Make Money as a Virtual Event Planner

Feeling the pinch because your virtual events refuse to turn a profit? Trust me, that’s a shared struggle. Surprisingly, in 2020 alone around 32% of event planners couldn’t squeeze out any revenue from their online events.

That said, this blog post intends to shed some light on robust strategies for monetizing your role as a virtual event planner. These include ticket sales management, attracting sponsorships and even mastering post-event conversions.

Itching to transform your hard work into hard cash? Let’s plunge right in!

Key Takeaways

• Virtual events offer a profitable opportunity for event planners to make money by selling tickets, offering premium options, and utilizing sponsorships.
• Selling on – demand content allows attendees to access recorded sessions and presentations even after the live event has ended, maximizing profits for virtual event planners.
• Additional ways to monetize virtual events include selling digital lead capture services, ad spaces on the virtual event website, offering event merchandise for purchase, providing networking opportunities, and earning affiliate commissions.

Understanding Virtual Events

Virtual events take place online instead of in a real place. People from all parts of the world can join these events. They do not have to leave their homes or offices. You just need an internet connection and a device like a computer, tablet or phone to take part.

Many people find virtual events easy and fun. They don’t have to spend time or money on travel. In 2020, we saw more people go to virtual events because of the pandemic. The Grandview Research Center says that this way of doing things will keep growing at a rate of 23.2% per year!

How to Make Money with Virtual Events

To make money with virtual events, there are several strategies you can employ. These include selling tickets, offering premium ticket options, utilizing sponsorships, and conducting live sales and demos.

Selling Tickets

You can make money with virtual events by selling tickets. Many event planners overlook this way to earn. It may seem odd, but it works! In fact, 32% of event planners did not get money from their free virtual events in 2020.

Selling tickets for your online events is a good choice.

Pricing the tickets right is key to making more sales. Using price anchoring can help you sell more tickets at a better cost per ticket sale. This method makes people feel they are getting a great deal on the price of the ticket.

They see high value and want to buy it! So, set your prices well and watch your profit grow with each ticket sold.

Offering Premium Tickets

You can make more money with premium tickets. People like to feel special. A VIP pass gives that feeling. Premium tickets could have perks like early event access or a chance to meet the speakers.

This would draw in more people willing to pay for these benefits. Charging for premium access isn’t common, but it boosts your profits a lot! The Grandview Research Center says the virtual event space will grow 23.2% each year.

Why not grab some of that growth by selling premium tickets?.

Utilizing Sponsorships

You can make money from your virtual event through sponsorships. Many brands are ready to pay for a spot at your event. This helps them get their name out there to people who might use their products or services.

You should set up different levels of sponsorship, such as gold, silver and bronze. The higher the level, the more benefits the sponsors get. For example, gold sponsors could have their logos placed in all key areas of the virtual platform, while bronze sponsors may only get mentioned during break times.

The point is to offer options so that companies big and small can take part in sponsoring your event.

Establishing Sponsorship Tiers

Setting up sponsorship tiers is a great way to make money with virtual events. Here are some options you can consider:

1. Platinum Sponsorship: This top-tier package offers maximum exposure and benefits, such as prominent placement of company logo on event materials and exclusive speaking opportunities.
2. Gold Sponsorship: With this tier, sponsors receive high visibility through branding on event websites and social media promotions, as well as the opportunity to host a virtual booth or session.
3. Silver Sponsorship: Sponsors at this level get recognition in event communications and on the virtual event platform, along with the chance to showcase their products or services in the exhibit hall.
4. Bronze Sponsorship: This tier provides sponsors with basic brand visibility at the event, including logo placement in promotional materials and links back to their website.

Conducting Live Sales & Demos

When planning a virtual event, it’s essential to incorporate live sales and demos to maximize your revenue potential. Here are some key ways to conduct live sales and demos:

1. Showcase products/services: Use the virtual event platform to demonstrate your offerings in real-time. Highlight the unique features, benefits, and value of your products or services.
2. Offer exclusive discounts: Create a sense of urgency by providing limited-time promotions during your live sales and demos. Encourage attendees to make purchases on the spot by offering exclusive discounts or special deals.
3. Engage with attendees: Interact with your audience during the live sales and demos. Answer questions, address concerns, and provide additional information about your products or services. This personalized engagement can help build trust and increase conversion rates.
4. Provide seamless purchasing options: Make it easy for attendees to make purchases during the live sales and demos. Utilize secure payment gateways and ensure a streamlined checkout process, enabling attendees to buy directly from the virtual event platform.
5. Leverage upselling techniques: Take advantage of upselling opportunities by offering additional products or upgrades during the live sales and demos. Highlight the value of these complementary offerings to encourage attendees to purchase more.

