The global event industry faced the most unexpected and unforeseen revolution when the pandemic hit the world. In no time, the world shifted online, and we got what we call today, ‘virtual events’. A few months down the road, when we got used to online events, another format of hosting events came into the picture, Hybrid events.
Now that organizers across the globe have gotten used to both formats, the only concern that remains is how to monetize the hybrid events. Well, like always, we are here to help you with that as well.
Here is a Hybrid Events Guide with some proven ways to help you with the same. Have a look:
A Well-Designed Website:
Your website is the first thing your audience will come around, and you wouldn’t want to leave a bad impression. Design your website in such a way that it compels your audience to be a part of your hybrid event. Add compelling content that makes it look instinctive and responsive so that the intended audience understands quickly why they shouldn’t miss out on your hybrid event. Use your website to educate your audience about your event and the benefits they will get from joining your event. You can also add what your existing audience has to say about your brand and your events.
Sponsorship Opportunities:
Sponsorship plays a critical role in the success of any event. Like your in-person events, you can use sponsorship to monetize your hybrid event and generate revenues. Since the hybrid events are conducted in two different media, the organizers get amazing opportunities to come up with many options to boost the sponsor’s visibility in the event. You can get your keynote sessions, workshops, and other elements of the event sponsored. It will enable the audience to come across the sponsors directly, and promote the brand reach of the sponsors. You can build up your sponsor base by reaching out to the brands on social media, breakout rooms, gamification displaying the sponsors’ messages. To enhance your sponsors’ branding, you can ask your sponsoring companies to speak in front of the audience in any of the sessions.
Online Market Space:
The objective behind hosting an event is to convert the target audience into customers, and drive the sales rate. Since the events allow you to bring all your audiences on a single platform, you can utilize them to maximize your sales. How? By making the most of your online marketplace. A dedicated marketplace of your brand will help you gain exemplary returns on investment on your sponsor’s brand. Along with this, it will make things easier for your audience who is interested in purchasing your products. To make things more interesting and impactful, you can design your official merchandise, integrate them with your online store for virtual attendees, and display physical booths for those attending the session in person.
Ad Generation:
Using registration pages, landing pages, and other spaces of your hybrid event for selling ads is an excellent way to monetize your event. Along with it, you can use your promotional spaces to sell ads for more audiences to visit it and sign up for your hybrid event. For your in-person execution, using onsite advertising can help you beneficially. You can use traditional banners, strategically placed logos, and other regular components to draw more audience to the sponsors. We would suggest you sell your ads to those companies relevant to your brand and event in some or another way. The reason is more relevancy will help you generate more revenue.
Data Analytics:
While planning your hybrid event, ensure you select a Hybrid Event Solution that allows you to track the in-event data. The reason we insist on having this feature is that it will help you keep a track of what your attendees are up to. Having a strong database will enable you to justify your strategies, event, and other verticals of your event. Along with this, the in-event analytics will help your potential sponsors understand your audience better. With this, the sponsors will make smarter decisions helping them gain monetary benefits and increased ROI.
Community Build-up:
Another impressive way of monetizing your hybrid event is by converting your attendees into a community. You can offer them different perks and experiences based on the plans. For example, you can offer them discounts on your next event registration, newsletters, merchandise, and early access to new releases. Having a loyal community around your brand can help you gain monetary benefits for the entire year. You can conduct regular sessions exclusively for the community members and offer different offers to attract more audiences.
Premium Tickets:
It is one of the most subtle yet successful ways to increase your ROI and monetize your hybrid event. You can sell premium and early bird tickets for exclusive and premium access to the event. When it comes to the categories, there are several options; for example, One-day unlimited access, VIP access passes, Group passes, and more. While you make the tickets available, inform the audience about different benefits and advantages that come with different passes. Take it a step further by announcing free access to a few lucky attendees; it will encourage more people to buy your tickets.
Upsells:
Talking about another way of monetizing your hybrid event, you can offer extra perks to the audience. You can offer them freebies and additional products while the audience purchases the passes of your hybrid event. People like buying things with freebies, even if they cost them quite a bit. The idea of getting a free product with the purchase compels them to spend the money.
Affiliate Marketing:
Another significant way of generating more revenue in your hybrid event is by affiliate marketing. This term, ‘affiliate marketing’ is getting popular these days, and it’s because organizations find it very beneficial. If you are featuring any product or service through affiliate marketing, and your attendees are making purchases, you can get an instant commission that will help you increase your ROI and monetize the hybrid event.
We hope after reading this blog, ways to make money out of your hybrid event do not remain a concern anymore.
