The 2020 digital surged led us to online and hybrid events
With most industry events facing an uncertain future, it’s no doubt that the coronavirus pandemic has been causing serious disruption for event professionals. The current situation has been accelerating the shift to virtual events, with event organisers finding ways to create memorable events through our screens. According to market research, the global virtual events market size was valued by Grand View Research at $77.98 billion in 2019 and is now expected to grow at a compound annual growth rate (CAGR) of 23.2% from 2020 to 2027. It’s time to learn about monetising online and hybrid events with Panoptic!
While we know that online events are hosted through the utilisation of online platforms, hybrid events are a little different, and can actually make your event a memorable experience.
As the name suggests, a hybrid event is any event that combines both in-person and virtual elements. Essentially, both the physical as well as the online audience come together and participate in the same experience or content at the same time, from different locations – this is a particularly great way to incorporate engagement into events.
Even though industry professionals feel that major in-person events may not occur until the end of 2020, we know that the situation is ever changing, and for the moment, it can be said that hybrid events are here to stay. Naturally, as a result of this, it is expected for event organisers to further invest in this type of event in the upcoming years.
So, how can I monetising my online and hybrid events?
Partnerships and Digital Marketing
Even after the transition to online events, you may be wondering how to recoup partnership revenue from your live event. With virtual events, there are still plenty of partnership/sponsorship opportunities, and this is not just by throwing logos at a newsletter. This is done through emails to post-event data.
Regardless of the circumstances, email is a great way to keep in touch with your attendees. However, you need to make sure that the emails featuring your partners are informative and newsworthy. You can even send email bundles that contain featured content sent to attendees to partners.
Alongside emails, social media provides the optimum platform for event professionals to promote sponsors. With coherent and creative content, this could be done regularly to maintain brand awareness. When it comes to sponsors, throwing a logo onto your website just simply isn’t enough to retain interest. For example, you could leverage Facebook Events and Groups for sponsorship engagement – activations can include exclusive giveaways leading up to the event or a sponsored recap after it ends.
On your event website, it is important to include a partnerships page where you include short blurbs for each sponsor, briefly explaining what they are sponsoring. If you have speakers who are being sponsored individually, be sure to mention this in their biography page – with links. Your website is endlessly customisable, therefore it can be used to retain revenue and strengthen relationships for the long haul.
While it is normal for in-person events to sell at a certain price, in accordance with several factors, it can be slightly difficult to implement the same strategies for virtual events. However, this does not mean event professionals cannot generate revenue.
Ticketing can be crucial in gathering funds as it is the primary source of events income. With the pandemic, economic difficulties have been putting pressure on people, meaning that they are more wary of their spending.
Why not try tiered ticketing? The tiered ticketing system allows you to price your tickets at different levels, mainly according to the type of content you offer. While free tickets give you minimum access to the event, with further payments, you could increase the level of access to the event. This is a subtle – but excellent way to encourage attendees to upgrade.
Another way is to offer the option of free tickets or a pay-what-you-will donation option. Here you can still make your event accessible without placing a financial burden on your attendees. While event creators have identified that attendees are willing to donate around £5 – £10 for their events, a little push doesn’t hurt. And this encouragement often takes the form of a well-worded ticket description.
At the end of the day, there will always be people opting in for the free tickets, while this may not be the ideal outcome for event planners, free tickets could still present some key opportunities for event professionals to expand their audience, which could go on to pay for future events.
Add something personal to create value!
It’s important to offer something different from your competition to attract attendees to your event. To enhance your event, you could add your own flare and touch.
There are certain factors to consider when creating your event. For example, what can be done to differentiate your event from others? Can you bring the experience to them? Why not consider the five senses? Incorporate those elements to your hybrid event to create the ultimate experience for your attendees.
For example, if the event is based around yoga, sending goodie bags to the attendees could be a great way to elevate sensory integration. The goodie bag could include a candle and other tangibles that can dramatically enhance the spiritual event through the use of smell, additionally, involving relaxing music can contribute to the desired ambiance.
Such elements can directly lead to better engagement within the event and give the brand or organisation more staying power, as the utilisation of such senses help create longer lasting memories.
How Panoptic can help
Especially at a time where in-person events are restricted, event professionals can utilise the many ways of monetising online and hybrid events. They can do this through partnerships, ticketing, advertising, digital marketing and much more!
At Panoptic Events, we deliver world-class experiences cross-sector that amaze and inspire. We have the knowledge, expertise and solutions to design innovative, effective and unforgettable brand experiences. Simply tell us your story, and we will create your legacy.
If you would like to find out more about our online and hybrid event services, click here.
For enquiries, please email Amanda-Jane at firstname.lastname@example.org.