Maximizing Profits Post-Event

After the virtual event is over, there are still plenty of opportunities to maximize profits. One effective way is by using post-event conversions and leveraging the momentum from the event to make additional sales or promote related products or services.

Additionally, selling on-demand content allows attendees who may have missed certain sessions or want to revisit content to purchase access and continue generating revenue even after the event has ended.

Using Post-Event Conversions

After the virtual event is over, there are still ways to make money by using post-event conversions. One effective strategy is to sell on-demand content. This allows attendees who couldn’t attend the live sessions to access and purchase recorded content at a later time.

By offering valuable content that people are willing to pay for, you can generate additional revenue even after the event has ended. Another approach is to utilize email sequences and buyer journeys to continue promoting products or services related to the event.

By strategically following up with attendees through targeted emails, you can encourage them to take action and make purchases. Overall, leveraging post-event conversions is a smart way to maximize profits from your virtual events.

[Facts:

– 32% of event planners did not charge for or make revenue from their virtual events in 2020.

Selling On-Demand Content

To make even more money as a virtual event planner, consider selling on-demand content. This gives attendees the chance to access event sessions and presentations even after the live event has ended. Here are some ways you can monetize on-demand content:

1. Offer recorded sessions for purchase: Provide attendees with the option to buy access to recorded sessions they may have missed or want to revisit.
2. Create a self-serve portal: Develop a platform where attendees can purchase and stream on-demand content at their convenience.
3. Package on-demand content with tickets: Include access to on-demand content as an added value for purchasing tickets or ticket packages.
4. Sell exclusive bundles: Group related on-demand content together and offer it as a premium bundle at a higher price point.
5. Provide ongoing access with subscriptions: Offer memberships or subscriptions that provide continuous access to all past and future event recordings, creating recurring revenue streams.

Other Ways to Monetize Virtual Events

In addition to selling tickets and utilizing sponsorships, there are several other ways virtual event planners can monetize their events. These include selling digital lead capture services to exhibitors and sponsors, selling ad spaces on the virtual event website, offering event merchandise and swag for purchase, providing networking opportunities, and earning affiliate commissions.

Selling Digital Lead Capture to Exhibitors and Sponsors

As a virtual event planner, one of the ways you can make money is by selling digital lead capture to exhibitors and sponsors. This is a valuable service that allows exhibitors and sponsors to collect attendee data during the event.

By offering this service, you are providing them with a way to generate leads and gather important information about their potential customers. This can be done through virtual booths or other interactive features of the event platform.

With the growing demand for digital lead capture in virtual events, this is a great opportunity for you to monetize your skills as an event planner while helping exhibitors and sponsors achieve their goals.

Selling Ad Spaces on Virtual Event Website

Selling ad spaces on virtual event websites is a great way for virtual event planners to make money. Here’s how you can do it:

1. Create different ad banner options: Offer different sizes and positions for advertisers to choose from, such as header banners or sidebar ads.
2. Set competitive rates: Research industry standards and set reasonable prices for your ad spaces. Consider factors like website traffic, audience demographics, and the duration of the ad placement.
3. Use UTM parameters: Provide advertisers with unique UTM parameters to track the performance of their ads, including click-through rates and conversions. This data will help them assess the return on investment (ROI) of their advertising spend.
4. Reach out to potential sponsors: Promote your available ad spaces through social media channels and professional networks. Engage with potential sponsors directly by sharing the benefits of advertising on your virtual event website, like increased brand visibility and lead generation.
5. Develop sponsor packages: Offer comprehensive sponsorship packages that include ad space along with other promotional options like mentions in email newsletters or social media posts. By bundling these offerings together, you can provide additional value to sponsors while maximizing your revenue potential.

Selling Event Merchandise and Swag

Selling event merchandise and swag is a great way to make money from virtual events. Many people enjoy having physical items to remember their experience by, such as t-shirts, mugs, or tote bags with the event logo.

By offering these products for sale, you can not only generate additional income but also increase brand awareness and engagement. People are more likely to promote your event if they have something tangible to show off.

Plus, selling event merchandise allows attendees to support the event while getting something they value in return.

Offering Networking Opportunities

Networking opportunities are a valuable way to monetize virtual events. By providing platforms for attendees and sponsors/exhibitors to connect, you can create additional revenue streams.

