even. All this will also depend on who is your target audience and how much you will charge them and when!
Find out about other events in your industry and check the pricing. Gauge your own content against that of the other events and then take a call on how much you should charge and not want to. You can also start with a lower charge per ticket and keep moving up with every event and then finally stabilize the pricing based on experience and quality of content on offer.
Take into consideration your expenses and total budget in order to decide if you want to give out early-bird discounts or similar offers. Don’t forget to plan for users who are not able to attend your virtual event for some reason. You can offer your recorded content to these users at a certain cost after the event as well.
Brand partnerships and sponsorships are a good means to make money from your virtual event. If you have already done a few successful virtual events, then that will make it easier for you to get sponsors on board for your event. Have a sponsorship document ready specifying how the sponsors will benefit by putting in funds for your event. Talk about how the content will be available online long after the event is over. Mention the expected number of users and the social shares and promotions. Let them know how you plan to use their brand name for them to get better visibility. Make sure that you approach the brands whose consumers are likely to be a part of the target audience for your event so that it is easier to convince these brands to sponsor your event.
Content creators have already started making money out of virtual events. If you haven’t started yet, hop on to www.feelitlive.com and set up your first virtual event. Let’s begin the journey together!