Chances are you're undercharging for your virtual event and missing out on revenue that you could use to hire someone to produce it.
If you'd hire a professional to run your traditional event - that’s in-person only - you definitely need that support in the virtual landscape. We talk about what it takes to go virtual in the article “How Much Does It Cost To Run A Virtual Event?”
Need to know how to price your event? Think about this. The value of a virtual ticket and sponsorship can be greater than a traditional event.
Don’t forget, the virtual attendee is saving time and money by not traveling, and virtual seating isn’t unlimited, so scoring a virtual ticket has value. Low supply, high demand — price it accordingly.
Offer packages sponsors will want to spend money on.
Virtual events offer just as many, if not more, opportunities for sponsorships. Platinum Sponsors can share their message with a captive virtual audience, logos can be placed throughout the virtual space and pre and post-event messaging can feature offers from the sponsors. You don’t have to give every sponsor the same opportunity for the same price.
Make sure sponsors know the full reach they will have and the value you’re offering.
The virtual meeting space has evolved. New virtual platforms allow sponsors to meet with attendees one-on-one, so they can still have that valuable conversation with attendees. Plus, your sponsors aren’t spending time and money on travel or a huge spread so people will come pick up their merch.
Your digital content will live forever.
Once a traditional (in-person only) event is done, so is that content. Virtual presentations can be turned into subscription based on-demand courses. So don’t forget to count that income if it’s a part of your strategy.
How much you charge for tickets and sponsorship is completely up to you. Check out your competitors and see how they’re pricing a ticket. If you’re not selling tickets or sponsorships, there may be an issue with your key event elements. That’s another article for another time!