5 WAYS TO MONETIZE AN ONLINE EVENT THROUGH VIRTUAL EVENT SPONSORSHIP
Hosting a live event can be a fun and exciting way to engage your target audience online.
Whether you’re planning a live Q&A session about your products and services, or you’re going to be entertaining guests and sharing ideas about a particular topic that you’re passionate about, virtual event sponsorship is a great way to monetize an online event and increase your profit margins.
Planning and hosting any type of event can take up a considerable amount of time, and in business, we all know that time is money. To make the most out of your hard work, you can ask other brands and businesses to sponsor your virtual event and help them to increase their brand awareness. Here are 5 ways to monetize your next online event through virtual event sponsorship.
Sell Virtual Event Sponsorship Exclusivity
Exclusive sponsorship is an attractive offer toO many companies open to virtual event sponsorship deals, especially if you have a niche and attractive target audience.
First, you’ll need to be crystal clear on what your event is about, and who your audience will be. Make sure to gather some data relating to your audience’s demographics, such as gender, age, interests, location. This will help you to attract the right sponsor to your virtual event. Being able to guarantee a brand that they will be promoted in front of people likely to be interested in their products or services is a top-selling point.
By positioning your virtual event sponsorship deal as exclusive you can charge a little extra too.
Breakdown Virtual Event Sponsorship Into Tiers
Give smaller sponsors an interesting deal by breaking down your virtual event sponsorship opportunities into smaller and more affordable packages.
By offering pricing tiers, rather than a sole and exclusive sponsorship deal, you can attract several smaller companies to support your live event.
Having a couple of sponsors can also help you to create competition bundles and live giveaways, which brings us onto our next point.
Offer A Live Competition Giveaway
A competition prize from your sponsor is a great incentive to get your audience to visit their website, download an app, or sign up to their newsletter during your live event. This is also a fantastic way to introduce your sponsor during your virtual event and create a buzz about their brand.
Another way of promoting your sponsors during a live event is to set up and send digital event goodie bags prior to your event going live. This could include coupon codes, video snippets and free e-books from your sponsors and gently introduce brands to your audience ahead of the virtual event.
Maximize A Sponsor’s Exposure During An Online Event
When it comes to selling a virtual event sponsorship deal, it’s all about the value you can add.
Upsell your opportunity by highlighting the tickets you’ve sold and how many people you expect to attend your event.
Consider giving sponsors the option to pay extra for branded banners, breakout rooms and chances to speak directly to your audience. By clearing explaining what the sponsor will get from their investment, your sales pitch will be much easier to deliver.
Add Value For Sponsors
Will your live event be recorded and available for the sponsor to post on their own website and across social media?
Will you be promoting your sponsors in a blog post on your website ahead of the event, with a link to discover more about the brands mentioned?
Will your marketing strategy include their logos, and do you plan to engage with them on social media?
By giving businesses valuable and tangible deliverables, they can easily see the benefits of sponsoring your virtual event. This will also help marketing managers, often responsible for securing sponsorship deals, to get the go-ahead from senior members of their team or business owners to sponsor your next virtual event.
Monetizing your online event by inviting businesses to sponsor it requires a certain level of professionalism. Often sponsors will be watching your event closely, so you will need a reliable and professional virtual event company at your side, should you experience technical problems while live.
At Virtual Creative Studios, we specialize in helping businesses to plan and host incredible and interactive live events. With our expert technical support, you can attract sponsors to your next live event and demonstrate your ability to host a professional and memorable virtual event. Our online event software will help you to provide sponsors with valuable after-event data and reports too.
For a free demo of our powerful virtual event software visit virtualcreativestudios.com