Hybrid events are likely to be a part of our reality even beyond this new normal. So, the best you can do is learn the rudiments of designing and executing as effectively as possible. More importantly, they have to be made more valuable than they are now. That is, we have to monetize them. Here is my take on enhancing the money value of hybrid events.
The most obvious approach to monetizing hybrid events is to offer them on a paid basis. But, you might want to be more sophisticated than this since free access usually increases traction. This is where other monetization approaches come in handy. Hybrid events were a part of our reality even before the pandemic struck, which implies that we can borrow from the experiences of others that have been there before us for insights. Based on their experience, here are some of the insights I have managed to uncover with regard to this monetization thing.
Working with Sponsors
sponsors represent another obvious approach to monetizing any event, including our hybrid variants here. There is a good reason formulating and executing agreements with sponsors is an excellent idea for monetizing an event. They are usually willing to spend money, especially if the event provides them with fair value in return. The key word here is value. This is a necessary component of the revenue generation process. In simple terms, you must provide value if you want to generate revenue.
In the process, you ought to be strategic. For example, instead of merely reaching out to random companies, you might want to consider inviting the companies that are likely to reach their target audiences through your event. In this manner, the companies you choose can pitch their services or products to the target audience. This is essentially the value you provide to them in exchange for money in a transaction that is mutually beneficial for all the parties involved.
Having worked out agreements and all, all you have to do at this point is formulate ways of providing sponsors with spots at your event. This can be achieved in various ways. For instance, sponsoring varying segments of the event, establishing a virtual sponsored 3D space, and creating a sponsored question and answer session are merely some of the options worth considering. Depending on your event, be creative about the process.
Providing Value to Exhibitors
once again, the key word here is value. To be clear, attendees, exhibitors, sponsors, and other stakeholders must be able to gain some value from your event. This is the key to successful monetization. Most of the rationale and concepts discussed in the sponsor part are applicable to exhibitors. In most cases, exhibitors pay space. However, you can add value to their efforts by encouraging attendees to visit exhibitor spaces such as booths. You can also collaborate with them to ensure that they exploit their visibility in the most effective way possible. In this way, you increase their predisposition towards working with you well into the future.
Exhibitors can also be allowed to hold discussion panels. However, this is where creativity matters. The offers you give to exhibitors must align with their objectives. On the virtual side of things, you can also offer exhibitors access to engagement metrics pertaining to their spaces. This aspect is particularly crucial to helping them maximize their potential to gain returns on their investments. Specifically, they achieve this objective by acquiring an enhanced understanding of their audiences.
Reaping Additional Revenue from Merchandise
hosting a hybrid event does not necessarily imply that you should not sell merchandise. Based on my research, selling merchandise is an excellent strategy for reaping more money from hybrid events. The process is relatively simple. For instance, it can involve setting up online order sheets using a virtual venue. This way, you give attendees the chance to buy services or products during the event. The same merchandise can be sold to in-person attendees on site. Alternatively, these attendees can be redirected to the online order sheet. This ensures that the process is streamlined.
There is no shortage of merchandise that can be monetized. Keychains, mugs, apparel, and other materials bearing your company’s name and logo or relatable to your brand and the audience can be monetized. This same idea can also be pitched to sponsors, who are likely to be receptive because of its revenue potential. This approach can also be combined with influencer marketing to generate interest before, during, and after the event.
selling premium or VIP tickets to an event is hardly a new idea. As it turns out, it is also the approach that can easily be used to monetize your hybrid event. These ticket tiers can be used to provide extra features, exclusive access, and promotional offers in exchange for money. The tickets ought to be made attractive. This is a significant challenge. However, once you overcome it, Peepalike is the go-to platform for marketing and selling the tickets to your event. The platform has a wide array of features that allow you to customize your ticket offerings and even pitch them to your potential clients through a seamless connection with all the major social media platforms.