When it comes to event pricing, there is one rule that should always be followed: “Price needs to be low enough to offer value to your customer but at the same time should be high enough to convey that your event provides an experience worth having.” It sounds simple, doesn’t it, but it is challenging to incorporate in real life, let alone in virtual.
Virtual events are different than in-person events in every aspect. You are not offering the same type of experience to your attendees as in an in-person event, so you cannot use the same pricing strategy. However, this does NOT mean that you cannot make profits with a virtual event!
Ways to Price your Virtual Event for Generating Profits
Pricing an in-person is very critical and hard because it affects not only your profits but also the attendee’s participation. But what to do when the event is virtual? How can you generate revenue with an online event? This is where we will help you!
The following are some of the top ways to price your virtual event to generate revenue.
Conduct Market Research
If it is your first time hosting a virtual event, you need to do your research ahead of time. Find inspiration from social media and your competitors. Look for virtual event pricing in the events that have taken place in recent months to get a rough idea about how much people are willing to pay for online content.
Did you know, there is another platform to research into event pricing – online course platforms. There are hundreds of online course platforms that offer different packages for multiple subjects. To get a rough idea on the pricing structure, look at offers and deals, and calculate the average price for a single online lecture. This way, you can get an idea about your audience and how much they will be willing to pay for your event.
Know your Event Numbers
Just like in a real-time in-person event, you need to calculate your ideal ticket price and profit goal for your online event. As this might be all new to you (unless you have planned a virtual event before), you will need to analyze your cost and budget before planning carefully. You can also get assistance from a professional event planner to avoid any mistakes.
Some of the things to consider when planning a virtual event are: How much am I willing to pay for an online event software? What is my budget for marketing? Do I need social media influencers and adds on a social media platform? Do I want giveaways at the event? How many sponsors do I need?
When you have answers to all these questions, only then can you move forward and get a better sense of the ticket pricing strategy that you need for your event to be profitable.
Use a Subscription Model
Subscription models are not something new as it is already popular with online platforms like MasterClass. This model is used to not only increase attendee engagement online but also solve webinar fatigue issues. So, why not use this model in your virtual event to make it more profitable and engaging?
With a subscription model in place, instead of offering all the seminars in one day or 3 days, you offer your attendees a chance to access these sessions every day for a month with a monthly subscription. This way, you can keep them hooked for one hour a day during a month as opposed to tiring 6-7 hours back-to-back.
A subscription model can provide your company with a constant revenue stream like Netflix, Hulu, Amazon Prime, etc. We suggest consulting event companies in Dubai to design the best subscription model for your business that your customers would love to pay for.
Introduce Different Tiers and Additional Features
Another way to make your virtual event profitable and attractive is to implement tiered pricing. You can offer a low charge or free access to guests, but they will need to pay for access to various sessions. To make it more appealing, you can also present them with a choice to subscribe to a particular ticket that gives them access to exclusive content.
Just because your event is virtual does not mean you need to charge every one of them at the same price. Consult an event designer and incorporate additional features that can be accessed at a higher price. Use features like VIP and Exclusive Access for different tiers and offers that attendees can’t pass up on!
For example, you have decided on a ticket fee of $100 for a standard package, including chat rooms, speaker sessions, Q&A sessions, etc. At the same time, you can offer a Premium Package with a fee of $200 that gives exclusive access to entertainment performances, materials prepared by the speaker, etc.
Understand Real Added Value of your Virtual Event
Always remember that just because your event is virtual and not happening face-to-face, does not mean there is no real added value to the event. An event’s perceived value by the attendees is very important and can come from learning, entertainment, or being part of something bigger and contributing towards a shared cause.
One of the most valuable features of an event be-it online or in-person is the ability to network with people. Going virtual doesn’t change that! Think outside the box and look for additional revenue streams like sponsors for breakrooms, and exhibitors. Focus on what an attendee will want to experience at your event. Do not drop your ticket price just because it is virtual.
Make the Most out of your Virtual Event!
Digital platforms provide you with more opportunities as compared to in-person events. Pricing a virtual event is not an easy task. To create the right pricing strategy for your virtual event, follow these tips and remember as long as the price is covering your expense and is below the perceived value, you can not only sell tickets but also generate profit.
Consult an event planner and get your creative ideas flowing to design a brilliant event strategy!