Virtual events have seen a rapid rise in popularity over the years and will continue to do so in the future. From wedding expos and business conferences to university fairs and webinars, digitally conducted shows are all set to be the future. They come with many benefits, including less travel, accessible data collection, greater flexibility, more interactions, sponsorships, better feedback, and increased attendance. They are also pretty economical. Many things go into organizing a virtual event, and a successful one at that. Virtual event pricing is one of them. You should know how to price an online event that offers a worthwhile experience while giving you value for your content. What are the factors that need to be taken into consideration while setting a price? Read on to understand better.
Plan Your Budget
Before you can price your event, find out what the expenses are going to be. Start by creating a detailed budget. Even though you are spared some costs associated with in-person occasions like travel, food, and seating arrangements, other things like the software used, speakers, marketing costs, and sponsorship revenue will require some investment. Fix your price depending on those expenses.
Opt for Tiered Pricing
Setting up a tiered pricing ticket system will lend more weight to your event and enhance its overall appeal. Attendees will also be curious regarding the different pricing structures and the reasons behind that. Even though the feel would be different than you would expect at an in-person event, you would have made the point. The pricing can be fixed by the days, if it’s a multi-day event, or by the available features, with higher fees allowing them to access more of them.
Keep the Price Low if It’s Your First Time
It won’t be easy to convince people to pay a lot of money if you hold a virtual event the first time. The safest way to set a price, in that case, is to keep the pricing mid to low range. That is also an excellent way to have people talking about your event and gradually increasing its online presence. Increase the registration prices progressively once you start gaining some experience.
Know the Value of Your Event
The value of an event does not decrease just because it is being offered via a digital medium. There are discussions, network-building, presentations, keynote addresses, lectures, question and answer features, slides, live presentations, and polling, to name a few. All those factors combine to deliver a valuable experience to the attendees. Try to understand what it is that people attending your event will get from it. Some things that could enhance the event’s appeal are organizing chat rooms, offering post-event virtual hangouts and freebies.
Do Some Research
Try to do some research and find out what others are charging for similar types of virtual events. Focus on the factors that play a part in determining the price, including the duration and experiences on offer. Try to analyze how many people attended the event and their reasons for doing so. Exploring current market trends will also provide you with some idea of the pricing.
These are some of the things that will help you with virtual event pricing. It takes a lot of effort and time to organize an event. You should make sure that you set the right price for the value being offered to the attendee.