7 Tips To Earn Record-Breaking Profits Via Virtual Events (2023)

Want to know how you can cash in on your next big event? The answer is simple – go virtual! Virtual events have maintained a stronghold over the industry throughout the past year. In fact, they’ve redefined the entire experience of buying and selling products in a user-friendly space, helping organizers generate record-breaking leads.

Is this where the story ends though? Not at all. As we move into 2023, virtual events will continue to be a huge piece of the events landscape. Even as the pandemic winds down and restrictions lift, it’s hard for businesses to ignore how effective virtual events are as part of their long-term marketing, sales and recruiting strategies. That is, of course, as long as their events are well planned.

Right Way To Earn Profit Through Virtual Events

There’s no longer space to plan an ineffective event, especially if you have monetary KPIs attached to it. Now is the time to start investing your time and money into something that will yield you results and see the cash flow in. Here’s how you can experience game-changing results with virtual events.

1. Sell Tickets to Your Event

It feels so straightforward, and yet it still needs to be said: sell tickets to your attendees. This is the easiest way to monetize your event before it even begins.

Sell tiered tickets that provide access to different content, offers, products or services depending on the ticket level. Make sure your audience understands and appreciates exactly what value they’ll get for each different type of ticket.

You can incorporate a form field into your registration asking which ticket ‘level’ your attendees would like to purchase, and integrate with payments systems like Paypal or Stripe to collect payments upon registration. This makes it quick and easy for you and your attendees.

2. Offer Unique Sponsor and Exhibitor Packages

Sponsors and exhibitors are another channel that you’ve probably already thought of. But, did you realize just how many features you could actually monetize within a virtual event? There are tons! Here are some of the items you can offer your event partners:

• Custom exhibit booths
• Logo visibility on the landing page, in the virtual lobby and other areas with links to their site pages
• Sponsored emails or logo placement in custom email templates
• Webinar sponsorships or speaking opportunities
• A custom popup video in the virtual lobby
• Logo placement in our virtual scavenger hunt and leaderboard features
• A branded in-event announcement leading attendees to their booth
• Custom photobooth backgrounds, stickers, or filters

Use any number of these to create your own tiered sponsorship packages, or offer them as a la carte options. As some of our clients have mentioned,  monetizing these features means they pay for themselves — and then some!

3. Market Your Products To A Global Audience

One of the key benefits realized by companies over the past two years is that virtual events help them expand their audience to a global prospect base. If you’re looking to enter new markets with your products or services in a lower-risk setting, virtual events are perfect for you. No overhead, no need to ask attendees to travel and pay for accommodations and reduced scheduling conflicts contribute to a higher potential ROI.

4. Streamline Your Content 

Maintain a better recall for customers by narrowing down the quantity and improving the quality of information that they are exposed to. Tailoring your live webinars by track, offering chat rooms that address specific topics or questions and offering live Q&A sessions can further simplify the buyer’s journey, making it easier for them to decide and convert into a qualified lead.

5. Provide Audio-video Chats at Your Virtual Event

Where there are purchase decisions, there are also queries. Virtual events allow you to let your exhibitors interact with their prospects through an A/V chat as well in order to provide exceptional customer service, that might not be as effective in terms of a physical event.

6. Start The Ordering Process In-Event

In the case of a virtual trade show or virtual product launch, you can create order sheets full of your product inventory. You can even integrate with popular payments systems to process orders, or link out to your own product pages to encourage sales through your site. Online transactions are possible using any device, from absolutely any corner of the world. Not only can you do this as a single seller at an event, you can offer it as a feature to your sponsors and exhibitors so they can get even more value out of the event too.

7. Leverage Metrics for Future Campaigns

At the end of each virtual event, you can access charts and metrics to gauge and understand the ROI. You may also have the benefit of exporting all the data collected during the event for advanced analysis. This data is extremely useful for both your marketing and sales programs. You can review what content types and formats attendees were most interested in. Then, make sure your marketing team doubles down on those types and formats in future campaigns. You can also use the data to understand what topics, products or services your audiences are most inclined toward at that particular moment in time.

Plus, vFairs offers individualized user journeys to show what any particular user spent the most time on, revisited multiple times, etc. If the user is an existing contact, upload these notes into your CRM and let your sales team use them as points of conversation going forward.

Wrapping Up

Hosting a virtual event that helps you earn profit can be easy. In fact, with the right planning, you can make sure your event garners your highest ROI yet. The more you invest your time in learning about the virtual events platform, the more ways you’ll find to earn profits. vFairs’ team of expert project managers also offer great advice to help you earn more.