Registration for virtual events tends to be a lot cheaper than for in-person events. And that ends up worrying a lot of organizers. After all, how can we make an online event more profitable?
To do that, we need to build a business model of our own for online events. It’s not enough to simply replicate everything we do in person over to the virtual format, because it probably won’t work.
One proof that we simply can’t do that is registration pricing itself. Online, it tends to be much cheaper, since the costs of producing the event are lower too.
So, How Much Should You Charge for Registration at an Online Event?
To give you an idea of what to charge, consider pricing online registration at around 25% of the in-person ticket price, and relying less on sponsorships in some cases.
Continuing to run event after event, all of them free, just to keep the brand alive, might not be that interesting either. After all, you need to guarantee income from somewhere.
So, let’s think about alternatives for making virtual events profitable, or even more profitable. And about how to add value to registrations.
A Profitable Online Event: 5 Ideas to Inspire You
1. “On-Demand” Videos
More and more, “on-demand” videos — that is, recorded videos that stay available for attendees to watch whenever they want after the event ends — have been showing up at online events.
So, your event might run for, say, 3 days, with both live and recorded activities. But how about making all the talks and all the content generated at the event available for attendees to watch whenever they want?
“On-demand” videos can be a big draw and work as a bonus for buying a ticket!
That’s what Resultados Digitais did in 2020. The traditional RD Summit had to be canceled because of the coronavirus. So, they created an online version of the event.
Registration gave attendees 3 months of access to the event’s talks, since they were made available “on demand.”
2. Consulting Sessions, One-on-Ones, and More!
To make your online event more profitable, you can sell add-ons like a 30-minute or one-hour conversation with speakers, consulting sessions, or one-on-ones — all via video conference!
These conversations can be one-on-one or open to groups. This way, attendees get a chance to ask questions, request an analysis of areas for improvement in their business, or ask for suggestions or recommendations for additional materials.
It’s a great way for the attendee to come out ahead, and for you too.
In Even3’s Extra Items section, besides consulting sessions and one-on-one conversations, you can also add the sale of books, supplementary materials, and other items relevant to the event.
3. Create Exclusive Communities
Another approach that’s widely used abroad by organizers, and that’s been winning people over here too, is giving access to exclusive communities, like Facebook, Telegram, or WhatsApp groups.
With these groups, you create a sense of belonging and exclusivity for attendees — benefits they’ll only get by taking part in your event, which in turn adds value to registration!
The great thing about being in the group is that attendees will get access to exclusive materials, be able to network with people in the same field, and chat with experts.
4. Free-Registration Events: Bet on Sponsors
That said, if your event used to be free before the pandemic, or charged only a symbolic registration fee, a good way to make it profitable in the digital format is through sponsorship packages.
Since the event is free or has symbolic registration fees, your chances of getting a large number of registrants are huge!
Online reach is much bigger than at an in-person event, since there are barely any physical barriers.
On Even3, we’ve already seen free events with more than 20,000 registrations, and that’s a great selling point to offer sponsors.
So, if your event fits this profile, focus on growing your number of registrants and landing good sponsors.
Consider adding sponsor shoutouts before talks, mentioning them or thanking them for their participation at the start of the event, or even running giveaways with items from the sponsor themselves throughout the activities.
Our platform lets you run giveaways with both registrants and checked-in attendees at the event! And it’s quite simple to do!
One detail that catches sponsors’ attention, besides the number of registrants, is the space and time dedicated to networking at this kind of event.
Thinking through ways to enable networking between sponsors and attendees is vital for delivering value to the sponsor, since it makes them want to actually invest in your event.
This is, without a doubt, one of the best ways to monetize free events.
5. Charge for Certificates
Another way to monetize your event is by charging for certificate issuance.
Certificates are highly sought-after documents for attendees, since they can count as supplementary academic hours or points in selection processes. So it’s quite common for organizers’ inboxes to get flooded with requests for the document once the event ends.
Although charging for certificates is a fairly old practice in the events industry, it’s becoming increasingly common in the online format too, precisely because it’s an alternative for making the event more profitable.
On Even3, a nice upside is that certificate fees aren’t tied to registration. So, even if the event is free, you can still enable certificate fees.
It’s only at the moment of downloading the certificate that the attendee needs to make the payment.
Ready to Put This Into Practice?
With small changes, you can add a lot more value to your online event! Now that you know your options, how about learning more about what you can put into practice on Even3?
With the right tools, your event will deliver a lot more learning options and experiences to attendees, and, as a result, you’ll be able to charge more for registration or profit from selling extra items.
In the same way, with the right knowledge, you’ll be able to offer sponsors more confidence too.
With the right strategies, you can make your online event more profitable and a true success!
