It is difficult to put a cap on the high demand of virtual events being hosted in 2020. Today, more people than ever are using mobile devices, going live through various platforms, and attending online events frequently. While this will be a norm in the coming years, it provides an interesting opportunity to earn money. Yes, that’s right! You can make money by hosting events online!
Cisco states that 82% of all internet traffic by 2022 will be consuming videos. With creativity on the rise and technological advancements appreciated by people, businesses are resorting to virtual events more often now. The primary reasons for this trend include the convenience, reach, and scalability offered by online events. Additionally, the return on investment, control over costs, and measurable results have made virtual events a massive hit.
Virtual events connect exhibitors with attendees online and generate value for everyone involved without any hassle. So, how can these virtual events help you make money? Without further ado, mentioned below are the five ways to do so.
1. Sell Ad Spaces on Virtual Event’s Website
Since your event’s online, its promotion happens online as well. To get information about the event and for registration, a lot of people will be visiting the event website. This means your website will get a lot of traffic which can generate revenue for you.
The best approach will be to run ads that will be the most relevant to your event. For example, you can sell ad space to Toyota for running an ad for its latest product on your virtual motor show’s website. This way, Toyota will be pitching its products to the right audience, you will be benefiting from the ad revenue, and the traffic on your website will be viewing ads that will be relevant to them.
You can also make use of Google Adsense if you don’t have the time to sell ad spaces. This way, you will still be generating revenue but the ads may or may not be relevant to your target audience.
2. Put Merchandise for Sale
Virtual events provide a good opportunity to sell your products and services. This can be done through an online store in a virtual event like a virtual trade show-giving a chance to the attendees to purchase your products/services during the event without any hassle.
Merchandise is another way to make money from your online event. You can sell your organization’s branded shirts, mugs, keychains, and their likes during a virtual event.
Let’s say a virtual product launch event is organized by Toyota to introduce its new car. Toyota can take orders for the car during the event. It can also sell merchandise (for example, shirts with Toyota’s logo on them) to the attendees by making them available on the event website.
Another example can be a virtual book launch by renowned authors like Seth Godin. People like Godin have a huge fan following. This gives them the opportunity to sell merchandise before, during, and after the event.
3. Sell Premium Tickets
We all are familiar with the way the airline industry works and the terminology of first-class. Compare that with the economy-class and you will see a huge difference in the experience offered. The same concept can be applied to your virtual event.
While hosting events online, you can offer different types of tickets falling in different price ranges based on the kind of experience they offer. For example, a V.I.P ticket can unlock a workshop with a renowned motivational speaker during a virtual event. It can also give a pre-booking option during a virtual product launch.
This will segment your attendees while enabling you to make more money from the same event.
4. Offer Increased Visibility
Since competition has increased in every industry, visibility has become a major cause of concern. Exhibitors attending an online event go through a similar situation which presents an opportunity to make more money to the event hosts. As a host, you can earn more by selling sponsorships.
Sponsorships enable brands to gain more visibility by paying more. They get a chance to position themselves better and gain more eyeballs. Hence, exhibitors that go for sponsorships stand out during the event while the host makes more money in the process.
Let’s say you are hosting a virtual motor show. You have 30 exhibitors. As every exhibitor will be trying to attract as many attendees as possible to generate leads, the competition will be extremely high. This gives you a chance to increase your revenue simply by offering increased visibility to some of them. This can be done in any of the following ways.
- Putting up banners in the lobby to gain attention
- Giving a slot for a webinar
- Arranging a presentation
- Giveaways and discounts
- Advanced customization option for booths
- Ability to upload more marketing collateral like videos, brochures, and documents
5. Sell Access to Audience Data
Another way could be to sell access to audience data. This requires consent from people registering for the event based on their willingness to be contacted by the exhibitors after the event.
For example, in a virtual job fair, you could have thousands of job seekers signing up to interact with employers. Employers won’t receive applications or visits from every single attendee but they might still want to reach out to promising talent. This allows you to charge a subscription to grant access to employers to the registration database and reach out. (make sure you have limits in place to prevent any of the exhibitors from spamming your audience).
The benefits of virtual events are innumerable and revenue generation is one of them. With the help of the strategies listed above, you can make money by hosting events online without any hassle. Interesting, isn’t it?
With vFairs, you can organize a virtual event in no time and start making money instantly. Here’s how others have benefited from organizing virtual events with vFairs.
- What is a virtual event?
A virtual event is an event that takes place online with no physical presence. It can be accessed with the help of an internet compatible device such as smartphones, laptops, and tablets. An online event has more reach as traveling to the venue is not required. Virtual events are highly interactive and have the look and feel of a physical event minus the hassle.
- What are the common types of virtual events?
Virtual events can be of any kind and form but the most common ones are mentioned below.
-Virtual Job Fair
-Virtual Career Fair
-Virtual Benefits Fair
-Virtual Trade Show
-Virtual Product Launch
-Virtual Open Day
-Virtual Housing Day
-Virtual Onboarding Fair
-Virtual Exhibition Fair
-Virtual Education Fair
- Why virtual events are in demand?
Virtual events are cost-effective as they eliminate unwanted costs of traveling to and from the venue, lodging, venue rent, and logistical expenses. There are numerous virtual events platforms that organize and manage your virtual event, ridding you of any unwanted hassle and saving you a lot of time. Online events are also a good way to reach a global audience as anyone can join them from anywhere. They are especially helpful for branding purposes. Additionally, virtual events are inclusive, scalable, and give a high return on investment (ROI).
- Why virtual events are green?
Virtual events happen online which eliminates the need to travel for everyone involved. This reduces carbon emissions which are contributed largely by vehicles. During these online events, the promotional material is made available to the attendees in digital form. Attendees also get to collect digital copies of brochures and handouts which prevents the use of paper-based material. Hence, virtual events help save tonnes of paper and play their part in reducing carbon emissions.