Virtual event networking can include features like online chat rooms, virtual breakout sessions, and one-on-one video meetings. These opportunities allow participants to share ideas, build relationships, and discuss potential collaborations.

Not only does this enhance the overall event experience, but it also opens up possibilities for sponsorship packages that offer exclusive networking access or matchmaking services.

Remember, people attend events not just for the content but also to make connections with like-minded individuals in their industry.

By offering networking opportunities at your virtual event, you can generate more revenue by attracting sponsors who want to reach a specific target audience. Sponsors are often willing to pay more for elevated exposure through branded chat rooms or dedicated networking sessions during the event.

Earning Affiliate Commissions

Another way to make money with virtual events is by earning affiliate commissions. As an event planner, you can collaborate with companies and promote their products or services to your event attendees.

When someone makes a purchase through your unique affiliate link, you earn a commission. This can be a great additional source of income for virtual event planners. Keep in mind that it’s important to choose affiliate products or services that are relevant and valuable to your audience in order to increase the chances of making successful commissions.

In 2020, only 28% of event professionals were able to pivot to virtual events profitably after the onset of the pandemic, so exploring different revenue streams like affiliate marketing can help you maximize your profits from virtual events even further.

Tips for Success as a Virtual Event Planner

To be successful as a virtual event planner, it’s important to polish your LinkedIn profile, upsell tickets, and take advantage of order bumps and upsells.

Polishing Your LinkedIn Profile

I highly recommend polishing your LinkedIn profile as a virtual event planner. A well-crafted LinkedIn profile can help you showcase your skills, experience, and accomplishments to potential clients and employers.

Start by updating your headline with keywords related to virtual events, such as “Virtual Event Planner” or “Expert in Virtual Experiences.” Use a professional headshot and write a compelling summary that highlights your expertise in hosting successful online events.

Include relevant keywords throughout your profile to increase visibility in searches. Don’t forget to showcase any certifications or training you have completed in the virtual event industry.

Upselling Tickets

As a virtual event planner, upselling tickets is a great way to increase your revenue. When attendees purchase tickets for your event, you can offer them additional benefits or features at a higher price.

This allows you to maximize the value of each attendee and generate more income. For example, you can offer different ticket packages like VIP access or all-access passes that come with exclusive perks.

By upselling these premium tickets, you not only increase your profits but also provide a more personalized and enhanced experience for your attendees.

One important tactic to consider when upselling tickets is price anchoring. By initially offering a lower-priced ticket option and then presenting the upgraded options as an improvement in value, attendees are more likely to be willing to spend more money on the higher-priced tickets.

This psychological pricing strategy can help boost registrations and increase the average sale price per registrant.

Taking Advantage of Order Bumps and Upsells

As a virtual event planner, I can maximize my profits by taking advantage of order bumps and upsells. Here’s how:

1. Offer additional products or services as “order bumps” during the ticket purchase process. For example, I can offer discounted merchandise or access to exclusive content for an extra fee.
2. Utilize upsells to encourage attendees to upgrade their tickets or add – on extra features. This could include upgrading to a VIP pass with additional benefits or offering a premium networking experience for an additional cost.
3. Create enticing package deals that bundle multiple ticket types or include exclusive perks. This can encourage attendees to spend more money in exchange for added value.
4. Implement strategic pricing techniques, such as price anchoring and scarcity tactics, to make the order bumps and upsells more appealing.
5. Use persuasive language and compelling visuals to showcase the value of the additional offerings and create a sense of urgency for attendees to take advantage of these opportunities.

Can I Use the Skills I Learn as a Virtual Event Planner to Make Money Freelancing?

Yes, you can utilize the skills you acquire as a virtual event planner to earn money freelancing. By leveraging your expertise in planning and organizing virtual events, you can offer services as a freelance event planner for various clients. To navigate the freelancing world successfully, refer to the complete guide to freelancing for valuable insights and practical tips on building a thriving freelance career.

Conclusion

In conclusion, virtual events offer a lucrative opportunity for event planners to make money. By selling tickets, offering premium options, and utilizing sponsorships, you can generate substantial revenue.

Additionally, maximizing profits post-event through conversions and selling on-demand content can further boost your earnings. Don’t forget about other ways to monetize virtual events like digital lead capture, ad spaces, event merchandise sales, networking opportunities, and earning affiliate commissions.

With the right strategies in place and a polished LinkedIn profile, success as a virtual event planner is within reach.