The fifth edition of Communicate’s virtual events series explores the different ways brands can monetize their virtual conference/webinar to earn revenue. While virtual events have been a great way to stay connected with customers during these difficult times, it also provides an opportunity for host brands to bring in cash flow. Here are the different ways one can monetize their virtual event.
Ticket sales play an important role in the world of online events as well. However, since a lot of the physical real estate is missing from the picture, brands that are hosting the event need to compensate purely through value offerings. These value offerings can come in the form of speakers, content, networking opportunities, sponsors, etc.
Monetize through sponsorship
Orson Francescone, Managing Director of Financial Times Live (FT Live), the brand’s events arm stated in a recent talk that their virtual events are being monetized largely through sponsorship. Francescone claims revenue through sponsorships holds up better in a digital environment as compared to ticket revenue. Sponsors are also looking for engaging ways to get exposure and virtual events provide the means to do so. Sponsors can be promoted through logo placements during keynote speeches, networking sessions, etc. Some virtual events even come with ‘virtual goodie bags’ for their attendees. Sponsors can utilize these goodie bags and offer incentives in the form of products and discounts for the attendees.
Fee for personal access with speakers
Depending on the type of format, the host brand can charge an additional fee, for one on one engagement sessions with keynote speakers. This will help create more value and exclusivity for attendees.