Wondering how to monetise your digital or hybrid event? You’re not alone.
Some of the biggest questions to come out of organising digital events are not technology related, but rather centre on how to sell exhibitor involvement and sponsorship, how to deliver ROI for all non-delegates and even how to make events profitable again.
The first thing to consider are the types of monetisation: direct and indirect.
Direct monetisation looks to the registrations and sponsorships, while indirect is focused on more strategic issues such as business insights, increase of reach and memberships, retention of delegates and diversify of revenue streams.
Both of these play their own roles in creating monetising opportunities for events.
So, what actually matters to your sponsor?
Your sponsors of three years ago may not be relevant or viable for your digital event anymore, or they might want the same deal they previously had. To wade through these issues, take the time to determine what matters most to them before you assess what it is you have to offer. Do they value:
- Eyeball metrics?
- Contact details and leads?
- Awareness and profile building?
- Invitations to VIPs?
- Brand endorsement?
- Product demos?
Only once you know what they need, and value, can you start to build your offer for them.
Many events have a lot of value that they can package and sell. Can you leverage your data? Sell ad and banner space on the live streams? Can you do a brand transition between speakers? Or a sponsored icebreaker activity or breakout?
Think about creating new opportunities and touch points for sponsors; this might include content creation, social promotions, maximising an Event App to collect better data or showcasing sponsors in a creative way, or even encouraging two-way communications through the app.
Being clear about success is a big part of ROI. Being upfront about the expectations and deliverables makes a massive difference to your post event reporting and whether your event is deemed a success.
This is where indirect monetisation comes into play. And believe it or not, this comes down to the technology you use during your virtual event. If you know what you need to report on and the objectives you need to meet, engaging the right tech such as person-to-object matchmaking software, audience engagement tools, market-place platforms, multilingual software or leads and analysis software – will make your post-event reporting a joy.
Using this data to track behaviours and carry out analysis of your audience to attract new target markets will also make a significant impact on the next event.
Want to know how Sprintr can help you find the right tech and help monetise your event? Ask us today! Check out our partners e-book ‘The Monetization Blueprint by Expoplatform’ on our website for more great insights and practical advice.
