Data and analytics are central to strategic event planning and event management. It’s all about setting goals that will tell you whether your event was a success or a failure. You must understand the data that can be gathered at your events and whether or not you are tracking what needs to be tracked.
Prior to the pandemic, live events, conferences, seminars, and trade shows were significant revenue generators. However, as everything moved online, most events became free, and planners and organizers lost a significant source of revenue to cover costs. Now that live events are returning, virtual – and hybrid – will continue to play an important role in most organizations’ overall strategic event management.
However, as event organizers increasingly use virtual and hybrid meeting strategies to expand their audience reach, the “fee or free” option becomes a critical question to address. After all, how can you charge attendees in person but not remote participants?
If you want to boost revenue from your next event, whether virtual, in-person, or hybrid, here are seven strategic event management ideas to get you started;
- Create your strategy.
Whether your event is large or small, in-person or digital, you must first develop a strategy to increase revenue.
To get started on your journey into strategic event planning and how to increase revenue from your events, consider the following questions:
- What are your objectives? Is it for learning, networking, selling, socializing, or something else? Is the goal to make money or just to cover expenses?
- Who is your target audience? What challenges do they now face, and how has the situation changed since the pandemic? Are they in areas where travel restrictions may apply? Or do they work in an industry, such as healthcare, where the last two years have been difficult? Who was usually responsible for paying the registration fee? Will it come from their companies or their own pockets?
- What other events vie for their attention? Are the events in-person, virtual, or a combination of the two? How will you set your event apart from the rest?
- Aside from revenue, what KPIs do you want to track?
- Examine your expenses
If you want to increase the amount of money you take home from your event, you may only need to look at your expenses.
Take the time to consider where you’re spending money on your event and the actual ROI that will result from it. Examine whether or not everything you include in your event adds to the experience. If it isn’t, consider removing it.
It’s difficult not to think your events are perfect, but every now and then, you have to go back to your event and figure out why you started doing it in the first place. Check to see if your planned activities are still serving their purpose and making sense in this environment. Concentrate on the overall goal of your event to determine whether something is adding or subtracting from it. Each year, assess whether or not parts of your events achieved the intended goal and, if not, eliminate them.
- Establish ticket prices
As events moved online, most event organizers and planners focused on growing an audience and driving registration, and the lessons learned from in-person event ticketing options were put on the back burner.
There are numerous ticketing options for virtual and hybrid events, which can be priced at various tiers;
- Virtual participant at a virtual event
- Remote participant at a hybrid event
- In-person participant at a hybrid event
- Group discounts
- Virtual, hybrid, or in-person VIP tickets with unique perks for each format
- Adapt event content
One significant advantage of virtual and hybrid events is that sessions can be easily recorded and repurposed into other content. The same is true for live events. For example, once a speaker’s keynote address or a small workshop is captured on camera, the footage can be used in a variety of ways.
You can generate additional revenue by selling access to any of the captured content;
- On-demand content for virtual event attendees
- On-demand content for non-virtual or hybrid event attendees
- In-person and remote delegates at a hybrid event can access on-demand content.
Even if delegates attend, some will purchase on-demand content to refresh their memories and watch sessions that they were unable to attend. You can charge for all on-demand content in bulk or charge for specific, popular sessions.
The possibilities for using repurposed content to increase event revenue are endless. Begin with a small pilot program to gauge the audience’s willingness to buy.
- Extend promotional offers
Look for other ways to generate revenue aside from selling tickets and on-demand content. For example;
- Offer specific-topic masterclasses from event speakers for purchase, which could be provided before, during, or after the event.
- Allow attendees to schedule mini-consulting sessions with experts at a fraction of the usual cost.
- Offer VIP-only activities and sessions, such as preferred seating for keynote speakers, small AMA (Ask me Anything) post-sessions with speakers, or exclusive “birds of a feather” networking sessions.
Consider providing anything of value in addition to the event content. Some ideas will be popular with attendees, while others will not. Finding out what resonates with attendees and the investment they’re willing to make is a learning process, especially if you’re extending special offers for the first time.
- Collaborate with sponsors and exhibitors
Working with sponsors and exhibitors provides another revenue stream for virtual and hybrid events. Partnerships can be considered in place of paid ticket or even as an addition to a paid ticket strategy.
Instead of providing partners with standard levels to choose from, which may include options that do not align with their goals, create a custom package. Virtual and hybrid events introduce new elements that sponsors and exhibitors can use to increase revenue at your event.
Begin with a discovery call to learn more about their goals and tailor a package to support those goals. This strategy is generally a win-win situation: partners and attendees’ benefit, and organizers earn more money.
- Make an investment in audience engagement.
The key to any successful event, whether virtual, hybrid, or live, is audience engagement.
However, don’t expect attendees to participate on their own. Instead, provide opportunities for participation during each session, such as polls, surveys, feedback forms, and so on. Invite them to collaborate or provide opportunities for creative networking.
Engaged audiences have a better time, get more out of each session, and are more likely to favor the host and the event experience. And those positive emotions are likely to translate into additional revenue opportunities, whether it’s purchasing on-demand content to rewatch favorite sessions, spreading the word about the fantastic experience to attract new potential attendees, or expanding their use of your company’s solutions.
Even if you can’t implement all of these ideas at once, starting with one or two has the potential to increase your virtual and hybrid event revenue and, also create a memorable event. Remember that event-related income can also come from other sources, such as leads generated, authority built, brand awareness created, and so on.
All of these revenue generation event management strategies are beneficial. These strategies will help you stand out in the market and increase your ROI. However, keep in mind that your customers are the driving force behind your event. Their satisfaction and feedback will determine the fate of your event in the long run. Make an effort to establish long-term relationships with your attendees.
Need to achieve your corporate event goals without worrying about a functional venue? Look no further, get it done here at the zone
We are ready to work with you. Email us at firstname.lastname@example.org or call +2348092560860 or +2349030411878.