Digital events ROI: Revenue Streams
Did you recently launch a digital event and wonder how to make it financially viable?
It might be a bold statement but we believe that online events stop being events in the traditional meaning of the word and become digital media. Information consumption is no longer defined by time and physical location and activities can be tracked for performance.
For physical events, revenue is coming from sponsors, exhibitors and attendees. To organise an event, you had to cover the costs of logistics, marketing, people and travel.
To organise an online event, the costs are 75% lower, but where can you generate revenue from?
Online events are heaven for all these sponsors and their marketing teams who were struggling to track ROI from traditional events. If you can bring them the same or more attendees and transition the benefits from a live event to a digital environment, you've got them! Why are we so sure? With or without the pandemic, marketers need to hit set objectives. The lack of physical events means fewer channels to hit these objectives. If your online event gives them the chance to market to a captive audience and measure key metrics, this is pure bliss for them!
Your event has a competitive advantage against most publisher websites in your industry. Why?
Think of the online event as a membership benefit rather than an event ticket sold to an attendee. You need the audience for your sponsors and advertisers but could you offer more enhanced benefits to members that are willing to pay? You could offer services such as the ability to network with other members, exchange contact details, enable knowledge sharing, perhaps offer some exclusives, maybe even some branded merchandising? Invest in the right technology that will give you the desired functionality. Just think of it as a continuum instead of a one-time ticket.