The Promise of Hybrid Events in Yielding Profits
As the world unlocks, the event industry is swiftly moving towards hybrid events. The idea is to deliver both in-person and virtual experiences to the attendees. Or, at least give them a chance to choose between the two. Most people have become accustomed to the virtual environment and prefer to enjoy the events from the comfort of their homes. Nonetheless, some are still interested in stepping out to interact in the real space.
The industry is rapidly adapting to hybrid settings and delivering some incredible events for both realms. However, there are some doubts about the revenue-generating capability of these events. Despite several risks involved in hybrid events, these have great potential in yielding profits. A straightforward way is to utilize two revenue streams, viz, virtual and in-person tickets.
While the physical part of the event is still hanging in uncertainty, the virtual component provides you a solid safety net. Here is how event marketers can harvest the full potential of hybrid events and make them rewarding.
Price Model Optimization
In the conventional price model, sell of in-person tickets was the only source of generating revenue. Even in traditional hybrid events, it remained the primary earning source, with virtual experience delivered at heavy discounts. However, in the present hybrid space, the virtual element has remarkably surged.
It is now justified to charge the attendees for their virtual experience. The new model allows you to keep the price rate dynamic. You can deploy a tiered system where the affordable tickets will provide you a broader reach while upgrades can fuel up the revenue.
Registration and Custom Ticketing
Having a platform that allows you to create custom tickets for different registration processes can help you reap the maximum benefit of the tiered pricing system. You can offer separate registration paths in both in-person and virtual realms. Within each sphere, you can allow conditional or customized visibility.
For instance, in conditional visibility, you can control what the attendees would see and how. And in customized visibility, you can allow the attendees to choose their level from general, upgrade, and VIP. This categorization enables you to deliver hyper-personalized experiences to the audiences and charge different pricing for them. Layered and dynamic pricing creates new opportunities to make the event more lucrative.
Just like regular physical events, sponsorship money is a promising source of revenue generation for hybrid events. As discussed earlier, virtual audience contributes a majority of value proportion for sponsorship. By investing in any event, sponsors look for getting through to as many prospects as possible and online events offer nearly limitless opportunities in that zone.
They are ready to make slightly more generous upfront investments in preparing quality content at high production value. Such content is evergreen and can be reutilized in several events to generate revenue and brand recognition. Also, you can use plenty of ways to put up your sponsors in the show. Hybrid events offer seamless ways to integrate brand reels, videos, promos, advertisements, and logo banners.
Hybrid events can fetch a colossal amount of data from which companies can reckon valuable insights. Event planners can also get an ample amount of data about their in-person audience. These insights are instrumental in making strategic decisions, refining marketing objectives, and generating leads.
Data retrieved from hybrid events can fuel your marketing campaigns on the media. You can personalize the content you deliver to your prospects and elevate the chances of conversions. Although this may sound like an indirect way of revenue generation through hybrid events, it has been effective for many event marketers.