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Hybrid events have now become a part of every industry, business or community. 71% of the companies with 5000 plus employees now have hybrid events on their portfolio. Especially after the COVID-19 pandemic, which brought the new normal. Hybrid events allow start-ups or brands from all sorts of industries to show their unique products or services. Hybrid events can foster revenue opportunities through event monetization strategies. Well, things are different now. However, that does not mean that we cannot make bucks through hybrid events. We would discuss the best strategies to generate a higher ROI through hybrid events. Let us start:
REVENUE GENERATION STRATEGIES
The following strategies are proven to accelerate revenue effectually. In addition, they add value to your event. However, having an insightful approach and innovation in the following can yield desirable outcomes. Each strategy requires thoughtful planning. Make sure to evaluate each strategy beforehand and consider risks as well.
Sponsorships & Partnerships
Sponsorships and partnerships are success and revenue boosters for your hybrid events. Both of these create channels of revenue for your event. In addition, they also provide you with a competitive advantage. Remember, you have to be very keen and smart when it comes to their promotion. You must know the right quantity of information through the right channels. Your channels and promotion strategy should be very eloquent. You can brainstorm many other effective ways of promotions in sponsorships and partnerships.
Sponsorships and partnerships can help you promote your products as well through corporate relationships. They enhance your image, reach and market scope. You have to be very careful in your choice of partners and sponsors. The success of any hybrid event depends on the nature of sponsorships or partnerships. Get a responsible sponsor or partner that respects your terms, mutual benefit and collaboration. In addition, they will enhance the PR of your brand and provide you with a global reach as well. Remember, they will get you to a market that is far beyond your scope. This means more channels of revenue and an increased ROI.
New Product Launches at Hybrid Events
Imagine you have a hybrid event happening and a new product coming up. Now, be wise and launch your new product at your hybrid event. This brings in many benefits. You do not need to have a separate event for the product launch. This will save a lot of costs. As you already have a platform and audience, just introduce your latest product or service. Think of it in a more holistic picture. You can promote your new product through exclusive partnerships or sponsorships. It would boost your product market and success. If you hit the right spot, you can even hold the first exclusive sale of your product too. This, in turn, would create more channels of revenue.
These launches at hybrid events are cost-effective and better in many aspects. You save the marketing effort. These events create hype about your products. It would also have a positive impact on your audience. Make sure you arrange demos or free samples of your products as well. Such promotional strategies are always fruitful.
Fundraising Campaigns through Hybrid Events
If you intend to generate funds for a good cause, nothing is better than this. Hybrid events are the best platforms to raise donations. This is one of the most effective strategies. You can raise funds for various causes through the right channels. Even if you are not a non-profit organization, you can still get donations for a noble cause.
This strategy would enhance your social image as well. It can also be a great segment of your social responsibility program. In addition, it makes an impact. That is how this strategy serves in several ways. Your participants would appreciate that they are benefitting the needy by this event. It would also show how insightful your brand is. This paints a picture of absolute wellness.
You can collaborate with NGOs as well in this regard. In this way, you can benefit from the partnership as well. Now, all you need are the proper marketing channels and techniques for your fundraising. You have to make sure they are responsible and considerate. You need to hit that right emotional spot in your potential audience.
A great strategy could you offering to donate 50% of your ticket to charity. It would also make your ticket more reasonable and attractive.
Introduce Exclusive Segments
Now, for this, you have to strike some innovation. You can bring in exclusivity in various ways. Offer limited or VIP sessions with keynote speakers with separate content. Look for popular mentors, coaches or experts. Let them give an exclusive talk or have them in-group discussions. You can offer discounts or free subscriptions in these exclusive sessions as well. You can arrange private chat rooms for selected attendees with experts. In this regard, you have to work closely with your partners or sponsors. Ask them how they can add value to this.
Let us give you some golden and innovative ideas. You can arrange a small concert for any popular singer. This works wonders. Moreover, you can have stand-up comedians join the platforms. These ideas have many benefits. Such ideas can help you with audience engagement retention. In addition, they can kill boredom. In many cases, the audience loses the connection or attention due to monotony. Innovative ideas can help you to replenish your audience.
This strategy would increase the hype and scope of your event. It allows you to tap onto new audiences. However, a lot depends on your marketing strategy. People would love to pay to attend such hybrid events. This, in turn, would increase the revenue.
This strategy is very effective when it comes to revenue generation. You can allow some companies to take a booth at your hybrid event. They can market their product or services to the attendees. Attendees can experience their products through demos or displays. They can also purchase those products. This strategy is very similar to that of the sponsorships and partnerships. However, it is somewhat different. Sponsors or partners have a say or a key role to play in almost every aspect of the event. On the other hand, the exhibitors have limited parts. They are a great source of income for the event.
This is a value addition for your attendees as well. If you have a wide range of exhibitors, it is a plus point. Your audience would get experience with many brands or products. In addition, you are giving a massive reach and audience to the exhibitors as well. This enhances their market, outreach and promotional activities. You can charge these exhibitors depending upon the level of reach or space they choose to get. You can also charge the exhibitors for promotions in sessions. Such premium promotions can help you get some good money through exhibitors.
Ticket sales are the most common but effective strategies for seeking revenue. However, you have to provide all the value that you are promising in that ticket. You have to be very smart in your ticket packages. You can make ticket packages that differ in opportunities and benefits. Making ticket packages can increase the flexibility in terms of your attendees. This is known as making ticket tiers. This boosts your reach as well. You reach a wide range of your potential audience. Make sure you provide the right value addition through ticket tiers.
Free Acquisition of Resource Content for Attendees
Incentives in any matter are always beneficial. Many people today, especially, struggle or are limited by a thing. This is the need for payment-based content for academic and self-improvement purposes. This includes videos of master classes by leaders, expert lectures, research papers, journals and resource packs.
For example, you can offer a series of lectures by a millionaire or offer a premium journal by a renowned author. These things are commonly very pricy for students and can take a toll on their pocket. Here you can gain a point. You can offer free downloadable content if any of the entities offering such content are your partners, sponsors or keynote speakers. Now, if your event were offering such incentives, people would be willing to book a seat at your event. Definitely, because it would be a value for money and totally worth it for them. This, in turn, would accelerate your revenue.
In case you cannot get your attendees free of cost content, you can offer discount offers on this content as well.
The New Data Age: Gain Market Intelligence Facility
Before, we were talking about key revenue generation strategies. Now, let us talk about the real game. If you want to play smart and effectively, you must go for this strategy. Go a mile extra and gain market intelligence about event management. Remember, you must do this, in addition to the above-mentioned key strategies.
Let us talk more about market intelligence in revenue generation. Usually, the event collects so much audience and engagement data. Why not put this data to more effective use. This data provides valuable insights for analyzing events. In addition, this data allows you to peep into consumer behaviour, preferences and trends. You can track and target your potential attendees. Then you can get tailored marketing strategies to gain more revenue. Many events use analytics software and services for gaining market intelligence. Google Analytics has been in already in use for years in events.
Moreover, you work on your ROI with an integrated data approach and analytics.
Let us conclude
All these revenue generation strategies provide value. These strategies can help you stand out in the market, and your ROI will be skyrocketed. However, you must remember to put your consumer at the top priority. Because they drive your hybrid event. Their satisfaction and feedback would decide the fate of your event in the bigger picture. Make sure to build long-term relations with your attendees. This would pay off.